case studies – Page 8
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Case StudiesPolice Mutual engages staff with loan offering
Police Mutual, an organisation that offers financial services to police and military employees and their families, gives its 500 employees access to competitive loans through Neyber, a service where monthly repayments are deducted straight from their pay packet.Since introducing the scheme at the beginning of 2015, around 5% of the ...
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Case StudiesJohn Lewis Partnership works to ensure benefits add value
For the John Lewis Partnership, employee benefits are one of a number of elements that have helped to establish its reputation as a great place to work. The organisation encompasses John Lewis and Waitrose, and all of its 90,000 members of staff are partners in the business.Rachael Abbott, benefits development ...
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Case StudiesCoventry University supports employees’ financial wellbeing with education programmes
Coventry University refreshed its financial education programme to help support employees with their financial understanding and also promote awareness of the organisation’s total reward package.In June 2015, the university introduced pilot financial education workshops in response to a number of factors: employees were taking more interest in their own financial ...
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Case StudiesKnight Harwood embraces auto-escalation
Construction firm Knight Harwood’s group personal pension scheme started with a contribution basis of 3% and 3% and introduced the concept of auto-escalation, through what it calls the Pension Increase Pledge (Pip). This gives members the option to commit to increase their pension savings by 1% each year for a ...
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Case StudiesUniversity of Lincoln offers tailored financial education to staff
The combination of pensions freedoms, reforms to the Universities’ Superannuation Scheme (USS) and The Teachers’ Pension, relatively low pay awards in recent years and the fact more academic staff now work on a sessional or contract basis means there is a huge education piece to be had around finance and ...
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Case StudiesMartin Currie offers greater savings flexibility with new platform
Offering employees greater flexibility around how they save and broader access to the fund market were the key reasons behind investment management firm Martin Currie’s decision to introduce a workplace savings platform in 2013.Craig Gibson, head of reward, explains: “We offer all our employees membership of our self-invested personal pension ...
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Case StudiesMonster introduces workplace savings platform to help staff understanding of finances
When recruitment firm Monster started preparing for auto-enrolment, its senior director for human resources, Claire Lock, got a bit of a shock.“We’d been offering a generous pension scheme but only 41% of staff had signed up,” she explains. “Employees didn’t really understand its value or the implications of not saving ...
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Case StudiesScapa Group questions employees’ financial nous
She was particularly keen to understand the level of financial awareness among employees at the global bonding product and adhesive components manufacturer.“[I wanted to know] how much they really knew about pensions and how much of that is in the context of a wider financial savviness,” she says.Patten found that ...
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Case StudiesAnglian Water evolves financial wellbeing strategy to support employees
The utilities organisation has integrated financial wellbeing into its approach to employees’ health and wellbeing since 2007.Sally Purbrick, head of reward at Anglian Water, says: “We have seen a correlation and it all integrates into the area of health and wellbeing. It is not done in isolation. All the areas ...
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Case StudiesBecton Dickinson personalises financial education for staff
As part of the programme introduced in November 2014, the firm uses Nudge’s Global Quantum technology, which uses HR and benefits data to profile employees and pre-empt their individual financial needs.Employees are then sent a number of messages about how to save money or set and track financial targets. These ...
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Case StudiesBlackRock focuses on staff financial wellbeing
This included group income protection, life assurance and accidental death cover, available to all staff as core benefits up to a certain level. Employees can choose to flex their life cover up to a higher level or to include their partner’s life through the flexible benefits scheme. Critical illness insurance ...
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Case StudiesEmployees’ skillsets underpin University of Lincoln’s workforce planning strategy
Ian Hodson, reward and benefits manager, says: “Universities are an interesting case because the point of academia is to bring in new thinking or research, which often means we must ensure we have the capacity to allow for new staff.“Also, in an academic context, an employee’s subject area is often ...
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Case StudiesUnilever segments financial education programme
The consumer goods organisation launched a financial education programme to its workforce in 2012 as part of an overhaul of its pension scheme provision.Unilever closed its defined benefit (DB) pension scheme in June 2012 and replaced it with a hybrid career average and defined contribution (DC) scheme , managed by ...
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Case StudiesMcCarthy and Stone uses financial education to boost pension take-up
The revamp was driven by the fact that the group personal pension (GPP) scheme the employer had offered since the 1990s had not changed much since it was implemented. Its new scheme is a self-invested personal pension (Sipp) supplied by Hargreaves Lansdown as part of its Corporate Vantage platform, a ...
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Case StudiesWithers ensures it offers staff engaging benefits package
The organisation reported a 7% decline in net profit, down from £24.2 million in 2011/12 to £22.5 million in 2012/13, based on revenue of £117.8 million. Profits per equity partner also fell, from £386,000 to £370,000, over the same period, according to its financial results for 2012/13, published in July ...
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Case Studies
Novae Group boosts staff engagement
In 2011, the organisation changed from a trust-based pension to a group personal pension and arranged for all members of the scheme to have one-to-one financial education meetings.John Renz, director of HR, says: “First of all, we wanted to explain the nature of those changes, but also essentially to put ...
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Case Studies
Glenmorangie finds right platform for pension communications
Ian Drysdale, HR director at Glenmorangie, says: “As an employer, we were very keen to increase membership of our scheme.”Take-up of its DC scheme was 53% higher than that of its previous defined benefit scheme, which closed in 2002. The rise was credited to the communications strategy, which included employee ...
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Case Studies
Financial workshops help educate University of Lincoln employees
The workshops are targeted at three age groups, for employees in their early, mid and late careers. All have the same themes, such as managing finances, setting career and financial goals, and understanding financial terminology.For the early career group, loosely aimed at those up to the age of 35, information ...
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Case Studies
Roche finds right formula to raise staff financial awareness
Doug Ross, HR manager at Roche Pharmaceuticals, says: “One of the themes that leapt out of the survey we did of our workforce was that employees wanted guidance on financial matters. There is a growing awareness that, in these times of austerity, everyone is having to look at their finances ...
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Case StudiesMarks and Spencer educates staff on savvy saving
The demise of Christmas savings club Farepak was a catalyst for Marks and Spencer (M&S) to launch its financial education programme in 2007.Farepak ceased trading in October 2006, leaving tens of thousands of savers out of pocket. Its parent company, EHR, went into administration the same day, and both businesses ...