Getting the attention of employees, especially when it comes to their retirement plan, is a challenge. But an HR manager attending a TPSU program held at Marquette University in Milwaukee learned that she has a better chance of reaching people by using video.
Being a solo HR person at her 120 employee company, communicating with employees about the 401k is a challenge. It’s hard to get to everyone on a timely basis especially new employees or those that become eligible for the 401k plan. So the HR manager took matters into her own hands and became creative – she launched a 10 minute video about the 401k plan which is widely viewed.
People are barraged by information, especially at work and through email. It’s hard to get their attention. But research shows that one third of time is being spent watching videos which can result in a 200-300% increase in click throughs. A majority of executives prefer to watch video online than read text and 90% of users indicate that videos are helpful in making decisions.
Videos featuring someone from the company or the plan’s advisor with tailored messages can be more effective than generic videos from providers. It’s more likely to be viewed and trusted. Messages can included required notices, new plan features or just lessons about how to best leverage retirement savings plans at work.
Costs are an issue but many plans have unused money in their communications budgets or assets in forfeiture accounts which can subsidize the expense of a video. In addition, there’s a lot of money wasted on communications that simply do not work. 401kTV is working with advisors and plan sponsors to offer low cost video options – learn more at 401kTV Studios or ask your advisor
