Back in 2017, OVO Energy embarked on a journey to help their employees save and make their money go further. With 82% of their employees under 35 years old, an internal survey identified that employees were looking for ways to plan their finances for the future, found it daunting to choose the best way to save and would welcome more financial support and education.
It was vitally important to OVO Energy to provide a range of initiatives and benefits so that employees were more likely to join, stay and build a career at OVO. This aligned to their overall HR strategy which is to attract and retain the very best talent.
So they set three ambitious business objectives: to increase benefits engagement around the flex fund, to provide employees with financial benefits so they can plan and save for their future, and to increase employee engagement with these benefits.
Working alongside Thomsons Online Benefits, OVO Energy used industry research and employee focus groups to launch new benefits and quirky ways to help employees save for the future.
An example Thomsons recommended was to give every employee 4% of their annual salary as a flex fund. This represented a huge investment from OVO Energy, essentially increasing all employees’ salaries by 4% for them to spend on benefits. By also implementing a Workplace ISA this year, they gave employees the option to invest their flex fund to save for their future – which can be withdrawn as and when needed. Finally, they offered free mortgage advice sessions in the office with specialist brokers.
To communicate these new benefits effectively and create excitement, they ran engaging events including benefits fayres, drop-in sessions and benefit briefings. They also implemented a year-round communications calendar with emails, intranet stories and posters to keep up the momentum.
The dedication OVO Energy put into promoting the flex fund has increased usage to 86% of eligible employees. Employees are of course delighted as they are now better off financially as a result of receiving additional money to spend on benefits that they didn’t get previously.
Impressive employee engagement has been achieved, with 74% of employees logging onto their portal during their recent benefit selection window. There’s also been a high uptake of the ISA, far higher than the Provider average, and mortgage sessions continue to be fully booked four months on!
By providing employees with financial benefits, OVO Energy has significantly increased the financial wellness among their staff. In a recent survey, 62% of employees said financial benefits are most important to them when choosing benefits, and 77% said their current benefits package will meet their future needs.
We’re so pleased with the results we’ve achieved through working with Thomsons. By being aware of how our employees were looking for ways to plan their finances, we were able to implement the right benefits to meet their needs and give them market-leading benefits that stand out from the competition. As a result, we’ve increased employee engagement with their finances and helped them to look forward to a brighter future.
Flex fund usage
Employee logins to the portal
Said financial benefits are most important when choosing benefits
Said their current benefits package will meet their future needs
Read how Arm used global benefits technology to offer their colleagues an unrivalled work-life balance.Read case study
Operating in the highly competitive finance marketplace, Bibby Financial Services doesn't just compete with the likes of HSBC and Barclays for clients, it competes for talent too. Aiming to double headcount by 2020, attracting and retaining talent is mission critical.Read case study
Find out how Virgin Management successfully implemented auto-enrolment across multiple business entities, harmonising 7 staging dates and achieving high engagement through a comprehensive communications programme.Read case study