Video tutorial: How Anglian Water introduced a new financial wellbeing strategy
Watch the Anglian Water case study in full
She said the company launched a pilot with around 10% of its workforce initially, offering a loan late last year to around 500 employees. "We wanted to understand was the proposition valued and had we communicated it effectively," said Purbrick
After the pilot ended about 4% had signed up and benefited from a loan within the scheme, a number which has remained consisent with the full rollout. However research showed that 82% said that they valued it and 52% said they would consider using it in the future. "That gave us the assurance to roll out the scheme to our whole employee base," she said.
As well as the Neyber loans the company also supports staff through its Employee Assistance Programme. "We also do still offer a small number of hardship loans through an application basis," she said.
From the full rollout the hardship loans have decreased and employees and managers feels supported, said Purbrick. "They are aware there is an offering that should it be needed can help get them out of that place of financial stress and worry," she said. For over half of employees that have taken out loans she said that it was for debt consolidation. "That means they are saving money," she said.
Purbrick said the company was also promoting good financial awareness rather than simply the loan facility whilst also encouraging its staff to save through its Loyalty Savings Scheme.
This video tutorial was recorded at the REBA Employee Wellbeing Congress 2017 which took place on 22 June.
In partnership with Neyber
Neyber is the UK's no. 1 financial wellbeing provider.