Getting employees to engage in 401k education is a challenge. Most current education is not compelling, speaking a language most employees do not understand, assuming a level of knowledge that does not exist, trying to teach people something they do not want to learn. So how does this advisor achieve 100% engagement?
Ardian Hasko, a budding plan advisor in NYC with Dominick & and Dominick, was frustrated with the level of education when he was the administrator at his former company’s 401k plan which inspired him to become a plan advisor. His secret sauce to engaging employees in education is the use of videos along with testing afterwards. He creates 12 five minute videos unique to each client in tandem with the HR person which employees are required to watch with a test at the end and results recorded. Not only does Ardian know which subjects each employee needs help with, there is a fiduciary record that employees have received all required DOL notifications and have been properly educated on plan investment options.
Some of the secrets of Ardian’s success include:
• Keep the language simple – no jargon
• Education is required by the plan sponsor
• Videos are recorded in foreign languages when needed
The results:
1. Higher participation rates
2. Increased deferral rates
3. More participant engagement not afraid to ask questions later
Communicating through video, especially to Millennials, is a much more effective and engaging way to engage employees. Having the right message presented by the plan’s administrator, who the employees know and might trust more than their service provider, along with the plan’s advisor is important but the key is requiring employees to watch followed by a test to prove it.
Simple, effective and cost efficient – Ardian is paving the way to improving outcomes through engagement which, in combination with the Ideal Plan, will improve outcomes, get employees ready for retirement and become a less stressed and more productive team member.
