How a software agency uses financial wellbeing to give their award-winning “crew” peace of mind

Rocketmakers is a Bath-based software agency that designs, develops, and deploys innovative software for businesses. 

Over the last 15 years, the company has built a purpose-focused culture and grown an award-winning team of tech talent – in a category where getting and keeping great people can be a big challenge.

Building the 4 Pillars of Wellbeing

Chief People Officer, Sian Cox, says that employee wellbeing is a key part of the equation. She introduced 4 pillars of wellbeing at Rocketmakers: physical, mental, social and financial. “They’re all critical and they all support each other.” Once the company aligned on their approach to wellbeing, they made sure they had the right policies and benefits within each of the 4 pillars. 

Since the cost of living crisis, financial wellbeing has become a bigger priority for Sian and the Rocketmakers team. “When it comes to physical and social wellbeing, the team drive a lot of the most popular initiatives themselves.” But when it comes to financial wellbeing, she believes employers have to take a more active role to really engage employees. “I saw an opportunity for us to do more. If you don’t feel good about your financial situation, it affects your mental health, which can impact your physical health too. They’re all connected.”

Taking Financial Wellbeing to the Next Level

The company previously arranged some webinars on topics like mortgages, pensions and savings, but the take-up was low. When Sian came across Octopus Money “it sounded too good to be true.” “The fact that a company like Octopus could provide everyone with a free 1-to-1 session was exciting for us. I’m so glad I came across it.” 

What’s more, the fact that Rocketmakers could launch the benefit at no cost and pass on a 33-43% discount to employees (as a salary sacrifice benefit) “made it a no brainer,” Sian says.

Now Sian feels they have a solution to financial wellbeing that provides real, personalised support for each individual. “It’s a minefield in the financial world. It feels great to give all of our employees the peace of mind to know they’re doing the right things with their money.”

“Introducing Octopus has helped our crew to focus on their finances and we are fortunate to have a Wellbeing Slack channel where people can share ideas for saving money.”

Impact Across the Whole Team

On average, Rocketmakers employees have rated their experience with Octopus 5 out of 5 stars. One employee describes the conversations with their money coach as “informative and comfortable.” “I’m reasonably good with my finances, but my coach came up with new options for me to explore, and I didn’t feel under pressure at any point.”

Feedback like this reinforces Sian’s belief that financial wellbeing is for everyone – not just those we assume are struggling most. Everyone has questions and worries about money, regardless of salary, age or level. Her advice to other employers like her? “Remember that wellbeing isn’t just about mental health. Mental health may be in the headlines more often, but it’s paramount to look at all of those pillars. Financial wellbeing has a knock on effect.” And what about companies that worry about the cost of financial wellbeing? “It doesn’t have to cost a lot of money. Sure, there are companies that can afford to do a lot more than we do. But Octopus doesn’t actually cost us anything. And the impact we can have on our team is huge. Ask yourself, what would it cost your business if your team was not performing at their best?”

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