OVO - innovation in workplace savings
With 9 out of 10 people under 35 admitting they will struggle to get on the housing ladder in the next decade, it seems natural that employers consider a workplace savings option beyond the pension scheme.
At the recent REBA FinWell Forum, Jo Fairweather, head of reward and wellbeing at OVO Energy spoke about how the business had to rethink their financial benefits package to meet their young workforce’s financial needs.
Over 80% of OVO employees are under the age of 35 and most are saving for their first home. Feedback increasingly demonstrated that they wanted the business to support their financial goals to save for the short and medium term.
OVO knew it had to help its employees plan for the future and worked flexibly with Smarterly to redesign the flex fund scheme to enable choice alongside the pension and in a way that made the complex simple. Over 90% of employees now use the flex fund.