Supporting employee financial wellbeing: SUEZ payroll autosaving
Case study on an award-winning savings initiative to help employees during cost-of-living crisis
Case study on an award-winning savings initiative to help employees during cost-of-living crisis
Difficult economic conditions have prompted many employers to change their approach to financial wellbeing to help their people through tough times. While raising pay may be the most direct choice of options, this may not be sustainable in the long-term as rising operating costs restrict the money available to increase wages. Instead, organisations are redefining their benefits packages and reimagining the payroll function to help employees in new, innovative ways.
Organisation: SUEZ
Industry: Recycling and waste management
Size: 35,000 employees in 40 countries
Interviewee: Michelle Sutton, Head of Compensation and Reward
When recycling and waste management company SUEZ identified financial concerns among its workforce, it decided to launch a ‘payroll autosaving’ scheme to help improve employees’ financial wellbeing and resilience by fostering a ‘save before you get paid’ philosophy.
Payroll autosaving works similarly to a pension scheme. SUEZ employees pay in a set amount each month and over time, build up a contingency fund, which they can withdraw at any time. New SUEZ employees are auto-enrolled in the scheme but can opt out whenever they choose.
The scheme has been a huge success and won ‘Best reward and recognition initiative’ at the CIPD People Management Awards 2022. We spoke to Michelle Sutton, SUEZ’s Head of Compensation and Reward, about the thinking behind it.
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