Helping What3Words provide tailored financial support
what3words is a true game changer. A company that’s revolutionising street addresses by dividing the world into 3 metre squares so that millions of people can find and share exact locations.
Since it was founded in 2013, what3words has grown rapidly with 120+ employees working in Mongolia, India, Germany, the US and the UK.
Their global team is diverse in both age and demographic and, like so many, was impacted financially by Covid. Sophie Pohling, People Advisor at what3words, explains…
“Post-Covid, more people were struggling financially with their savings. Some asked if they could pause pension contributions while others, who had moved further away from our London HQ, were worried about their new cost of train travel.”
“We started to think about how we could improve our team’s financial knowledge, because if they could manage their finances better then this would increase employee wellbeing and confidence.”
It was at this stage that what3words decided to offer their employees a session with a financial advisor, something they had first done back in 2019.
Sophie adds: “the session was a broad overview of how to save towards particular goals and milestones, what an ISA was, why to pay into your pension etc. The session got really good feedback but we thought: how can we tailor this a bit more? That’s when we started looking into Bippit as we wanted a more bespoke platform for employees.”
What attracted What3Words to Bippit
There’s a financial literacy gap at work.
Employees are 2.2x more likely to leave when they’re financially stressed, but they’re rarely given the tools they need to talk about, or improve, their finances.
It’s why we built Bippit: to help employees take control of their financial future with the support of expert 1:1 financial coaching that’s tailored to them. Something what3words needed for their team.
Sophie explains: “we wanted to offer people access to a financial wellbeing platform that provided a broad range of support but on an individual basis.”
“We have some employees who are very familiar with cryptocurrencies, investments, shares, and ISAs and who are pretty financially savvy. And we have others who just don’t know where to begin when diversifying their finances.”
“Bippit covers both groups and, when we reviewed financial wellbeing platforms, Bippit seemed very good value when you consider its offering, the webinars they run, and the support they provide.”
Supporting staff and staying competitive
57% of employees have had to change their financial plans due to Covid, while 77% of employees admit to worrying about money at work.
These stats are just some of the reasons why what3words was keen to improve their employee’s financial wellbeing. As Sophie explains…
“It’s really important we give our staff the support they need, and improving their financial wellbeing plays a big part in that. Bippit will help our staff manage their finances better which will increase employee wellbeing and confidence.”
“This may help reduce any problems we have around finances and pay. But mainly, Bippit just means we’re giving our staff the support they need to manage their lives better. It helps us stay above the competition and ensures our people are satisfied.
what3words launched Bippit during Talk Money Week (fortunate timing given the Week’s aim to get people sharing their financial concerns). It was also important to Sophie that employees had access to Bippit’s financial coaches before December so they could better handle the financial pressures that come with Christmas.
Sophie adds: “I think the surprising thing was the sheer speed of the Bippit set-up. The perseverance of the Bippit team to make sure the product was tailored to us was very impressive.”
The story so far
Sophie says: “Bippit is a great one-stop shop. Everything is in one place and it’s very easy to speak to an expert financial coach or get information through the resources hub. I’m excited to see how our team engages with the platform over the coming months.”
Want to improve your team’s financial health? Get in touch to book a free Financial Wellbeing Lunch & Learn for your workplace.