Making the most of all available means to improve enrollment in retirement plans

What a compelling case for face-to-face meetings to improve retirement readiness, in this article by the Principal Financial Group.

One of the logistical challenges of this approach is the time and cost in being able to reach, and effectively communicate the benefits of planning ahead to a substantial majority of employees, especially when they are widely distributed over large geographical areas.

To reach the otherwise difficult to engage population, with the omnipresence of social media and apparent absence of barriers to entry, are there additional ways to communicate, in addition to the traditional paper or electronic (CDs, DVDs) campaigns, with periodic reminders, and other enticements to participate in retirement plans, while complying with regulatory requirements?

As with everything, the plan sponsor and provider have to understand the cost / benefit implications of any campaign – including the one in the article, or via other means. And being able to measure the true reach and effectiveness of each method becomes a linchpin of the decision making process. Agreeing on those measurement metrics is just as critical.

In the past, a large extent of the decision would have been precipitated by the population make up – between desk-bound vs. non desk-bound. With the easy reach of social media, some of those traditional limitations can be overcome with effective content that is tailored to the intended audience.

With the above backdrop, what else would you, either as a plan sponsor or provider creatively design to reach on-the-fence or reluctant employees?

Alternatively, what would you, as one of the employees want to see, and how, to make up your mind to contribute to the plan?

Advertisements