Buck Consultants at Xerox notes that employees now want their work experience to mirror personal device use, but many employers don’t have the budget to put that kind of technology in place, so it has introduced Xerox Life Connect Solution, a human resources portal designed to improve employee engagement and access to workplace health, wealth and career programs.
For retirement benefits, Scot Marcotte, leader of client technology in the Engagement practice at Buck Consultants at Xerox, tells PLANADVISER, “Life Connect brings asset data together for a user to see their full retirement plan picture.” Everything from defined benefit to defined contribution data is gathered, including stock plan, health savings account (HSA), 401(k), pension, etc. to complete the wealth-building picture. Data is segmented by vested and unvested benefits also, to help reinforce what an individual might lose if she were to leave the organization. “We’ve found that view to be a valuable retention tool in our custom solutions, so it’s a key aspect of our Life Connect product offering.”
According to Marcotte, Life Connect can also provide targeted messages about lost opportunities, such as missed savings plan match potential, upcoming stock option expirations, and use-it-or-lose-it situations with flexible spending accounts (FSAs). The company says eligibility-based filtering allows the solution to show only content that’s relevant to the employee. Calendar-driven items, such as completing performance assessments, enrolling in benefits, or registering for a seminar, are prominently positioned for the employee.
In addition, financial news is gathered from syndicated services to keep users current, and up-to-date plan information is posted directly through the portal.
“Life Connect keeps users engaged with all of their HR programs—including retirement plans—through the course of the year to encourage better physical, financial and professional outcomes for the individual. We believe that when individuals improve their total well being, the organization thrives, too,” Marcotte says.
The experience is optimized for mobile and available through any device. It can enhance the employer brand by using the organization’s name, logo and specific colors. Employees can easily access it through a single sign on within the organization’s intranet, or through a simple, secure, external log-in.