13th April 2015
Polymer manufacturer Victrex launched a financial education programme in the summer of 2014 with the aim of engaging employees in the value of its benefits package, particularly its pension scheme.
WEALTH at work were brought in to introduce workplace financial education seminars for its three sites with content segmented into three categories based on employees’ ages.
Sally Knill, Head of Reward at Victrex, says: “The idea of breaking the employee population into groups so that we could target information was a key aspect.”
Topics covered included mortgages and student loans, long-term financial planning and retirement options. The seminars also included advice on how to spot and avoid financial scams.
Seminars took place at employee away days which were held off-site. Employees were emailed in advance about which seminar they were scheduled to attend.
Sally added “Since the seminars have taken place the number of employees who pay additional voluntary contributions into the trust-based defined contribution pension scheme has increased from two or three a year to 17 in three months, which demonstrates the effectiveness of the strategy. The fact that the seminars were delivered by an independent provider also boosted the programme’s effectiveness.”
The programme will be fully rolled out every three years to support employees’ changing financial needs and aspirations as they progress to the next age group.