Virgin double engagement with employee benefits program
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Established: 1970
Industry: Venture capital and private equity
No. of employees: 10,000 +
The challenge
Despite Virgin Management having a well-established wellbeing strategy, there was no financial wellbeing pillar. The leadership team was passionate about implementing preventative solutions that change long-term behavior, but no new budget was available. Virgin needed to reframe reward strategy and center it around wellbeing.
The solution
The Virgin team secured a business case through a pledge to drive up salary sacrifice take-up. They implemented personalized financial education program as a key pillar in financial wellbeing strategy. Virgin rebranded their benefits program to carry the name of wellbeing program “Tonic” and threaded it throughout all HR policies. Virgin introduced elder care benefits as a result of nudgenomics insight highlighting it was an area of key employee interest.
22%
Increase in engagement during open enrollment
18%
Increase in open enrollment selections
13%
Take-up of bonus exchange
None of us have a magic money tree! In order to justify introducing our Financial Wellness program we pledged to drive up salary sacrifice savings across the company. By doing this we have more than offset the cost. nudge has increased flexible benefits logins by 18%, active selections by 22% and Bonus Exchange take-up to 14%. The ROI has paid for the service and provided extra funds to increase our retirement contributions.
Virgin