Who is Challenger?
Challenger is the leading provider of retirement income solutions in Australia. Its 700 employees operate two core investment businesses: an APRA regulated Life business which is Australia’s largest issuer of annuities and a Funds Management business with over $80bn funds under management. After using Redii’s online points program for five years to operationalise company awards and recognition, Challenger is now building a culture of appreciation across the business and responding to employee feedback.
Challenger’s employee value proposition (EVP) or employment brand was developed by employees four years after their original recognition program was designed. The company conducted engagement surveys that showed the existing program was becoming outdated and didn’t give employees the flexibility and speed they wanted to achieve frequent and immediate recognition across teams.
The transition from our legacy online points program to Redii recognition software was a perfect opportunity to look at the way recognition and reward was working at Challenger and redesign aspects so staff were more engaged. The Redii platform would make it easier to recognise the individuals building the company’s trademark culture of growth, achievement, collaboration, and challenge, while making that instance of recognition visible across the entire organisation.
Challenger’s ‘Standout’ program has been really successful for us over the years, but I think as any business changes, so do the needs of the recognition program. Our program was designed in 2009, and employee preferences for recognition were different back then. We always want a program that reflects what our employees are after.
Challenger is utilising Redii’s employee-led approach to ensure their program reflects the current needs of their employees. Challenger partnered with Redii to conduct the Pulse Survey to gauge what employees think and feel about working there. People from across different functions in the organisation participated in Recognition Project workshops, where they openly discussed the Pulse Survey results and decided how to use Challenger’s recognition investment to drive the most improvements to workplace culture, productivity and motivation, as well as awareness of Challenger’s EVP and Employee Net Promoter Score (ENPS).
Redii facilitated three workshops where employees got insight into the results of the Pulse Survey. The workshops are about bringing insights to life; capturing the unique language and feeling for the program that only Challenger employees could create.These were delivered as an iterative process over two days so a well thought out employee recommendation could be made to the HR team.
The employee-led approach to recognition design increases a sense of ownership across the company and puts the power to create a positive and effective work culture into the hands of every employee, not just their leaders. By using an open, consultative approach, Challenger enhances their EVP and demonstrates their commitment to creating a collaborative and challenging environment that encourages growth and achievement.