How LSM Promoted Financial Wellbeing During the Pandemic
Liberty Specialty Markets (LSM), is part of the Liberty Mutual Insurance Group. They offer a competitive range of insurance and reinsurance services to brokers and insurers in all major markets.
With just under 2000 employees, LMS is a community as well as a workplace. As this community grew in numbers, it needed to grow education-wise too.
LSM's aim was to improve their people's financial wellbeing. And taking the "teach a man to fish" approach - always a good move - they partnered with AAG Financial Education, an organisation with over 10 year's experience in educating employees on making well-informed financial decisions.
The Features of the Joint Program
AAG Financial Education provided LSM's employees with a detailed educational programme tailored to their precise financial needs. It involved a broad range of useful approaches. To name a few, there were:
* Group webinars (like AAG's flagship Taking Financial Control)
* Run Up to Retirement presentations
* 1:1 guidances with qualified and regulated consultants
The topics dealt with common financial struggles that could be avoided with proper education. Making them fit to the particular needs of LSM employees, the key areas were:
* Financial control
* Retirement planning
* Planning around children
* Tax-year-end planning
How Did COVID-19 Affect the Plan?
This initiative launched in 2019, but like most people and activities at the time, was affected by the outbreak of the pandemic. However, both AAG and LSM worked hard to ensure that employees got the help they needed.
AAG expanded their offer, including fortnightly #FinanceFridays webinars equipped with topical and practical financial tips for LSM employees. Additionally, AAG adapted their planning around specific areas that proved to be most interesting to attendees.
When faced with the many challenges of the pandemic, LSM staff were in financial training led by top-notch training providers. At this crucial time, management gave their workforce tools that could help them plan financially - and give them peace of mind.
A Happy Ending
Financial instability is a big cause of mental health problems. 25% of UK workers report monetary difficulties, so it's an aspect of health and wellbeing that we can't afford to overlook.
By ensuring their employees know how to make smart financial decisions, LSM addressed a root cause of mental health instability. This initiative laid a strong foundation for overall health and wellbeing initiatives growth.
This is just one of many EX success stories from our UK Employee Experience Awards. Share your own and get external recognition for all your efforts, for all your people! Apply for the awards here.