PLANSPONSOR - August - September 2022 - 35

PROVIDER RELATIONSHIPS | VOLUNTARY MEETINGS
For large employers, spread over
multiple locations, providing for personal
interactions may be unfeasible. In this case,
virtual group sessions or phone conversations
are good options, Reynolds says.
To interest employees in attending any
adviser meeting, they first need to want to
learn about the plan, Hinderstein suggests.
He says he has observed that workers'
interest in retirement benefits grows out of
their employer gaining their trust.
" It's not a new technique, " he says.
" Today, from my perspective, firms that
are 'people first' are being appreciated,
and that appreciation carries forward into
engagement for retirement plans. "
He sees employees assessing whether
their employer has their best interests at
heart by comparing the company's stated
values with how it manages staff-e.g., if
the company has a summer Friday policy,
are meetings nonetheless scheduled on
those days? Or do projects or calls tend to
creep into vacation time?
" This is a new world of education
and communication, and it's coming
down to working
together with individual
employees who are happier with
their employer, with their benefits and
even themselves so they're less stressed, "
Hinderstein says. " I've always believed that
our job is to make sure the total rewards
package is consistent with the goals and
objectives of the company or institution,
and it's what the employees want. "
Building Awareness
If the sponsor's goal is to promote oneon-one
adviser meetings, as with any new
campaign, Yost says, use the goal as a
starting point for creating a plan.
" You want to build awareness for
what's going to change; communicate the
value of why this will potentially benefit
the participants, and then drive their adoption, "
she says.
Devising an effective campaign also
necessitates considering where people
work-are they, for instance, in offices or
out in the field-and by what methods or
channels to reach them. Yost recommends
" ... firms that are 'people first' are
being appreciated, and that
appreciation has always carried
forward into engagement for
retirement plans. "
thinking through the timing in advance
of a change, informing employees how it
will affect them and what they need to do.
They might be advised of what to
bring to a meeting about other holdings or
accounts that will contribute to their retirement
savings, sources say.
" They ... then are empowered to do
something if they want to take an action, "
Yost says.
Employees who take action can gain
from being reinforced. For example, it
may prove pertinent and timely to send
someone who completed paying off a loan a
congratulatory message along with a nudge
to encourage her to increase her savings-
" that type of communication that's very
specific to something I'm doing, certainly
taking advantage of people reaching milestones;
or you've just become eligible for
catch-up contributions, or you're getting
closer to retirement, " Reynolds says.
Going Virtual
Virtual meetings are another possibility
for offering one-on-ones. During the
years of the pandemic, webinars, phone
consultations and live, online Zoom-type
calls reached many new and sometimes
reluctant participants. Employees in the
field, now accustomed to these modes of
communication, can first virtually attend
a group meeting about the plan. Reynolds
says she has noticed that some employees
appreciate the anonymity of typing in
questions online when, in the past, they
might have hesitated to raise a hand in a
full conference room.
Then the person can " sit down with "
an adviser, possibly 1,000 miles away,
to discuss the person's more specific
circumstances. Meetings sometimes have
a play-back option, so the participant can
review a specific section or play it for a
family member.
Yost points out that a spouse may be
able to join an online meeting, if it takes
place in the evening. She has been told,
" it's a complete game changer to meet
online, because everyone gets equal access
to the information, " she says.
Employees who
do not want
to
commit to attending a one-on-one adviser
meeting have an additional option available-one
for which Hinderstein says he
sees growing appreciation. They can reach
out to a financial mentor based in a call
center.
In his experience, Hinderstein
says, those nearing retirement frequently
have the big question in mind of, " Do they
have enough? " Once the conversation
has gotten started, they may move on to
a range of topics, running from the pros
and cons of buying vs. leasing a car, to
how to budget, to questions about big life
changes such as marriage or divorce.
Given a growing comprehension of
employees' overall well-being and the toll
the pandemic has taken-affecting everything
from mental health to caregiving-
managers increasingly
recognize
their
need for empathy, Yost suggests. Sponsors
may find that managers, who tend to know
something about their team members'
lives, can be a good means by which to
communicate with employees about the
value of voluntary meetings and other plan
resources, she says. " And if employees are
dispersed across multiple locations or work
different hours, managers are a way to get
information directly into their people's
hands. " -Elizabeth Harris
PLANSPONSOR.COM August - September 2022 35
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