Video tutorial: Jo Fairweather on OVO Energy's innovation in workplace savings for younger staff

Speaking at the REBA FinWell Forum Jo Fairweather, head of reward and wellbeing at OVO Energy, in association with Smarterly, said the company realised it needed to rethink its approach to financial wellbeing and look beyond the basic products it was offering.

“Increasingly the feedback we were hearing with our demographic was how can I use these benefits and how can you, OVO, help me to save for the short and medium term,” she said.

Fairweather explained how the company worked closely with individuals to understand their situations and real-life examples that they were wanting help with, to develop new products. OVO introduced a payroll-deducted ISA with Smarterly and also introduced free mortgage broking sessions too. “Predominantly people were talking about doing this in terms of how to save for their own home,” she said.

Fairweather said digitally engaging staff was key, with both a big-bang and a continuous engagement approach. “We continued a campaign throughout the year, ran focus weeks and encouraged people to make the most of that. We also combined that with face to face, including drop-in sessions with providers,” she said. The company has also created a Financial Wellbeing Hub for staff.

The change has been satisfying, she said especially with people sharing real life stories about how impact of the changes. She said over 10% of employees have already taken advantage of the Workplace ISA and over 10% of employees have used the free mortgage sessions, with 20 staff having already arranged a mortgage to buy their first home through the scheme.

“It’s been really satisfying but it genuinely doesn’t stop there. It’s about a constant drip-feed and making sure the communications feed through as frequently as monthly,” she said. “Keep it simple and respond with pace.” 

This video was recorded at the REBA FinWell Forum, held in London on 7 March 2019.