The new financial education initiative, provided by Nudge, was implemented on 30 November 2018 for employees based at Three’s head offices in Maidenhead, Glasgow and Reading, as well as for staff working across the organisation’s 337 UK retail stores.
The programme, which has been designed to help staff manage their money, enables employees to access a personalised online platform; this provides financial education posts and content, as well as allowing staff to create financial action plans.
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Employees are also able to receive tailored messages, or nudges, via email, text or WhatsApp. These give tips and guidance around lifestyle, legislative or organisational events that are specifically relevant for the individual in question.
Jenny Davidson, head of people propositions at Three, said: “We believe wellness is about so much more than eating an apple and going for a run. It’s about supporting our people’s whole selves. Creating the opportunities and space for them to look after their physical, emotional, financial and mental wellbeing and supporting them to do this.
“As the average age of our people is 32 and over 54% are millennials or younger, they want rewards that are mobile first, and offer quick ‘in the moment’ communication. The Nudge approach fits this model perfectly as it offers bite-sized, personalised financial education via any device and allows our people to decide whether they receive their ‘nudges’ via WhatsApp, SMS or email.”
Three’s financial wellbeing approach has been informed by feedback gathered during the summer of 2018 through internal working groups, online surveys and focus groups. This research found that employees needed more support in order to improve their personal financial situation, and that their main financial concerns centred around getting on the housing ladder, saving and inheritance.
Davidson added: “[While] we could have predicted that our people would want to know how they could get on the housing ladder or save more, we were really surprised that there was such an interest in what should happen if their partner dies or becomes ill. It really underlines the value of providing a broad financial education [programme], to learn what your people are interested in before jumping in and providing new benefits that aren’t required.”
The programme was launched to employees via roadshows and an intranet campaign. Three also engaged employee forum champions and store managers to help communicate the initiative.