Thomsons Online Benefits, the SaaS provider of global employee benefits solutions, has announced a new partnership with Nudge Global. Through the partnership, Nudge Global's Financial Education software, QUANTUM, will be offered as an integrated part of Thomsons’ Darwin™ platform.
The partnership will help thousands of employees using Darwin’s™ software to make informed choices about their savings and finances as part of the reward packages they receive from their employer.
The partnership is timely as the market for Financial Education in the workplace has exploded, following the shockwave sent by the Chancellor’s announcement in the 2014 Budget that next month those retiring will no longer be forced to purchase an annuity at retirement. This change, combined with the fact that employees are no longer forced to retire, has created four generations of workers in the workplace for the first time, making employees’ needs around Financial Education far more complex and pressing.
Michael Whitfield, Chief Executive Officer at Thomsons comments: “This is the perfect time to introduce a new Financial Education solution. Whilst for many years employers have largely focused their Financial Education strategies around the need to save for retirement, they need to face up to the fact that today’s workforce want education around all forms of saving and financial management at all stages in their career.”
“We have chosen to partner with Nudge Global as their QUANTUM software fits perfectly with the philosophy and user experience of Darwin. Both platforms use a data driven approach to deliver a personalised experience so that employees have the right information at their fingertips, at the right time, in a way that enables them to make the most of their entire reward package. It is particularly important to us that QUANTUM is completely independent in terms of the guidance it offers to employees around financial products, rather than promoting particular financial providers.”
Tim Perkins, Director at Nudge Global comments: “Our latest research, ‘Financial Education – The Definitive Guide’ confirms what most people have long suspected - the workplace Financial Education market is booming. Furthermore, 79% of reward leaders say that providing Financial Education improves employee understanding and appreciation of their total reward package, which remains a key challenge for many employers. We are delighted to be able to support Thomsons and their clients with our automated technology and direct industry experience.”
Thomsons and Nudge Global already share a number of mutual clients demonstrating how well the two propositions and respective technology platforms complement each other.