Investing in employees’ success
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Case study
Investing in employees’ success
Tailored financial wellbeing support eases employee stress and boosts productivity for global telecommunications company.
January 20, 2024 | 2-minute read
Company profile
Industry: Global telecommunications
Company size: 70,000 employees
Goal: Reduce employee stress by raising awareness and use of financial wellbeing services
Background
In tough job markets, retaining quality employees requires making sure they can access support resources for whatever life throws at them. With mental health needs on the rise, a global telecommunications company aimed to stay abreast of its employees’ wellbeing needs. The organization employs 70,000 individuals across a range of corporate, retail and call center functions.
Early on, the company partnered with Optum to establish an employee assistance program (EAP) to help employees manage stress, build resiliency and access support. Today, the Emotional Wellbeing Solutions model offers flexible and comprehensive support that includes:
- 24/7 telephonic emotional support
- Self-care resources
- Coaching
- Therapy
- Financial and legal support services
Recognizing the close link between mental health and financial stress, the organization added WorkLife and financial wellbeing concierge-style services.
WorkLife offers unlimited, 24/7 direct access to experts for a broad spectrum of pre-screened and qualified resources, including child/parenting, adult/elder care and convenience services. And the financial wellbeing services give employees personalized access to qualified money coaches. Coaches can help employees in all areas of personal finance, including budgeting, debt, investing and retirement.
Challenge
As the post-pandemic world shifted and the US and global economies changed, Optum analyzed the organization’s employee use of their Emotional Wellbeing Solutions benefits and presenting issues.
The analysis uncovered that many employees were struggling with mental health concerns and financial stress due to increases in costs of living. In addition, employees returning to work experienced further stress as they adjusted to resuming commuting and reestablishing childcare arrangements. The analysis also showed many employees were reluctant to seek support, because they worried about how to pay for it.
All of these issues highlighted the need to raise awareness and utilization of the no-cost, in-the-moment and ongoing support available to employees through the organization’s Emotional Wellbeing Solutions program.
Solution
To raise awareness, Optum worked closely with the organization’s leadership team to expand the promotion of the Emotional Wellbeing Solutions program.
The promotions specifically highlighted the WorkLife and financial wellbeing services and built in more flexibility to enable employees to take advantage of the resources. For example, as part of the campaign, the company began allowing call center agents to attend money coaching sessions during their shifts.
Optum also partnered with the company to design a robust promotional campaign to increase awareness of the services and encourage employee participation. The campaign highlighted these services through webinars to encourage employees to complete a financial assessment, which increased the likelihood they would engage with a coach.
Results
The focused efforts made a significant difference in the lives of employees — and the company. In just 2 quarters, there was a:
- 105% increase in completion of money coaching appointments
- 29% increase in participants self-reporting they can cover minor financial emergencies
- 1.4 hours per week of productivity regained per participant
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