Rolls-Royce has implemented a financial education and employee engagement strategy to engage employees with saving for retirement, and switched pension scheme providers.
The strategy, which includes financial education presentations and access to an online platform, is designed to help employees take control of their finances.
The aerospace power systems manufacturer introduced the strategy alongside its implementation of nine new pension schemes, provided by Friends Life, part of the Aviva Group. Some 12,500 Rolls-Royce employees were moved to the nine different defined contribution (DC) contract and trust-based schemes when these were introduced in January 2016.
Joel Griffin, head of pensions at Rolls-Royce, said: “Ensuring that our employees are given the best opportunity to save for a comfortable retirement is very important to Rolls-Royce.
“We are excited to be addressing the need for financial information and education, ease of access, with choice and control over savings.”
I applaud Rolls focus on financial education. But I suggest they apply it to empower their employees at work through economic transparency. Treating employees like adults, involving them in the economics of the business, helping them to think and act like business partners, consistently driving profitable growth. The information engages their minds, and the trust engages their hearts. For 20+ years, clients of mine have consistently improved profits and the lives of the employees who drive those profits. Often referred to as Open-Book Management, here are a couple of articles that provide more context:
https://hbr.org/2015/12/treat-employees-like-business-owners
http://www.forbes.com/sites/fotschcase/2015/07/20/introducing-a-blog-about-companies-that-engage-their-employees-by-opening-the-books/
These two videos of clients of ours may also be helpful:
Carlson Travel call center video: https://www.youtube.com/watch?v=-RJAEHPOxPQ
Anthony Wilder Design Build video: https://www.youtube.com/watch?v=ev9JBmjjeCU
More information is available at our website: http://www.openbookcoaching.com
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