Tesco Stores’ financial wellbeing strategy was first launched in 2018. Since then they have continued to evolve the support what they offer to colleagues – to become more financially literate, make better decisions, use the tools on offer, and get into the savings habit.

Organisation: Tesco Stores

Industry: Retail

Size: 280,000 UK colleagues

Interviewee: Natasha Rice – People Director – Group Reward and Recognition

2022 brought cost-of-living worries to the fore, so they launched a range of new initiatives with a regular drumbeat of communications throughout the year. These included:

  • To help colleagues maximise their earning potential, they developed Serve, Pick and Fill training, allowing colleagues to become multi-skilled across all operations in store. Coupled with their new Extra Hours Marketplace, this enables colleagues to pick up extra hours/shifts across the entire store. This allows colleagues to supplement their income in a way that suits them, giving colleagues more flexibility, providing variety and increasing job satisfaction.
  • Using Deals & Discounts site to highlight, every payday, how this can help save on everyday costs like utilities, car maintenance or replacing essential white goods.
  • Pay Advance, launched after a successful pilot, to all UK colleagues enabling them to access earned pay ahead of pay day. This was launched in time for Christmas.
  • Enhancing Cycle-to-Work, introducing 12,18, 24-month hire terms, making it more accessible and affordable for hourly paid colleagues, and increasing the limit to £3000, supporting those wanting electric bikes to cut commuting costs.
  • Their online Total Reward Statements included a two-minute personalised video showing every colleague how much their pension could be worth, alongside adverts focusing on ways to save.