Travis Perkins, the UK’s largest builders’ merchants, is bolstering its employee wellbeing programme by offering financial knowledge through Neyber to its 30,000 employees.
Financial wellbeing fits with Travis Perkins’ people-led values, and overall the company aims to support employee engagement, reduce absence, improve safety, embrace their multigenerational workforce and be seen as an employer of choice.
Neyber’s financial education insights will work alongside Standard Life and Hymans Roberts for pension offerings, Barclays for My Money Works, Aviva for its employee assistance programme and My Perks (TP’s Reward and Recognition platform) from Reward Gateway.
Simon Naylor, Head of Group Benefits, explained:
“Financial wellbeing is not just important to us to attract and retain the best people, although that’s clearly essential for us - we feel that facilitating financial wellbeing is the right thing to do”.
Travis Perkins centres its financial wellbeing communications on established health and safety messages, which its employees readily engage with. It has a diverse workforce of lorry drivers, forklift operators and branch and store colleagues serving customers, so the financial education programme will use a wide range of digital channels, including a Financial Wellbeing Hub with online tools to support staff with financial planning and access to a debt management tool. Articles, videos, debt calculators, webinars and podcasts are also included, to guide employees on specific circumstances.
Staff also receive a weekly email focused around financial wellbeing, and from February will be able to access low-cost loans direct from their salary.
Paul Nelson, Group Head of Reward at Travis Perkins, added,
“When it comes to communications, we intentionally use similar language across both our health and safety messages and financial wellbeing messages, as this is easily relatable to staff and helps financial health messages to permeate through to all employees".
Travis Perkins links conversations around financial health to employees’ life events, such as a marriage or birth of a child. This helps employees to put financial issues into context for their own lives.
“What we’ve found is that the way to trigger discussions, advice and guidance is to hook it into life events,” continued Nelson. “For instance, instead of talking to employees about investments and ways to save, we talk about things an employee may want to consider if they’re getting married or having their first child.”
Information on financial wellbeing is primarily available via Travis Perkins’ benefits portal, My Perks. The organisation also uses targeted campaigns centred around financial health, as well as reward champions within the business to help promote these messages. In addition, the organisation has an active Google Plus community of employees, which it also uses to share ideas and messages.
Monica Kalia, Co-Founder and Chief Strategy Officer of Neyber, said:
"We are delighted to be supporting Travis Perkins to build their financial wellbeing strategy. We’re committed to helping employees build financial resilience and it’s great to see this being adopted by a leading company such as Travis Perkins”.
Paul Nelson summed up:
“Our aim is to build a mature, modern, comprehensive financial wellbeing strategy, from saving to investing to providing knowledge and education, as well as intervention to support employees as they need it”.