A while back, I wanted to download an eBook that had appeared on my LinkedIn feed.
I clicked through to the form to get it...and rolled my eyes.
There were so many fields to fill out! They wanted to know everything about me - my name, job title, company size and phone number. I was surprised they didn’t want my National Insurance number and shoe size while they were at it!
So I gave the eBook a miss.
The lesson is clear – and it’s one every company must learn, if they want their people to put more money into their pensions
Step Four: Action
STEP FOUR: Action
If you want people to take a particular action, you can’t put too many barriers in their way. Smooth out the process for them as much as possible
If you make it even a tiny bit difficult for them, there’s a strong likelihood they will give up.
It can take a long time for them to make that decision.
The problem is, even when they say, out loud, “I want to increase my pension contributions,” that does not mean they are fully committed.
They want to, yes...but if it turns out to be a hassle, or takes too long, or involves too much paperwork, or another priority takes over, they’ll probably give up.
If you think about my experience with that eBook, seven fields -- which would probably have taken about a minute or so to fill out -- was about enough to get me to throw up my hands in horror.
Simplify decision-making processes
The barriers we throw in front of people around pensions are often much more significant and more intimidating. In many cases they have to dig around to find the right person to talk to, fill in much longer forms, make phone calls.
How many employees have you had, who tell you “Yes, I really want to save more” – and maybe even take the first step to make that happen – yet never follow through? Many, I bet. And the pain involved is a big reason.
Help them act on their decision to save more as quickly and painlessly as possible. As soon as they decide this is something they want to do, make it happen for them.
Not only is it designed to get people to the stage where they want to save more, it makes it really easy for them to put more into their pension as soon as they want to.
There are no 15-letter passwords, or 17 phone calls to obstruct them – everything is done with just a few clicks of a button. To find out more, get your demo here 👈
Topics: Next Generation Savings