Siemens tackles retirement readiness with personalized financial health support

February 2018, Siemens has selected nudge to help strengthen employee financial health, beginning with one of the biggest financial challenges identified across its workforce: retirement readiness.

Analysis showed that many employees risked falling short of a comfortable retirement income, while previous retirement plan communications had not created the behavioral change Siemens wanted to see.

Working with nudge, Siemens is taking a more personalized approach, combining impartial, personalized financial guidance with behavioral science and targeted communications focused around employees’ individual circumstances.

Turning retirement awareness into action

Rather than communicating with every employee in the same way, guidance can reflect factors such as age, salary, and existing contribution levels, making the message more relevant to the financial decision an individual faces.

The approach will also connect communications across Siemens, nudge, and its retirement plan provider, helping employees receive clearer and more consistent guidance at the points when they can make a decision.

Over time, the ambition is to build financial health into the wider employee experience, supporting people through different career stages and financial moments rather than focusing on retirement alone.

Jeremy Beament, COO and Co-founder of nudge, said:

“Siemens recognized that simply giving people more retirement information wasn’t enough to change behavior. The opportunity is to understand where each person is, make the guidance relevant to them, and help turn that understanding into action. That principle can extend far beyond retirement and support employees throughout their financial lives.”

The launch establishes a foundation for Siemens to develop a more personalized, long-term approach to employee financial health.