Financial services business Visa offers a quarterly bonus scheme to its 19,000 employees based on their performance.
To increase the chances of employees having a healthy retirement fund, the organisation in July 2017 allowed employees to contribute some or all of these bonus funds towards their pension savings tax-free, in comparison to having to pay tax through their bonuses if an employee received it upfront in full.
Although this new policy saw some success in employees' contributing more of their bonuses to their pension savings, Visa set out to further increase the chances of this through communication.
Visa worked with financial education platform Nudge global, to remind employees of the importance of these pension savings, by notifying them of this every time they received a bonus.
Paul Tremelling, senior reward manager at Visa says: "We worked with the Nudge to ensure that employees had an understanding of how important their pensions were."
By using Nudge, employees received personalised messages before their bonus was due, congratulating them, and educating them about how important pensions and tax savings were.
Throughout the year, employees are consistently reminded about how their pensions savings could expand over a longer period of time, giving employees an accurate example of how much they could save through retirement savings.
Tremelling continues: Through these reminders, employees that contributed costs to their pension savings through their quarterly bonus increased by 10% over the period that the business initially used Nudge Global with employees overall saving £160,000 into their pension funds."
"Visa is always looking for new ways to engage employees with important aspects of work such as pensions, we've seen a significant uptake in younger employees contributing more of their bonus payments to their pension savings because of this. We are proud to use and offer this tailored service to employees."
The organisation continues to use tailored messages to its workforce to ensure that employees just entering the world of work, are understanding the advantages of contributing more to their pensions earlier in their careers.