Australia
About the client
- Industry: Pharmaceuticals
- Workforce: 45,000
- Headquarters: United States
A global conglomerate with a diverse portfolio in pharmaceuticals, consumer health and medical device distribution faced increasing challenges with employee engagement and overall efficiency. The company was looking to adopt more personalized communication strategies to improve employee satisfaction and bring healthy returns on existing investments in the areas of health and retirement. By partnering with Alight and leveraging Alight’s LumenAI technology, the company introduced a personalized approach to workforce messaging that transformed employee saving behaviors and optimized the use of existing benefits.
Key takeaways
- AI-driven program content personalization ensures messaging relevance for each employee, driving higher benefits usage through tailored engagement.
- AI allows for dynamic adjustments in HR strategies to effectively influence and transform employee saving behaviors.
- Utilization strategies for tax-advantaged accounts enhance overall financial wellbeing for employees.
- The introduction of an adaptive AI system ensures a continuous and responsive HR approach to engagement; this “Always On” approach allows for personalized messaging to drive positive change in employee saving behaviors.
- The incorporation of AI-driven personalization strategies hints at the potential for a substantial return on investment (ROI), emphasizing the strategic and financial benefits of this transformative initiative.
Dynamic messaging inspires change in employee saving behaviors
In March 2024, the pharmaceutical client selected Alight to help improve the financial wellbeing of their workforce through personalized messaging that encouraged the adoption of changed saving behaviors. With only 75% of employees participating in a Health Savings Account (HSA) and a majority saving below the maximum allowed amount, the company aimed to encourage greater participation in retirement and health savings plans and ensure that employees were taking advantage of the company match to both the 401(k) and HSA.
Implementing AI to deliver “next best action” content
With a focus on employees who had not yet maximized the value of tax-advantaged accounts, the company partnered with Alight to leverage personalized email and web messaging that would influence saving behaviors. This personalized messaging was made possible with adaptive, “Always On” AI technology that dynamically adjusted engagement strategies to drive up retirement and health savings contributions over time.
Upon partnering with the client, Alight took strategic steps to ensure seamless integration and successful implementation of the AI-driven program. Key initiatives included:
- Assessment: The Alight team conducted a comprehensive needs assessment to understand the specific challenges and goals of the client in-depth.
- Data analysis: Extensive analysis of existing data, including employee participation rates, savings patterns and financial behaviors, were undertaken to inform the AI-driven personalization strategy.
- Integration planning: Alight collaborated closely with the client to develop an integration plan, identifying areas for personalized content implementation within existing communication channels.
- Customization framework: A tailored framework for content personalization was established that considered the unique characteristics of the client's workforce and desired outcomes.
- 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.
- Continuous monitoring: The Alight team implemented continuous monitoring and feedback mechanisms to track the success of the AI-driven program and ensure ongoing adaptability.
Evaluations and analysis substantiate success
Post-implementation, Alight conducted thorough assessments of the system’s impact on both 401(k) and HSA participation, and success was substantiated by the substantial increase in employee contributions to both. Additionally, tax savings projections were delivered to show the true value of these funds.
Planning, testing and effective execution of the new AI-driven messaging system took less than six months.
Results
- 401(k) savings: Realized a substantial 17% increase in employees starting or increasing contributions.
- HSA participation: Achieved a commendable 6% increase in employees starting or increasing contributions to the HSA.
- 401(k) contribution rate: Notably improved the average 401(k) contribution rate, showcasing an impressive increase of 5.4%.
- HSA contributions: Demonstrated tangible financial impact with an average increase of $1,750 in employee HSA contributions.
Start your transformation journey.
Elevate your organization's potential with Alight LumenAI, a cutting-edge solution designed to revolutionize engagement strategies with personalized program content. The seamless integration of Alight LumenAI into all new and existing AI capabilities across the Alight Worklife platform helps you unlock the power for tailored engagement and drive transformative outcomes.
Visit Alight Worklife LumenAI now.
