Over the past few weeks, we’ve been discussing the difficulty of getting your employees interested in their pension – let alone actually increasing their investment.
Simply repeating to people that they need to save more doesn’t really work, because people go through a long mental journey before changing their financial behaviour.
I explained how the most effective comms campaigns address them at every point of that mental journey – changing the way they think about their retirement and savings, before helping them save more, and then encouraging them to stick with their good habits.
The problem is that there are lots of good ideas out there… and most of them never get implemented.
So if you read my ideas about changing people’s behaviour around pensions, and thought: “That sounds so powerful – but I just don’t have the time or the resources to do this”….
…today I want to show you how this plan can be implemented easily and efficiently in your organisation.
First, let’s review the 5 stages your employees go through, when deciding whether or not to save more.
Step 1 is Pre-Contemplation. This is when people are not thinking about pensions or retirement at all. Sure, they are vaguely aware it exists – but they’ve never considered what this means for them.
Step 2 is Contemplation. Now your staff member has started thinking about how they’ll fund their future, and they start wanting to know what to expect from their pension.
Next, we come to the Preparation stage. They have decided that they need to start saving or increase their savings – and investigate the best way to go about it. They might try to understand pensions more in-depth and look into their options. This knowledge gives them the power to make informed decisions…
…and act on those decisions, which brings us to the next step – Action!
This step is the breakthrough - the moment when employees start using their new understanding of pensions to put more money into their pension pot and take more control of their financial future.
But even once they’ve done that, they could still change their minds…. Reducing their contributions if they go through a financial emergency or their priorities change. And they might need to further increase their contributions. So Step 5 is Maintenance – ensuring that they continue growing their pension pot, and stay the course.
Each step is an enormous mental (and often emotional) shift for employees.
Getting them from a state of blissful ignorance to the point where they are genuinely committed to growing their savings for retirement doesn’t usually happen overnight.
It’s up to you to make it happen, with a well-planned communications strategy that strategically moves employees from one stage to the next. You need material for each stage, and employees have to see the right comms material – in the right order.
But if you’re thinking that all sounds fantastic, but you don’t have time to create all that comms material yourself from scratch…
… then you’ll be glad to know that we have created a whole suite of communications material to help you take your employees through all 5 steps.
>>> Sounds great! I want to see examples of these comms materials right now <<<
This isn’t just a set of ready-made videos, presentations, articles, emails and checklists which you can send out with your logo (although, yes, it is that too).
What I’m talking about is a proven system for changing employees’ financial behaviour.
By using our comms material, you could engage your employees much more intensely than you do now, leading them naturally from one step to the next… Until they are committed to saving more into their pension. And then maintaining that habit.
It’s designed to be easier for you, too. You will save a huge amount of time and effort, because you won’t have to create pensions comms from scratch ever again!
You will be free to focus on other priorities (you probably have millions….) whilst your staff gain all the knowledge and momentum they need for pensions success.
Want to find out more about how this works – and even take a sneak peek at some of that comms material?
Topics: Next Generation Savings