Employers can spend millions of dollars on retirement plans without really knowing how their employees perceive these benefits. Do your employees understand the value of what you offer and how to take advantage of the plans?
Effective communication of retirement planning issues will help improve employee understanding of their benefits and role in the quality of their retirement years. Engaged employees become informed, proactive savers and investors. Employees must understand why it’s important to save and how their benefit works or what they need to consider when making their investment choices and managing their accounts.
Build understanding and trust with effective employee communications
Shifting organizational priorities combined with recent legislation have driven many employers to make significant changes in their retirement programs. Clear, concise communication about what's happening and why – and how employees are affected – can go a long way in building understanding and a trusting relationship with employees. Even without significant changes, it is available to employees so you don't lose key talent.
Areas of expertise:
- Defined benefit plans
- Defined contribution plans
- Total rewards
- Benefit or plan changes
- Executive plans
- Investment education
- Enrollment choice
- Early retirement
- Retirement readiness
Our strategic approach to retirement
Providing the big picture. If you have multiple retirement plans, employees may not have a good understanding of how they work together to support their own retirement goals.
Branding. Using off-the-shelf materials from vendors provides good information that is often easy to distribute. But communication with another company’s branding may dilute your organization’s sponsorship of the plan in the minds of employees. A simple solution is to have a consistent look and feel for your benefits materials and apply that to the content your vendor provides.
Targeted messages. Different messages may resonate with different employees at any given time. The rationale you provide to save more, for instance, will be very different if you’re speaking to employees in their 20s than to employees in their 60s. Targeting your messages to specific groups will be more effective than sending the same information to everyone. Your millennial employees may prefer to receive text alerts on their phone while Baby Boomers may prefer a newsletter mailed home. Providing different communication options allows your employees to choose how they interact with your message.
Personalized information. The ultimate in targeted messages is a personalized statement. These can be very powerful because they speak directly to the individual and his or her specific situation. Personalized statements can serve a variety of purposes, including showing employees how different investment strategies — based on age, for example – can work.