Creating a Seamless Employee Benefits Experience to Achieve 180% ROI

Netwealth is one of Australia’s leading wealth and portfolio management companies, providing astute investors, private clients, and high-net-worth firms with a better way to invest, protect and manage their current and future wealth. Founded in 1999, the company employs 500 members of staff across multiple divisions, each of whom needed to engage with a dynamic benefit offering that drives employee retention and matches Netwealth’s individual needs as an organisation.

The challenge:

Netwealth first reached out to Reward Gateway in September 2020 with a clear goal to make its employee benefits program more accessible and easier to use. Prior to this, the company had found it difficult to engage staff with benefit initiatives beyond pay, and hadn’t found a platform that could help fulfil its ambitions to become an industry leader in employee experience and people management.

An internal engagement survey also revealed that staff wanted a much wider range of benefits that would cater to a broad demographic of different ages and interests. The platform needed to feel relatable to everyone so that Netwealth could ensure a good level of adoption and buy-in across the entire workforce.

Ongoing support was an important factor too, so that Netwealth’s people managers felt they could always discuss new campaign ideas and customise their platform as and when needed. This would allow the company to experiment with new initiatives and find ways to maximise engagement across different teams and divisions within the company.

Jackie Mitri, People & Culture Business Partner at Netwealth says,

“We came to Reward Gateway because we needed a platform that would allow us to meet the needs of a modern workforce and stay ahead of the curve compared to other competitors in the banking and finance industry. Having researched different providers in detail, we felt confident this was both the platform and partnership to match our ambitions and take our Employee Value Proposition to the next level.”

The approach:

The first step for Reward Gateway was to collate a variety of attractive benefits and discounts that would meet the expectations of Netwealth’s wide-ranging employee demographic. It was crucial that staff could easily browse through vouchers, discounts, cashback options and tech deals to find great offers that appealed to their individual interests, something which was made possible through the customisable SmartSpending™ platform.

The platform’s single sign-on (SSO) is a big benefit to staff, making access to the main hub as swift and straightforward as possible. NTT also requested bespoke areas to showcase its ‘AIA Vitability’ and ‘Netwealth Giving’ initiatives. The platform is key to generating awareness and engagement with the great range of benefits NTT has to offer.

“The beauty of Reward Gateway is that we can see what’s working well and how much employees are engaging with certain initiatives, and then tailor our approach accordingly. The platform itself makes it so simple for our people to find what they’re looking for and we’ve had great feedback from a user experience point of view. It’s so simple to navigate that practically anybody can find what they need within just a few clicks," says Jackie.

The team at Netwealth made it clear they wanted a platform that would take their Employee Value Proposition to the next level and ensure they are competing with the very best organisations in their industry as an employer of choice. Key details like mobile optimisation and single-sign-on access all add up to make a big difference in the way that employees connect with Netwealth’s EVP. The platform also features a Wellbeing Centre, where employees can find a variety of resources to support their wellbeing.

The result:

Netwealth currently counts 451 active users registered on the platform – which equates to roughly 87% of its entire workforce. This figure is particularly impressive given the speed at which Jackie and her team have managed to promote the platform and encourage as many signups as possible through different initiatives.

In the first year of using the platform, Netwealth employees had spent $616.6k through the platform and saved $35.9k following their investment. Impressively, the organisation has seen a 180% ROI on their overall program.