That old chestnut: how to get employees to engage with their pension
However, many employers still feel there is a lack of engagement within their workforce. Even those who enjoyed early successes can find themselves stagnating – they are now preaching to the converted and engaging the perpetually uninterested feels like a losing battle.
They may even encounter resistance internally. We often hear of motivated HR teams with great ideas being told by their directors there is no point implementing them as staff aren’t that bothered about pensions.
And a good idea badly timed may create the impression that no one cares. Putting on a pension speaker over a lunchtime may lead to poor attendance because people would rather use their lunch hour to eat or get a breath of fresh air. You might be lucky and end up with great attendance and a real buzz in the room. But once back at their desks, employees might forget what they were going to do because they do not have the tools, access or time they need to make to changes.
All of these scenarios can lead to the feeling that we don’t know what to do next. Here are some ideas that will help.
Face to face
In an increasingly digital world, it’s important to remember the value of speaking to someone face-to-face. But steer away from generic jargon filled presentations that ignore what your employees actually want to hear. A good rule to follow is that no one size fits all. You’ll reach more people with a tailored financial wellbeing programme which meets your employees’ needs.
The take-home message is to build a ‘programme’ and not a one-off event. Breaking down complex issues over time helps people build their understanding and confidence so they feel empowered to get engaged.
Keep in mind that group presentations can’t cover all bases, and don’t allow each person to dive deeper into their personal circumstances. One-to-one meetings with an expert can solve this. Offering meetings gives individual employees dedicated time to focus on their situation and get a richer understanding. They’re far more likely to take action and get involved with their finances and pension as a result.
It is important to remember that the modern workplace can’t always cater for onsite work. But you can always get the human interaction aspect via webinars both for presentations and one to ones.
Online
Pension complexities are an ever present barrier to engagement. Once armed with knowledge, employees need intuitive online access through a website and app to break down this barrier. The average working individual is very time poor, so their online journey can’t be time consuming and taxing or you will see the death of engagement.
Communications
Communications are a fantastic way of delivering a broad range of information. However, one of the biggest hurdles is getting employees to read them.
By providing segmented and targeted communications, employees get messages which are relevant to them. Getting to the point immediately by avoiding all jargon will help too.
Breaking down the message into bite-sized chunks also helps your reader retain the message. But it’s important to signpost to further information for those who want to dig deeper.
As part of a financial wellbeing programme, communication campaigns should build an individual’s knowledge and provide them with a stepped journey for an ever-increasing grasp of their personal finances.
In summary
No one solution is enough on its own. It’s something you must keep working at, but there are a number of tools at your disposal. Combining face-to-face education with intuitive online content and a comprehensive suite of communications is a fantastic way to tackle engagement head on. Finally, ensure you never rest easy and continue to involve your employees in evolving and growing their financial wellbeing programme.
The author is Henry Green, business creation manager at Hargreaves Lansdown Workplace Solutions.
This article is provided by Hargreaves Lansdown.
Supplied by REBA Associate Member, Hargreaves Lansdown
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