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Amazon Canada’s new estate planning benefit key to financial wellness win

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Amazon Canada’s new estate planning benefit key to financial wellness win


AMAZON CANADA’S NEW ESTATE PLANNING BENEFIT KEY TO FINANCIAL WELLNESS WIN

 * By: Bryan McGovern
 * October 28, 2024 November 6, 2024
 * 09:00

 * 

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Bryan McGovern

Amazon Canada’s commitment to unique financial wellness offerings led to a win
at Benefits Canada‘s 2024 Workplace Benefits Awards on Oct. 18.

The technology company was recognized in the Financial Wellness Program category
for offering its more than 48,000-person workforce free estate planning as part
of its benefits package. It wanted to stress the need for a review of up-to-date
end-of-life planning for its employees. In creating the benefit, it targeted
affordability, convenience and the mental health of its workers.

“It’s super meaningful,” says Adam Watson-Smyth, benefits program manager at
Amazon Canada. “There’s a lot of hard work that went into it. I was really
surprised. . . . It’s a whole team effort.”

Read: Employers offering wills, estate planning tools amid pandemic

After experiencing a significant growth period following the coronavirus
pandemic, the company quickly realized the increasing number of workers meant
there was likely an increase in unresolved deaths, he notes. “People didn’t have
wills, they hadn’t listed beneficiaries so we identified that as a huge need.
It’s not just about the will itself, it’s about financial well-being, it’s about
not only making sure they’re OK but making sure their families are OK should
anything happen to them.”

Amazon Canada prompted its employees to redeem their new benefit through an
automated, digital process. They received their free will, offered by digital
estate planning company Willful, through a unique redemption code in an email
after completing a short form.

For employees without a corporate Amazon email address, the company prioritized
alternative but engaging methods to communicate the new benefit and drive
adoption. One of these alternative methods was the use of near-field
communication technology with a badge attached to every Amazon human resources
champion, which can be tapped with a smartphone to receive more information
about the new benefit. The company also offers QR codes and NFC-enabled
materials at break rooms in each Amazon fulfillment centre.

Read: Lululemon’s use of video, social media in benefits communications results
in award win



Following the organization’s employee engagement campaign, it saw a 66 per cent
open rate and a 35 per cent click-through rate for automated emails. A marketing
campaign prompted more than 900 employees to click through to receive their free
estate plan in just under 45 days. The company is on track to meet its goal of
having more than 5,000 employees — about 10 per cent of its workforce — claim
their free will in 2024.

Watson-Smyth said he wasn’t sure if the campaign would pay off, but now that
it’s on pace to surpass the company’s internal goal, he noted it plans to renew
the benefit heading into next year. For Amazon, the cost of offering the new
benefit is only $0.60 per employee per month.

“It took some time ramping up and trying to figure out the quirks, where we
could communicate better, where we could educate our employees better and now
we’ve worked out those quirks and got momentum, we want to keep it going next
year.”

Read: My take: Employers can play key role in supporting employees’ estate
planning efforts


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HOW EMPLOYERS CAN SUPPORT EMPLOYEE FINANCIAL WELLNESS DURING THE HOLIDAYS

Keywords 2024 Workplace Benefits Awards,  Health/wellness,  Financial wellness, 
Financial well-being,  Estate planning,  Death benefits,  Communications, 
Employee engagement,  Benefits technology

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