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Communicating on the front foot
- 1. Auto Enrolment: Communicating on the front foot Niall Ferguson | National Partnership Manager 5 November 2013 Smarter. Simpler. Better. Smarter. Simpler. Better. @nowpensions
- 2. Why communicate AE? • Fundamentally Auto Enrolment will present a cost to your employees • It is a positive workplace benefit and demonstrate commitment to employees • Minimise questions and anxiety • It is an employer’s duty to do so Smarter. Simpler. Better. @nowpensions
- 3. ! No comms zone What happens if we don’t engage with employees? Surely it will manage itself? Or will it. . .? Smarter. Simpler. Better. @nowpensions
- 4. Checked my payslip only to find that my money has been taken! It’s the Government’s doing They did it – something to doautomatically, with ut even with pensions asking Smarter. Simpler. Better. @nowpensions
- 5. Had employees been aware of the Auto Enrolment then perhaps they would have welcomed the changes… Smarter. Simpler. Better. @nowpensions
- 6. This is going to kick start my retirement saving Good idea! Smarter. Simpler. Better. @nowpensions
- 7. The competition for attention Smarter. Simpler. Better. @nowpensions
- 10. PLUS… overcoming the common misconceptions Smarter. Simpler. Better. @nowpensions
- 11. 1. “Plenty of time” 1. “State Pension is best” 1. “Will invest in property” 1. “Everything will be fine” Smarter. Simpler. Better. @nowpensions
- 12. The Comms timeline 1. 2. 3. 4. Intrigue (6 months in advance) Inform (3 months in advance) Integrate (During) Instill (Thereafter) Smarter. Simpler. Better. @nowpensions
- 13. 1. Intrigue 1. “Imagine if you could save twice as much at half the cost…” Hmmm. . . Sounds interesting Smarter. Simpler. Better. @nowpensions
- 14. 2. Inform 1. “You, your employer and the Tax Man will combine to make sure you have more money come retirement.” Three heads are better than 1 You can save more Makes perfect sense to me Smarter. Simpler. Better. @nowpensions
- 15. 3. Integrate 1. “Your pension is just one part of your wider reward package.” TOTAL REWARD Salary and… + Healthcare + Dental insurance + More holiday + Gym + Car allowance + Pension The benefits here are really good Smarter. Simpler. Better. @nowpensions
- 16. 4. Instill 1. “Look how much you are saving as a result of Auto Enrolment!” SAVE MORE? Can I pay even more?! Smarter. Simpler. Better. @nowpensions
- 17. EB ECHO Care UK sees 4% opt-out after comms barrage! Care UK has experienced an opt-out rate of just 3.8 per cent since implementing auto-enrolment in March, putting its success down to an intensive, multichannel communications strategy. Smarter. Simpler. Better. @nowpensions
- 18. That’s why communication is key! Smarter. Simpler. Better. @nowpensions
- 19. C 160,000 employers It certainly works for our members 4.7m members Smarter. Simpler. Better. @nowpensions
- 20. Any questions? nowpensions.com 0 333 33 222 22 NOW: Pensions is a UK occupational pension plan. Membership is only available through an employer. NOW: Pensions Limited, registered in England and Wales. Registered address: 3rd floor, 164 Bishopsgate, London, EC2M 4LX, UK. Our VAT number is 127894966. This is written as a general guide only. It should not be relied upon as a substitute for specific professional advice. Please note past performance is not a guarantee of future returns. Smarter. Simpler. Better. @nowpensions
Notas do Editor
- Setting the scene. How AE specific comms differs from regular employee comms
- Generally speaking, this is where many employers risk finding themselves
- Rumour, cynicism and lack of knowledge
- Awareness right from the start
- So much other stuff we’d rather look at. (Clearly not trying to knock our own comms though!)
- So much other stuff we’d rather look at. (Clearly not trying to knock our own comms though!)
- Need to mention Paymaster here
- I’minvesting in my property?Issue with this is that in reality, people see their own property as investment, but in reality when they get older they become more discerning, and to downsize is very hard, as bungalows tend to be more expensive per sq.ft.I’ll start later?Significant impact of starting later is that it will be much harder to get pot growth – snowball effect
- Setting a plan
- Stage 1) Raise awareness Start raising awareness at least six months before your staging date. Your strategy should focus on alerting your employees that you need their attention for something important. This is a time for creativity and surprise, not detail. It is possible that some people will not find pensions particularly exciting, so combining the announcements with other things, such as health and wellbeing benefits, discounted retail vouchers and bikes to work may help to engage the employees in the whole process of employee reward.
- Stage 2) Take responsibility This stage takes at least three months. Your employees need to get across the detail of the options available to them, the implications of their choices and how pensions interact with other benefits. For auto-enrolment, they need to take responsibility for their retirements. Depending on the make up of your wider reward programme, you could also look to build responsibility for health and wellbeing, for protecting dependents or for maximising the value of their take home pay - will you introduce salary sacrifice for pensions and/or other benefits? At this stage, understanding learning styles is key to successful innovation. Active and theoretical learners, for example, respond to very different types of communication and the channels and delivery methods you choose need to reflect the learning styles in your organisation.
- Stage 3) Take action Allow around one month for your employees to take action. Early take up is a good leading indicator for engagement, as employees who value their benefits, feel able to take the time to select their options. Employees that prioritise their benefits selections feel more valued by their employer. This has a direct impact on motivation and productivity, generating a return for what will be a significant pensions investment.
- Stage 4.) The final message is: do not stop communicating once your staging date has been reached. Pensions and benefits will continue to be an important part of your employees' remuneration package for many years to come, so do not lose momentum once you are up and running with auto-enrolment. Use the platform you have created to keep the communications going and make sure that your employees appreciate what you do for them - in 2013 and beyond!
- Notable success. Learn from the big Stagers
- Ultimately some orgs may be challenged by young workforce with student loans, need to save for house, pay off debts, low level income/ high costs – this is then Financial Education in workplace, and balancing future planning Vs dealing with the “Here & Now”
- We do it. We do it well