Bank of England
The Bank of England is the UK’s central bank. Its mission is to promote the good of the people by maintaining monetary and financial stability. It employs over 4,000 people across multiple sites throughout the UK.
Human behaviour values short-term gratification over better long-term value and this is shown by our attitude to saving for life after work. The UK is approaching a crisis of an ageing population who can’t afford to stop working, stifling the employment opportunities of younger generations. The onus is therefore on organisations to inform, inspire and engage employees with the importance of lifetime saving.
Compared to the UK private sector, the Bank of England have a good pension arrangement for their employees but a survey revealed it wasn’t appreciated or understood as highly as some other benefits. Communications weren’t leading to decision making – only 27% of employees felt informed about how to make their annual pension choices. To show commitment to their financial wellbeing, the Bank wanted everyone to understand and value their complete benefits package, and particularly their pension.
We proposed a new reward brand that fits within the existing corporate brand to help differentiate and elevate pension communications. We rationalised the naming of the products and recommended a framework for a range of communication outputs, including four short animations. These help to explain the basics of pensions and how the Bank’s scheme works.
The first two animations were launched in the benefits window and were immediately labelled a success. The launch received over 1,200 ‘likes’, 3,800 page visits during the benefits window and nearly 80% of employees clicking on one of the videos.
All four of the animations can be seen at the below links: