Fostering retirement plan engagement is important, especially since it's a sure first step to helping create successful outcomes for participants.
According to Milliman, the key is integrating your participant education and communication program with your company's culture. Without regular, ongoing communication campaigns tailored to employees' personality and preferences (e.g., do they prefer email over paper communications, or vice versa?), employees may not understand the plan's benefits, how the plan works, or how much to save. Communications should also clearly explain the call to action - what the company wants participants to do.
Moreover, concise content that should address specific issues in appropriate language - DO play on participants' emotions in a proper way; DON'T use descriptive, over-the-top language or fear tactics. Be direct and, again, customize the language to reflect your workforce's culture. Emails that come from the plan sponsor rather than the provider are more likely to be read. One-on-one meetings are also an effective way to boost participant engagement because they offer an opportunity to ask questions and interact with plan experts.
One way to ensure consistency with your company's culture is to create an education policy statement that clearly outlines the frequency of communications, how they'll be distributed, what will be communicated and to whom, and where employees can go for more information.
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