Plan sponsors are increasingly
taking it upon themselves to devise their own communication strategies
to engage their participants in financial as well as health wellness,
according to the inaugural WorkPlace Exchange (WPE) report from
Corporate Insight.
This study is based on actual materials
submitted for review from sponsors whose plan size was at least $1
billion in assets, and some of the best practices shown realized
increased enrollment, deferral rates and dialogue.
Video is a
preferred format for an introduction to topics such as benefits and
retirement plans due to the succinct nature in which topics can be
covered, Corporate Insight says. The most impressive piece it found was
an animation that provides a full view of a broad benefits program for
new employees in less than four minutes. “The employer clearly
recognized potential of multimedia, which allowed it to introduce
concepts like HSAs and enrolling in their retirement plan, but not go in
nearly as much depth as is covered in forms and other hard copy
versions that the video is meant to supplement,” Corporate Insight says.
The most logical social media property to start with is
Facebook, given the varied nature of conversation on it and its overall
reach compared to other social media, according to the report. One plan
launched its Facebook page 18 months ago, and realized a 50% increase in
communications between followers and the plan, as well as an uptick in
enrollment and deferral rates. “Facebook allows plans to build a
dialogue with participants and employees in a centralized place. It also
allows for the attachment of materials that may be helpful to those
following the plan,” Corporate Insight says.
Another firm sent an
automatic enrollment mailer to participants who were not enrolled in
the plan. The mailer included a clear explanation for the outreach—the
recipient is targeted because they are not enrolled in the plan. This
outreach resulted in 82% of participants enrolling in the plan and
remaining; 93% of millennial participants remained. In addition, hourly
employee participation increased form 50% to 92%.
Traditional
forms of communications such as newsletters, mailers and checklists can
still be highly effective if they are visually appealing, well organized
and clearly communicated.
In addition, a checklist for plan
sponsors provided by one respondent helps keep its plan organized and
compliant. The checklist helps identify risks and enables assignment of
oversight accordingly, as well as helps protect against lawsuits. The
checklist provided offers 45 tests across seven categories, including
nondiscrimination tests and record retention requirements.