PLANSPONSOR - May - June 2023 - 35

while those approaching retirement want
to know their financial readiness, she says.
" Given that these are really different
conversations and to-do lists, it goes back
to, ideally, texting and messaging [each
audience differently], " Send says. She
stressed bringing each person's specific
goals to the forefront of the conversation,
asking: " How do you make that urgent? "
Also, according to Megan Yost, senior
and engagement
vice president
strategist
with Segal Benz in Boston, the most
effective messaging speaks to employees'
current priorities. If someone is still paying
off student debt, for example, a communication
focused solely on retirement will
elude them unless it also promotes studentdebt-related
benefits, says Yost.
" There's been a huge proliferation
in the benefits available to employees, "
Yost says. Not just offering the programs,
companies are urging employees to take
advantage of them and note their value,
she says. When employees better understand
how their benefits can support them,
such as when to tap an emergency savings
program or how to plan ahead for paying
medical expenses with a health savings
account, it can indirectly aid employees'
retirement planning, Yost says.
" Many people are most engaged with
their benefits when they're experiencing
a transition or a personal change, " she
says. " Many of our clients have segmented
content where you can fill in different
scenarios, and people can navigate to the
content that's relevant to them. "
Meet Clients on Their Own Terms
Finding the best way to engage people with
topics of personal interest may depend on
determining their work conditions, Yost
says. " Are they driving trucks? Sitting
behind a desk? In a manufacturing plant? "
Some Segal Benz clients have a workforce
with limited access to computers
during the day. Reaching them may
mean hanging posters in break rooms or
locker rooms and including a QR code
that employees may scan with their cell
phone to access information, Yost says.
Sometimes direct communication is most
effective, say when managers highlight a
key benefit such as introducing an emergency
savings program during a morning
meeting, she says.
At Delta, because reservation and
general office employees have good access
to computers, Jessup says, email updates
are ideal. But the company has more success
communicating with flight attendants and
airport customer service employees face
to face, he says, also mentioning internal
social media, intranet pages and message
boards throughout the operation.
Track the Process
To measure whether the communications
are getting to the employees they need to,
Delta tracks open and click-through rates
for emails, as well as webpage views on
intranet and social media sites, Jessup says.
But, for him, how well a campaign works is
more than a matter of numbers.
" If a communication type reaches
a small population not being reached by
other means, it's a success, " Jessup says.
" Our real measure of success is how we
move the needle on our participation
in programs, positive actions in those
programs, and employee feedback through
surveys and other means. "
Employee surveys are important for
understanding the workforce at Organon
& Co. in Jersey City, New Jersey, too.
Organon faced an unusual dynamic as a
newly formed company when it spun off
from Merck & Co. Inc. in 2021, says Natalia
Sandoval, a senior benefits specialist in
retirement for the U.S. and Puerto Rico.
" Being a new company, we didn't
have much data to go back and say, 'This
is working,' or, 'This isn't working,' "
Sandoval says.
Armed with the survey data, and aided
by an ongoing educational campaign on
retirement, including webinars, Sandoval
is now planning targeted communications
and aims to expand on topics raised
in employee feedback, she says. " We're
constantly evaluating our communications
approach to drive engagement. "
The survey results also revealed a
generational divide in participants' financial
focus. Younger generations were interested
in financial wellness and wanted
answers to questions such as, " How can I
be more investment-savvy and make the
most of my retirement [saving]? " Sandoval
says, adding that younger workers showed
greater interest in checking in via apps and
getting information 24/7. Those nearer
retirement want to know, " Do I have
enough for my retirement, and how can I
consolidate my money under one account? "
Improve the User Experience
The Organon benefits team is assisted
by employee resource groups, which can
help focus communications on specific
retirement plan features such as loans
or
early
retirement distributions
and
retirement contributions. " The ERGs are
great channels to gather feedback from
employees about any topics or to promote
new benefits, " Sandoval says.
She is also watching to see how other
plan sponsors and administrators integrate
financial wellness and react to the
SECURE [Setting Every Community Up
for Retirement Enhancement] 2.0 Act.
Herein is a big opportunity to improve and
integrate the user experience in recordkeeping
and financial wellness services
for participants, she says.
" This topic will have a significant
impact on employees' financial journeys, "
Sandoval says. " It'll most likely be key to a
more digitized retirement space offering
a more tailored and holistic approach,
including financial advice, planning and
coaching services to employees. "
For Send, a truly custom approach
further involves working with a personal
money coach or financial planner. " Money
is a topic that participants can easily not
engage in: We like to avoid it; there's
never enough of it; maybe our parents
fought about it; we don't learn about it in
school, " she says. " It's the whole idea of
having someone walk alongside them and
hold them accountable. "
-Elizabeth Harris
PLANSPONSOR.COM May - June 2023 35
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