I’m not someone who gives up on anything easily, but there is one thing that regularly defeats even me.

Automated phone systems.speech

They claim that “your call is important to us”, but then leave you hanging for the next 15 minutes.

To get through to the right person, you have to listen to a complicated menu of options. By the time you’ve heard #9, you can’t remember what #1 was.

Just when you think you’ve got through to a human being, you’re asked to press another button.

I usually hang up before I get what I need.

If you are trying to get staff to save more into their pensions, there is a crucial lesson here.

You see, there’s usually an important reason why I’m making those phone calls. I’m trying to deal with an issue at the bank or with an insurance company or need to reach someone in a government office.

I really need those conversations to happen.

But the process involves so many steps…

So many obstacles are thrown in my way….

That my patience wears thin and I give up.

“Putting more money into your pension” sounds like it should be simple to arrange. As if you just press a button or fill in a form, and hey presto, there’s more money going into your pot each month. piggy-bank

But for many people, it’s a bureaucratic nightmare.

There are so many steps to follow, so many forms to fill out…

And so often, they have no idea where to start, who to speak to or what’s going to be asked of them next….

That they end up feeling a bit like I do on the other end of that phone.

Overwhelmed. Annoyed. Frustrated.

So even if they really do want to put more money towards their pension, eventually many of them will give up too.

As an HR or Benefits Director, you can’t allow them to fall at that last hurdle.

It has taken months – maybe even years – to persuade your employees to make that change.

As we’ve been discussing over the last few weeks, most people do not decide to save more for retirement overnight. They go through a journey, in which they come to accept the need to save more; decide to do something about it; then form a specific plan.

Only then do they take steps to increase their pension savings. This is the fourth phase in the five-step process you have to take staff through, to get them to save more. We call it “Action”.

They are so close! You need to make sure that the process is as smooth as possible for them, so they actually go through with their decision.

To help you, we have developed a handy, interactive checklist which can be used by staff members who have decided to save more.

Here’s a snippet of the checklist: 

 


It walks them through every action they need to take in order to increase their savings, so they never feel like they are navigating this complex process alone…

Never have to wonder what is going to be thrown at them next….

And can finalise their pensions arrangements quickly and efficiently.

The good news?

This checklist is just one example of the material included in our ready-to-go pensions comms package, which you can use in your own company to engage your staff with pensions and savings.

As well as interactive guides like the one above, it includes fun videos, learning modules, magazine articles, emails, customisable presentations, in-person meetings with our consultants – and much, much more.

And it supports your staff no matter where they are on their pensions journey. In fact, it is designed to move them from the point where they haven’t really internalised the need to save more, to the point where they are building up a sizeable pension pot.

Click here to find out more about what’s included, and how it can help your staff save more.

PS. Next week I will walk you through the very final stage you need to take your staff through, in order to get them to save more. We call it “Maintenance”. Watch out for that blog!

Posted by Steve Butler

Topics: Next Generation Savings

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