There is an increasing awareness among companies that their responsibility to plan participants extends beyond the implementation of a share plan. Providing adequate financial education to participants is seen as one of the key features of successful global share plans.
The award for Best in Financial Education is granted to companies who have implemented a financial education program that best meets the challenge of providing independent and objective information to employees without infringing on compliance or other regulatory constraints.
THE 2023 BEST IN FINANCIAL EDUCATION WINNER
- LULULEMON ATHLETICA INC.Canada
PROGRAM NAME: FUND YOUR FUTURE
Lululemon's Fund Your Future program is not just any ordinary financial literacy program - it's a holistic approach to promoting well-being among employees.
The program provides a strong foundation in financial literacy, aiming to boost employees' confidence in their financial future, especially those in underrepresented communities. It offers comprehensive financial education, breaking down complex financial planning concepts into practical, actionable steps that employees can immediately implement.
Collaborating with a financial literacy content creator, the program also features micro-learning videos on social media, that include its ESPP, and a Financial Literacy Hub on the intranet site. Optional financial education sessions with Plan Administrators have proven to be helpful and informative to employees.
The judges found the program inclusive, using TikTok to reach out to employees and recognizing its efforts to understand its audience. The program's focus on promoting long-term financial well-being among employees, particularly those in underrepresented communities, also made it stand out and deserving of the award.
MORE BEST IN FINANCIAL EDUCATION AWARD WINNERS
- THE SAGE GROUP PLCBetween 5,000 and 75,0000 employeesUnited Kingdom
PLAN NAME: SAVE AND SHARE PLAN
Employers are starting to recognize that financial worries can have a negative impact on employees' mental and physical health and are taking steps to address this through financial wellness policies and support. Even small companies with limited budgets are getting in on the act.
In response to this need, Sage decided to improve its existing ‘Save and Share’ plan to encourage employees to take control of their finances and participate in the plan. Feedback from employees highlighted that the reward and benefit information was difficult to navigate, so Sage made changes to its microsite, housing pay and reward, benefits, and recognition in one place and with a single sign-on.
The equity area of the microsite was rebranded as the ‘Discover Share Plan Hub’, providing easy access to existing resources such as plan information, interactive jargon and myth busters, FAQs and employee testimonial videos. New resources were introduced to help employees participate and consider the longer-term financial implications of being a shareholder.
Sage also introduced a modelling calculator to help employees understand the number of options they could purchase and calculate the share value and potential profit. A maturity page was also added, where staff could access their exercise choices, tax guides, and submit instructions for their maturing plans.
The microsite's relaunch saw Sage's plan participation increase from 23% to 31%, indicating that the new educational resources had improved uptake. The judges were impressed with Sage's focus on the user experience and the educational resources that improved employees' share ownership knowledge. The resources reached all colleagues across the organization, including new joiners, and the judges commended Sage for removing the stress of participating in the plan.
- ASSICURAZIONI GENERALI S.P.ABetween 5,000 and 75,0000 employeesItaly
PLAN NAME: WE SHARE FINANCIAL EDUCATION PROGRAM
PARTNERS: COMPETENCE; DLA PIPER; EY; GLOBAL SHARES; PWC; STUDIO LEGALE CAPPELLI RCCD
PREVIOUS AWARD WINNERS
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