Profile
Industry:
Software development
Employees:
800
Location:
London & Remote
BACKGROUND
The Software company develops cloud-based project management tools for the construction industry. With 800 employees across three offices – plus remote staff – it employs a mix of graduates and experienced professionals, many receiving high salaries, stock options, and bonuses. Despite competitive pay, retaining and attracting top talent is challenging in this highly skilled industry.
EMPLOYER OBJECTIVES
The company’s primary goal is retaining top talent. Training graduates is time-intensive, requiring years of development, while hiring experienced professionals is costly and competitive. Management wants to foster long-term loyalty among staff so investments in employee development translate to sustained company growth.
Despite staff experiencing strong salary trajectories, many aren’t maximizing their income or benefits – this is evident from low pension contributions and the widespread anticipation of payday. Leadership sees financial education as a way to support employees’ personal success while reinforcing the company’s commitment to their wellbeing.
Another key priority is boosting participation in the staff share save scheme, which allows employees to purchase company shares at a discount. Leadership believes this will align personal and company success, but uptake currently remains low.
KEY CHALLENGES
- Diverse financial needs: Employees range from graduates managing student loans to high earners exploring investment options, representing varied life stages and financial goals. This diversity makes it challenging to deliver relevant financial education that resonates with everyone.
- Remote working and time constraints: With a number of full-time remote employees, traditional engagement methods like in-person company updates and educational seminars are not an option. Even office based employees can struggle to engage with benefits or attend financial education sessions during work hours due to work demands.
- Perceived low urgency: Without immediate financial pressures, the younger high earners of the company consistently show low engagement and participation with benefits. Overlooking educational opportunities, ultimately missing opportunities to grow their wealth, reduce tax burdens, and secure their financial future.
SOLUTION
By implementing WellFi, the company provides a digital-first financial wellbeing solution suitable for its entire workforce:
- 24/7 Accessibility: Employees can access WellFi’s financial education anytime – during work breaks, at home, or on the go – fitting into busy schedules and remote work lifestyles. Bite-sized video and audio content makes learning convenient.
- Comprehensive Content: WellFi covers key financial topics like “Student Loan Management”, “Stocks & Shares” and “Tax-efficient investing”, cutting through the jargon, meeting all financial stages of life.
- Smart Engagement: HR can use in-app and text notifications to remind employees about new benefits, key financial opportunities, and the share save scheme-boosting participation while saving HR time.
- Bespoke videos and tools: With WellFi’s custom videos and tools the company is able to promote its share save scheme, allowing employees to understand the scheme’s value and calculate their potential returns – driving higher engagement and uptake.
CONCLUSION
By integrating WellFi, the software company enhances financial wellbeing, improving benefit awareness, increasing participation in key programs, and strengthening employee loyalty. With better financial knowledge and tools at their fingertips, employees can make smarter decisions – leading to a more engaged and committed workforce.
