What It Takes to Have a Winning Benefits Communications Plan for Your Employees

Congratulations to the most recent PSCA Signature Award Winners for 2011!  The Profit Sharing/401(k) Council of America (PSCA) announced the winners of their Signature Awards at a special presentation at its 64th Annual National Conference at The Mirage in Las Vegas last month, to honor excellence in plan communication and education.  This year, the Signature Award judges recognized 48 winners in 18 categories, based on how companies design, manage, and provide defined contribution communication and investment education to plan participants.  Signature Award judges carefully review how effective the campaign was at achieving its goals and I’m proud to say that 3 employers that I have worked closely with over the past few years, were recognized as 2011 Signature Award Winners.

So what do these companies share in common that led to their success?  According to David Wray, PSCA’s President, “The plan sponsors and providers that we recognized implemented strategies and programs that delivered results.  More employees are participating in plans.  More employees are increasing their deferral rates.  And more Americans are better prepared for retirement because of the workplace savings programs that we recognized here today.”

For the category of Financial Fitness, Aetna received Honorable Mention for their inclusion of financial education as part of their “Wellness Works” program.  Employees have access to holistic financial planning education through a variety of channels, including money management workshops and webcasts, an Online Financial Planning Center, and even 1 x 1 financial coaching sessions in person or over the phone.  Since there is a direct correlation between financial stress and illnesses, Aetna has put concentrated effort into improving the financial well-being of their workforce.

Mergers and acquisitions are usually not an easy transition for employees, and can sometimes be confusing as impacted employees try to gain an understanding of a new benefits package.  Nestlé USA received the Bronze Award in the category of Conversions for their successful campaign of merging a particular workforce segment into the Nestlé Pension and 401(k) Plans after a recent acquisition.  With these workers spread out geographically, and many working remote, part of their success stemmed from a multi-channel communications effort that included print materials mailed to the employees’ homes, over the phone conference calls, and in person workshops to address the new retirement benefits now available to these workers.

I’ve written before about the unique themes that M. A. Mortenson Construction Company comes up with every year for their financial education campaigns, and the PSCA recognized last year’s “Get All Your Ducks in a Row” theme with the Silver Award for the category of Onsite Events and Workshops.  Keeping the yearly campaigns fresh, entertaining, and fun keeps the employees motivated to continue their financial education, and changing the topics every year gives the workforce exposure to a variety of financial issues.  Mortenson understands that a successful retirement program is a process, not just a one-time event.

You can check out more best practices and tips to make your own benefits communications plan a winner in the 2011 Signature Awards Magazine.

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