Benefit Plan Usage Boosted Via Video
Benefit plans can make recruiting and retaining employees more of a process than a challenge. Communicating the true advantages of an employee benefit plan is an ongoing endeavor and can be enhanced through video technology. At the conclusion of a Fiduciary Education Program in Nashville, Tennessee, Fred Barstein, Founder and CEO of The Plan Sponsor University (TPSU), visited with Bob Flood, Benefit Manager of a trucking company with 640 employees. Most of the company employees spend a substantial amount of their time “on the road.” As Benefit Manager, Mr. Flood shared how his company successfully communicates the benefit plan with his mobile workforce by using video. This conversation addresses the results of using video to communicate the benefit plan year-round, including the period during open enrollment.
Full Transcript Here
Fred Barstein here in Nashville with 401kTV where we just completed one of our largest TPSU programs ever. Lucky enough to be here with Bob. Welcome, Bob.
Okay if we ask you a few questions?
Very good. Before we do, just a little bit about yourself and your organization.
I am a Benefits Manager for a 640 person trucking company.
Trucking company, great. One of the things you talked about, which I thought was fascinating about your use of videos, because employees don’t come to work every day, right? Tell us what you’re doing.
We have to use videos because our drivers are on the road 12 hours a day, and they’re back home every night but they’re on the road 12 hours a day, and so they don’t have time to set in one on ones or group meeting. To make sure that they get the information, I found to be effective is doing videos so that my message can be gotten to them at their homes or whenever they have the break or the time to do so. Our drivers, most of our decisions are made by their spouses at home.
Right. Who does the video?
Generally, it’s internal.
You do it yourself. Are you on the video?
I have been in three of them.
But do you use internal people, and do you create them yourself?
We do. We also have some videos created by our broker when we start setting up for open enrollment for our health care open enrollment.
Some of the topics you talk about in the videos?
We’ll talk about retirement. We’ll talk about the open enrollment, the changes that have occurred during the year, any increases or decreases in rates and such, and anything of that nature, informational stuff that I want to make sure that same message is going out to all of our population.
How do you know it’s effective? How do you know it’s having a benefit?
Education and communication is one of those things that you have to do it in multiple ways. We do emails. We do videos. We do written at times. The nature of the beast is catching the people where they are looking, and so what we’ve learned is you have to do them all.
You do all of it. They respond back and say, “We watched the video?”
Or, “We saw you,” or things of that nature, absolutely.
Very good. Final question. A couple of things you might have picked up that you want to take back to the office?
I think I would like to take a look at talking to our leadership and looking at auto-enrolling, as also auto-escalation. We’ve got very little participation in our retirement plans, and I think that’s something that we need to do. We give them the option to opt out, but what I’m finding out is once we get people in, they’re usually in.
Very good. Great. Well, thanks for your time today, Bob.
Nice to meet you. Thank you for watching 401kTV.
Latest posts by Fred Barstein (see all)
- 401kTV GENIE Awards – Announced for New York, Chicago and Los Angeles - May 15, 2019
- Performance-Based Asset Management Fees Resurrect - May 15, 2019
- 401k Matching Formula Motivates Seasoned Employees - May 12, 2019