Aimed at increasing participant engagement to drive retirement savings, T. Rowe Price launched an analytical tool obtainable to plans serviced by the company.
Named “Engagement to Action,” the tool provides participant engagement analytics for six features available to clients. The quantitative plan-level metrics will be accessible through the company’s PlanView Portal for plan sponsors within its Plan Health feature; are “visible on a monthly or quarterly basis”; and hold historical figures dating back to October 2017, according to T. Rowe Price. The company says industry averages will be available on the tool as well, for comparison purposes. Quantitative metrics for the features will also be accessible based on a participants’ Confidence Number, age, or salary, and advisers will be allowed to view engagement metrics for their plan sponsor clients as well.
In the first quarter of 2018, T. Rowe Price found plan participants who watched a personalized video were nearly five times more likely to increase deferral rates, and those who fulfilled a Confidence Number evaluation were two times more likely to grow their rates. Additionally, those who visited a Savings Check-In page on a workplace retirement website were almost two times more likely to raise their deferrals, and those who clicked on a T. Rowe Price or plan sponsor email were roughly two times more likely to raise them.
“Our new Engagement to Action metrics confirm our belief that targeted participant engagement leads to positive actions that propel stronger financial futures,” says Diana Awed, head of marketing and client experience for T. Rowe Price. “Sponsors can now access on-demand analytics to see which experiences resonate the most with participants by linking their specific actions with increased savings rates. The metrics provide quantitative data that plan sponsors can use to demonstrate internally that these initiatives are effective and help them make further plan enhancements to encourage retirement preparedness.”