Wireless and Telecom provider drives engagement and lowers benefit costs with Alight Financial Path

Key Takeaways:

• Tailored communication strategies and hyper-personalization tools can address the challenges of low program utilization and employee engagement.
• A focus on DE&I metrics within financial wellness programs can and identify and rectify program disparities for increased participation. 
• The use of targeted, personalized messaging can highlight program relevance to drive desired employee actions.

Closing the gaps on financial wellness in the workforce 

A leading player in the Wireless & Telecom industry selected Alight to help resolve the problem of lagging employee participation in the company’s financial savings programs. The Alight Financial Path solution was selected to identify where employees were missing opportunities for savings and close existing gaps around the financial wellness of the workforce. With a special focus on Diversity, Equity, and Inclusion (DE&I) outcomes, they were able to influence greater savings, investments and debt-reduction amongst employees of all life stages. Additional metrics within the solution helped the organization yield healthier returns on existing benefits investments.

Money management improvements through message relevance
 In collaboration with Alight, the client strategically executed a seamless integration and successful implementation of the AI-driven Alight Financial Path program. Key initiatives of the program implementation included:

1. Comprehensive Assessment: The Alight team conducted an in-depth needs assessment to gain a profound understanding of the client's specific challenges and objectives.
2. Data Analysis: Extensive analysis of existing data, including employee participation rates, savings patterns and financial behaviors were undertaken to inform the development of an effective AI-driven personalization strategy.
3. Integration Planning: Alight closely collaborated with the client to devise an integration plan, pinpointing areas within existing communication channels for the personalized content implementation.
4. Customization Framework: A tailored framework for content personalization was established that factored in the unique characteristics of the client's workforce, as well as the desired outcomes.
5. Pilot Programs: Small-scale pilot programs were initiated to test the effectiveness of the AI-driven approach, allowing for adjustments and refinements before full-scale implementation.
6. Continuous Monitoring: The Alight team implemented continuous monitoring and feedback mechanisms to track the success of the AI-driven program, ensuring ongoing adaptability to evolving needs.

Results:

• Increase in HDHP Enrollment: The client achieved a substantial 24-31% increase in High Deductible Health Plan (HDHP) enrollment.
• HSA Utilization Expectation: Significant HSA utilization growth is anticipated over 18 months.
• Conversion of Targeted Personalized Messaging: The client saw a remarkable 44% conversion rate through targeted personalized messaging.
• Overall Employee Satisfaction Rate: The client achieved an outstanding 5.6 out of 6 overall employee satisfaction rate with financial services.