While organizations want to help their employees prepare to retire comfortably and on time, they know too many of those employees are saving too little for their retirement. Worse, some are not engaged with the plan at all. One way for plan sponsors to change employee behavior is to regularly evaluate their employee education provider’s service team to determine if the tools and resources they provide are the right fit for their workforce. Here are some key factors to consider when evaluating your retirement plan's employee education services:
Service matters
Dedicated: Is the plan employee educator always changing or randomly assigned from a large pool of instructors? A committed educator who works in collaboration with a plan sponsor can better customize content and choose delivery methods that effectively engage each distinct workforce. It is essential for education providers to offer ongoing, consistent support for the plan, as individuals are significantly more inclined to engage with educators who are familiar, reliable and able to establish a foundation of trust.
Experienced: How long has the plan educator worked in the retirement industry? An employee education provider that serves retirement plans exclusively will more likely provide knowledgeable educators able to provide training on the intricacies of the retirement industry and the plan. The educator should be accomplished and qualified to provide appropriate support and useful resources that drive positive outcomes for all employees.
Noncommissioned engagement: Is your employee educator encouraged to sell products during training sessions? Organizations should work with providers whose service teams are not incentivized to do anything other than provide employee education. Using education as an opportunity to sell additional services both distracts from the training and decreases the likelihood employees believe the educator is working in their best interest. Further, commissioned educators can focus too much of their attention on highly compensated employees rather than the employees who often need the most support.
Proactive support: Does the employee education provider take the initiative to communicate with the plan sponsor? It’s a concern if plan sponsors must continually reach out to education providers, or if employees can only access educators through a call center or voicemail. Planning and conducting regular meetings is essential, as is providing employees the opportunity for individual interaction with the plan educator. However, proactively conducting outreach shows a willingness to go the extra mile for plan sponsors who have a multitude of responsibilities, many of them separate from the retirement plan.
Tools and Resources
Comprehensive: Does the employee education provider offer comprehensive financial training beyond the retirement plan? Employees often face a multitude of challenges related to their personal finances, all of which can make it difficult for them to properly plan for retirement. Knowing this, top educators take a holistic approach to retirement education and cover a wide range of issues to improve overall financial wellness.
Custom: Is the provider’s employee education program offered in a one-size-fits-many format? Each employer is unique, as is every employee base. It is important to work with an employee education provider that can create a tailored program designed to achieve specific plan goals while taking the organization’s complexities and voice into consideration. Communications should always be clear, precise, and relatable as employees will be more receptive when they feel seen as an individual.
Versatile: Is the employee educator equipped to quickly adapt when the unexpected inevitably occurs? Many employees embrace technology, but others may not have access to a computer or smartphone. Some employees prefer in-person group seminars, others like virtual one-on-one meetings, still others want to learn on their own. Often a workforce includes personnel who can only meet after hours. The ability to deliver education in a wide range of mediums and at a time that works for everyone is essential and, as the last few years have displayed, the ability to adapt is sometimes not just a preference but a necessity.
Measurable: Does the plan educator regularly review data and use insights derived from it when creating future campaigns? The employee education program should focus on processes: set goals, define a strategy, and measure outcomes with relevant metrics.
Accessible: Employee communications, educational materials, websites, and videos must be designed for use by your entire workforce, including employees with varying accessibility or non-English language needs. It is important to consider whether the employee education provider offers training with features that are ADA compliant, include closed captioning, and more.
Is it time to consider if a different provider would be a better fit? To explore our employee education capabilities, visit pnc.com/retirementsolutions or contact your PNC representative.
