Making every bonus count: 10x more employees saving for retirement

• Established: 1958
• Industry: Financial services ‍
• No. of employees: 34,000+ ‍
• No. of countries: 32

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The challenge  

Visa offers their workforce a deferred compensation plan as part of their benefits package. It lets employees pay some or all of their bonuses into their retirement savings before income tax and other local deductions are applied, rather than receiving it through their salary.

Visa wanted more employees to use the plan, and see the value in it, but needed a way to reach them at the moment the decision mattered.

The solution

Visa partnered with nudge, an impartial financial health platform, to reach their employees with impartial financial guidance at the moment the decision mattered: when their bonus arrived.

Each notification, or ‘nudge’, congratulated employees on their bonus and reminded them of the retirement savings option and its tax advantages. Using behavioral science, the nudges were personalized to each employee, with monetary examples showing how the plan would specifically help them.

Follow-up nudges guided employees to see how those savings could grow over time and make a real difference to their retirement income, along with a deeper understanding of their tax allowance limits.

Alongside the bonus campaign, Visa's employees have year-round access to nudge's financial health platform. At its center is a personalized financial action plan that turns each employee's situation into clear, prioritized next steps and shows which of Visa's workplace benefits are relevant to them. That means support doesn't end with one decision, and employees can keep acting on the financial goals that matter to them.  

For Visa, it means one platform for a global workforce, with clear insights of what their people care about most.

The results

Employee impact

• 82% of Visa's global workforce have taken action to improve their financial health
• Employees used to nudge for support with saving, investing, and buying a home

Employer impact

• 10x more employees using the bonus waiver plan
• $210,000+ in savings for Visa through lower tax and employer payroll contributions

ROI

• Stronger retirement outlook for Visa's workforce through the same increased contributions that lowered costs