Shaping the future of retirement begins with listening.. That's why every year BlackRock survey plan sponsors and participants about their beliefs, attitudes and concerns. The 2013 survey points to three areas of opportunity for tapping the full potential of DC plans, clarifying key retirement concerns and driving better savings behavior. The survey also suggests clear action steps that build on the great work plan sponsors have already been doing.
79% of participants claim that their DC plan is valuable benefit, that it has made them more loyal to their employer, and that the more their employer improves their plan, the more they believe the company cares about them as individuals.
Response indicate that participants see their DC plan in the larger context of the total workplace culture and suggested that they may even view it as an expression of corporate values. This is seen in the 80% of participants who claim that the more their employer improves their plan, the more they believe the company cares about them.
Yet to an extent, plan sponsors may not recognize how positively participants perceive the benefits of their plan with only 1 in 3 believing that the majority of their participants recognize its value. Therefore, plan sponsors often do not reinforce those benefits when engaging with their employees.
Plan sponsors have an opportunity to improve employee loyalty and better engage participants in saving for retirement simply by doing a better job emphasizing the benefits of their plan and by explicitly positioning it as a manifestation of the company's values and culture.
Measure Client Engagement
Learn how engaged participants are in your plan using tools such as BlackRock's Retirement Engagement Benchmark. Then take the steps to increase involvement and reinforce the connection between your plans benefits and the company's principles. Email firstname.lastname@example.org to get more information.