PENSIONS INSIGHT
Transforming workplace savings behaviour
Johanna Nelson, associate director communications at Punter Southall Aspire, reveals the seven steps to powerful communications
E mployees today are demanding more information and better communications about workplace pensions and savings from their employer. Recent research on pensions communications – It’s time to change (http://bit.ly/2HEpQ8x), published by Punter Southall Aspire – highlighted this issue. Surveyed were 2,000 UK employees aged between 16 and 65, and we found that: l 72% want more support and education from their employer about pensions l 68% want their employer to keep reminding them about any actions they need to take concerning their pensions. But devising engaging and creative communication campaigns around workplace savings can be a challenge for companies, especially if those tasked with the role have little communications experience. Many won’t know where to start or what messages will resonate with their workforce. The good news is any organisation can produce an engaging communication strategy even without a background in comms or marketing. As with everything in business, it comes down to having a good
process to follow. We’ve created a seven-step process for companies to follow to develop engaging workplace savings campaign. The model is based on many years’ experience of developing workplace savings and pensions communications aimed at improving and changing saving habits for the better.
people to save more is too vague to be meaningful. Be very specific about the result you want, such as having a 10% increase in the number of over-55s accessing financial advice or a 50% increase in new staff attending a seminar on pensions. The more specific the campaigns, the easier it is to measure their effectiveness. The research also highlighted that people are more worried about their existing financial pressures than saving for retirement. Over 60% said they are most likely to respond to communications focused on their current financial situation and this research can influence the goals set for the campaign. Could it be useful, for example, to try to help people reduce their outgoings, so they have more money in their pocket today – before encouraging them to contribute more into their pension? When improving employees’ general financial wellbeing, there is often a positive knock-on effect on their pension behaviour too. 2: Segment staff Imagine a 32-year-old man receives an email about the steps he needs to take
...produce an engaging communication strategy even without a
background in comms or marketing...
1: Set clear objectives and begin with the end in mind The first step is to identify the campaign goals and the desired impact on employees’ saving habits. Just wanting
| Professional in Payroll, Pensions and Reward | June 2019 | Issue 51 36
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