Real Strategies & Real Results

Transcription

1 Real Strategies & Real Results Mary Ellen Whiteman Manager, Participant Communications Carrie Goldrick Senior Communications Consultant Copyright T. Rowe Price. All rights reserved.

2 Today s Discussion Introductions Challenges and Forward Thinking Innovative Programs Strategy Development Creative and Leading Edge Solutions

3 Historical Challenges Traditional enrollment kits are bulky and are not successful in encouraging the participant to take action Enrollment materials can overwhelm the average participant Traditional communications do not provide an interactive experience for the participant Print communications limit exponential personalization and self-selection of messaging and content

4 Forward Thinking Streamline participant communications Simplify Reduce plan sponsor cost Modernize the participant experience Lifetime investing program Delivery channels

5 Forward Thinking Streamline participant communications Action-oriented information Key information is presented simply and is easy to understand Right messaging Supports the 80/20 rule regarding participant behavior Shows financial and environmental prudence on behalf of Plan Administrator Allows the opportunity to place the focus and costs on strategic and educational content

6 Forward Thinking Modernize the participant experience Moving toward a lifetime investing program for participants Team of professionals focused on building programs and solutions up to and through retirement Communications Program Retirement Diversity of delivery channels Robust and interactive Web content Increased opportunity for personalization Action-oriented delivery linking participant to Web site Participant Web 53% of participants use Web 83% of contact is online 52% addresses on file 1% opt out of paperless

7 Strategy Development Best Practice Considerations Goal Alignment Effective channels Simple messages Brand identity Interactive experience Cost-effective Plan sponsor needs Participant needs Relationship management Regulatory environment Product development Communications Strategy

8 Thinking outside of the box: Getting results Client: Carmax Objectives: Increase participation among this transitional population Get more bang for their buck Help employees benefit from the company match, which requires a year of service before eligibility

9 Thinking outside of the box: Getting results Solution: Retire with Confidence campaign lifestyle imagery resonated with employees Changed new-hire practice and sent only a quick-enroll card, with option for employees to request a full enrollment kit Mailed anniversary card when employee was match-eligible Results: 2,832 new hires received quick-enroll cards 21 employees requested full kits (<1%) 8% of new hires enrolled in plan

10 Thinking outside of the box: Getting results Client: B. Braun Medical Inc. and subsidiary Aesculap, Inc. Objectives: Leverage corporate branding while merging two plans from unique employee cultures into one Improve asset allocation

11 Thinking outside of the box: Getting results Solution: B. Prepared used corporate fonts and colors with fresh lifestyle imagery, steering clear of expected medical sterile images, to engage employees Employed a target-date investment default strategy Results: 76.2% defaulted to target-date investment 23.8% made active elections during the open enrollment period

12 Thinking outside of the box: Getting results Client: Meggitt USA/K&F Industries Objectives: Communicate change of recordkeeper Refresh current campaign using new corporate branding and create a greener enrollment kit Increase participation, especially at Georgia manufacturing site

13 Thinking outside of the box: Getting results Solution: Imagination. Realization. created industry-focused, streamlined campaign showing how less detail can be more impactful Rolled out comprehensive meeting schedule Used quick-enroll card to encourage joining plan Results: Over 18% of meeting attendees enrolled in the plan via quickenroll card, 229 in GA alone

14 Leading Edge Client: Intermountain Healthcare Challenge: Match is coming back after year suspension Match formula changed and over 5,000 employees will no longer maximize the match Solution: Promoted match is back at Benefit Fairs with shrink-wrapped t-shirts Created quick-boost cards Sent postcard magnets with TRP contact information, detailing times and dates of events Posted flyers and table tents reinforcing message

15 Leading Edge Client: Coventry Healthcare Challenge: All other benefit materials were already online Bulk orders of enrollment kits quickly became outdated if they weren t used Too much content for the average participant to go through Solution: Developed electronic streamlined kit Allowed real-time investment information Embedded links to other plan documents they prefer not to mail

16 Leading Edge Client: T-Mobile Challenge: Changing corporate branding dramatically Inventory depletion looming Auto-enroll plan, with young, Gen-Y employees U.S. postal regulations changed Solution: Develop new eco-friendly self-mailer that was postal and brand compliant

17 Leading Edge Employee Meetings and Benefit Fairs Challenge: Boost attendance at meetings and fairs Encourage more meaningful interaction with attendees Increase participation in plan Solution: Promote events in advance Are you on the list? Question of the day

18 Just remember Progress always involves risks. You can't steal second base and keep your foot on first. Frederick B. Wilcox