Through well-timed and thoughtful updates to their employee savings program, the number of Best Buy employees participating in the savings program increased from 4,500 to more than 7,000 and employees’ savings grew $1.5M.

Interventions included enhancements to the program marketing content, additional incentives for participation, well-timed awareness campaigns, and changes to the employee onboarding and open enrollment systems to drive engagement with and involvement in the Savings Builder Program.

Commonwealth’s collaborative effort with Best Buy and Wings Credit Union on the Savings Builder Program offers key insights for improving enrollment in emergency savings solutions. This collaboration also demonstrates the opportunity for employers to explore partnerships with banks and credit unions for out-of-plan emergency savings offerings.