November 23 2023 | Team nudge
UK Autumn Budget 2023
The UK Budget Autumn Statement is announced, find out what's changed and help your people make informed financial decisions.
3 min read
American multinational technology company, with over 346k employees across the globe, supercharged their benefit engagement with nudge. Historically, employee benefits have sat across different teams, and to some extent those teams have worked in silo, understandably so, as everyone operates their own world. In noticing the cross-over challenge the Compensation and Benefit team changed the design and parameters of the program – making the offer more accessible and appealing to employees.
The situation: what’s the problem the tech company is trying to solve and why nudge?
The new program design was great, but it still needed a communication strategy – without communication and education there would have been no change following the new program design.
The global firm choose nudge as their partner to help to draw attention, explain and personalize the benefit communication – whilst improving people’s financial health at the same time. The team love nudge because it’s education, and designed to help people understand what within the program is most relevant to them.
A recent example of how the Reward team is working with nudge to actively improve the financial education of their people is their share plan campaign. The team realized that their employee share plans were confusing - it wasn’t clear which plan was the best choice for each individual.
The solution: what did we do to achieve the program objectives?
The tech company’s starting point for share plan uptake was low, their aim to was simply get more from the previous year. nudge worked with the team to craft a big impact ‘nudge’ that would unpack and simplify the different share plans on offer – and whilst presenting the most relevant information to each individual.
The overall objective was to grow share plan awareness and understanding. nudge did this through clear education from a financial wellbeing lens rather than a company lens. This really worked.
The outcome: how did we measure against our success metrics?
The personalized ‘nudges’ got 45% engagement - that means 45% of the employee community who currently access nudge, consumed the content. This resulted in a 24% increase of share plan engagement, when compared to the previous year.
EMEA Employee Benefit Design and Strategy Leader said about the financial education program, “When it comes to communicating complex benefits like share plans we’ve always struggled to fully connect with our diverse employee community. With the help of nudge, we don’t need to worry about our people missing benefit opportunities anymore, as nudge makes it super simple and easy to take action.”
Overall Financial Health of tech multinational
In addition to share plan education, nudge is working in the background with the Reward team to improve the overall financial health of their employees through nudge stories, articles, tools – all designed to help people make incremental financial changes. In 2022 the average financial health core was 66.7 this year it’s 74. That's a 11% increase year on year.
What’s next in plan?
Following the success of this project, the plan is to extend their share plan communication support for their people. The team is also working with nudge to plan a comprehensive benefit enrollment campaign and a targeted early careers engagement strategy.
Get in touch if you want to find out how to supercharge your benefit strategy.