Plan sponsors are seeking ways to help participants stay cool amidst market volatility. Here, we’re offering insights on how to deliver communications that provide clarity, consistency and empathy. Read more
Retirement readiness works best as a collaborative experience, with participants and plan sponsors benefiting from knowledgeable partners who can provide and coordinate expertise in the forms of:
At State Street, our dedicated Participant Engagement team is positioned at the intersection of investment strategy, public policy and marketing execution, working directly with sponsors to develop effective participant outreach strategies that drive action.
Seeing the Participant’s Perspective
Advances in retirement plan design and automation may have improved the system of saving, but they haven’t removed the strain.
Employees say issues with personal finances have been a distraction at work 1
Employees find it difficult to meet household expenses on time each month 2
American adults would not be able to cover a $400 emergency with cash, savings or a credit card that could be paid off quickly 3
By committing to improve employees’ financial wellness, sponsors have the opportunity to see employees holistically, lessen participants’ anxiety and cultivate their happiness — gaining productivity in the process.4
Our financial wellness resources can support the launch or expansion of programs that strive to improve participants’ financial habits now and in retirement.
The power of a carefully designed plan can be diminished if there is no outreach campaign to highlight plan details and participant benefits. Working from initial strategy to tactical execution, our dedicated Participant Engagement team offers plan communications and other resources to help ensure employees get the most out of their retirement plan by:
1, 2 PwC’s 8th annual Employee Financial Wellness Survey, PwC US, 2019. https://www.pwc.com/us/en/industries/private-company-services/library/financial-well-being-retirement-survey.html
3 Report on the Economic Well-Being of U.S. Households in 2018, Board of Governors of the Federal Reserve System, May 2019. https://www.federalreserve.gov/publications/files/2018-report-economic-well-being-us-households-201905.pdf
4 Jeffrey Hayzlett, “Do Wellness Programs Make Employees More Productive? The Obvious Answer Is Yes,” Entrepreneur, March 2, 2018. https://www.entrepreneur.com/article/309685