Covid-19 has affected almost everything about our day to day lives, including our finances.
So, award-winning lettings platform Goodlord recently partnered with 1-2-1 financial coaching provider Hatch to offer every Goodlordian their own personal financial coach.
A compelling engagement strategy was the key to seeing over 40% of employees book a call with their coach within the first 2 weeks of launch.
Goodlord is on a mission to provide the best renting experience in the world. Since being founded in 2014, Goodlord has invested over £27m in technology, now supporting over 750 Lettings Agencies, winning industry and service awards along the way.
No stranger to prioritising their employees’ wellbeing, Goodlord are a recognised ‘Great Place to Work’, and were the first startup to be recognised by Mind’s Workplace Wellbeing Award.
Knowing that everyone’s finances have been affected by the ongoing pandemic, they were eager to support their employees’ financial wellbeing through the Coronavirus crisis.
Leah Ellis, head of People and Talent at Goodlord said: “These are difficult times for everybody and we are working hard to support our Goodlordians as much as possible in a variety of ways. Financial wellbeing is particularly important right now. Some people’s finances are under stress, particularly where partners have lost incomes. On the other hand, some people actually have more spare cash available than normal, making now a good time to plan ahead.”
In partnership with Hatch, each employee at Goodlord was given their own dedicated financial coach. Their coach provides them with a free financial planning session each year, and remains on hand for any money questions they have.
The initiative builds upon other successful financial wellbeing initiatives, such as regular Pension Workshops, run by Goodlord CEO (and FCA-regulated Chairman of Nutmeg) William Reeve.
The engagement strategy
When the Hatch service launched in June, 40% of Goodlordians booked an appointment with their coach in just the first two weeks. The engagement strategy was key to this success.
The launch campaign began with an internal communications campaign, telling employees about Hatch and letting them know that they would hear from their new Financial Coach shortly.
Goodlordians who didn’t wish to hear from their coach could opt out at this point.
Employees then received a personal email from a financial coach at Hatch introducing themselves, explaining the service, and suggesting a time for their free session.
Adam Price, CEO, at Hatch, said: “The 1-2-1 element of coaching is key to inspiring financial action. This starts from the very first point of contact, hearing from your own financial coach highlights the personal nature of the service. Employees really value this personal touch and the engagement is five times higher as a result.”
Goodlord also wanted Hatch to be available at any time, this means that those that haven’t yet taken advantage of the service can still access their coach.
In the meantime, their coach will reach out with relevant information at regular points throughout the year, making sure employees know that support is there should they need it.
Adam continues: “Along with the personal touch, this approach also takes the pressure off the employees. We could all do with checking in with a financial expert from time to time but it can be difficult to ask for help, or you may not get around to it. Having the coach reach out regularly makes it incredibly simple for employees to engage at the point they need it, they can simply confirm their session for a time that suits. The coach does all the legwork!”
Among those employees to hold a session with their coach, 48% selected a higher tier of service. This allows their coach to use Hatch’s technology to build a full financial forecast, and put a plan in place to achieve the employee’s short, medium, and long term goals. The coach remains available via phone and email, offering ongoing support.
When paid through Salary Sacrifice the service is over 90% cheaper than a similar service from a traditional financial adviser.
Impact and Feedback
While it is still early days to rate the long term impact of financial coaching at Goodlord, employees have rated the service 5 out of 5 stars. Every employee who engages with the service is invited to review their experience.
One Goodlord employees commented:
“I really appreciate the guidance and judgement-free approach. Will definitely continue as a way to hold myself accountable”
Leah continues: “The response to Hatch has been unanimously positive. The process is tailored to each Goodlordian’s situation, whether they want to plan for a rainy day, a property, enjoying life, a family, and/or retirement. The combination of a human coach and – for those who want it – Hatch’s planning technology, perfectly addresses both the emotional and rational side of financial planning.”
Goodlord joins a growing list of employers who have made Hatch available, including MoneySuperMarket Group, Epson, Octopus Energy, Kantar and Great Place to Work UK.
While the long term impact at Goodlord has yet to be measured, statistics show that employees who work with Hatch are on average £9,755 better off from year 1.
About the author
Neasa McNulty is Workplaces Director for Hatch and has worked in the financial advice industry for over 6 years. Previously at adviser review website VouchedFor.co.uk, her mission is simply to give everyone access to great advice. Neasa is passionate about the power of 1-2-1 financial education and coaching, and the financial wellbeing of the UK’s employees.