Once you’ve put a group savings and retirement plan in place, how can you make sure you and your employees are getting the most out of it? One of the best approaches for companies is to leverage your supplier’s data analysis capabilities to identify your plan’s specific challenges, and then implement targeted campaigns to address them.
What impact can you expect? Standard Life recently ran a campaign with a Montreal-based company in the automobile industry. Data analysis showed that just 9% of 436 group retirement plan members had set a retirement income goal. Within one week of a campaign designed to boost that number, 35% of members had set a retirement income goal – a 305% increase.
Mining the database
Of course, data is just a jumble of numbers until it’s organized and meaningfully presented. Turning data into information that plan sponsors can act on is the expertise of Agnes Gagliardi.
As Senior Consultant, Product Development, Group Savings & Retirement at Standard Life, Agnes oversaw the development of a library of 100 reports and a new reporting tool that makes it easy for plan sponsors and their advisors, regardless of size, to access plan specific information. They have access, on average, to over 30 reports to help them fine-tune their plan. “We provide sponsors and their advisors with reports that are relevant to their plan. Our reports provide data on plan administration, like financial transactions or asset breakdowns, to reports on plan governance, like member activity and involvement.” says Agnes.
“The objective of many plans is to ensure that members are prepared for retirement,” says Agnes. “There are many different reasons why members aren’t attaining their retirement income goal. With our reporting tool, plan sponsors and advisors can identify gaps. Then we work with them to close those gaps through different campaigns that we make available.”
A personalized strategy
Perhaps data analysis tells you that you have a significant number of members who haven’t set a retirement income goal, who have not completed the enrollment process, or who haven’t provided specific investment instructions and are invested in your plan’s default. What can you do about it?
“The reports are very easy to self-serve, and sponsors, working with their advisors or our customer facing teams, can help identify the issues that are most pressing and need to be addressed,” says Claudia D’Iorio, Senior Team Leader, Plan for life at Standard Life. Next, she explains, Standard Life can provide a range of tools, in the form of pre-packaged campaigns – including a variety of media and touchpoints – that generate awareness and encourage action.
“The beauty of it,” Claudia emphasizes, “is that we can measure before, and then we can measure after to see if the campaign was successful or if we need to do follow-ups.”
So, on the firm foundation of data about your plan, you can construct a personalized strategy that delivers measurable results. For organizations of all sizes, that’s an efficient and effective way to build a better plan – and help ensure your members are on the right track towards a comfortable retirement.
For additional insights and tips, visit standardlife.ca/mySME