The Power of Creative & Clear Communication in the Workplace
One of the fundamental cornerstones of a successful employer-employee relationship is clear communication. Employees should be provided with comprehensive and consistent information regarding company policies, expectations, and any changes that may impact their roles or the organization. This fosters an environment of trust, understanding, and collaboration, ultimately benefiting both the employees and the company as a whole.
A sub-component of clear communication is the effort on the employer’s end to communicate in a creative and accessible manner, tailored to employees’ backgrounds, industries, or potential language barriers. Going the extra mile to ensure that messages are engaging and understandable can significantly contribute to a positive company culture and values, ultimately strengthening employee engagement and job satisfaction. Employers should select appropriate channels and formats for communication, considering the diverse needs of their workforce.
At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held on the campus of The University of North Florida, Fred Barstein, founder, and CEO of TPSU, interviewed Kathleen, a plan sponsor, and Director of HR for a non-profit. Kathleen emphasized the importance of creatively communicating complex financial concepts to employees in relatable terms, avoiding financial jargon. She suggested using references like “Happy Meals” or “Starbucks” to explain contributions, making it more accessible and intuitive for employees, especially those unfamiliar with financial terminology. This approach aligns with the notion of creative communication, reinforcing the significance of employing innovative strategies to enhance understanding and engagement.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein, founder and CEO of TPSU and 401K TV. Just completed a TPSU program at the University of North Florida in Jacksonville. And, I’m here with Kathleen. Welcome, Kathleen.
Kathleen:
Thank you.
Fred Barstein:
Okay. If we ask you a few questions?
Kathleen:
Yes.
Fred Barstein:
Okay. Before we do, tell us a little bit about yourself.
Kathleen:
Well, I’m Kathleen, currently working with a nonprofit organization that has just a little over a hundred employees, and we are in the process of implementing a 401K, which will be affected at the beginning of the year.
Fred Barstein:
And, what’s your role there?
Kathleen:
Director of HR.
Fred Barstein:
So, you talked a little bit about communicating to people in terms/ language that they understand. Can you explain that?
Kathleen:
Well, with past organizations trying to work with individuals who are frontline employees, possibly blue collar talking about basis points or in other financial language, just leaves them confused and feeling like they don’t really understand. So, I would suggest doing something that puts those fees or contributions in a term they understand like Happy Meals or Starbucks, contributing at a 3% means you bring your lunch two times a month and then then that money comes back to you at another time.
Fred Barstein:
So, just put in language that they understand and maybe it’s even cultural.
Kathleen:
Yes.
Fred Barstein:
It’s a six-pack.
Kathleen:
Exactly.
Fred Barstein:
Hispanic, right, whatever that is. So, that’s a great insight. Thank you. We see that people don’t understand percentages. They understand…
Kathleen:
And even when you understand it, I’ve dealt with this for a few years, but I have to think it through. I want it to, if the financial advisor can make it intuitive for them to understand your reference point, that would be best.
Fred Barstein:
Right. So final question. TPSU, what’d you learn, and was it worth it for you?
Kathleen:
It was definitely worth the time. I’ve actually received several invitations. One I had responded to, wanted to go to, something came up. I wasn’t able to. So, glad I came today and it was definitely worth the time, just from the speakers and also from talking with the other participants.
Fred Barstein:
So, it’s the Plan Sponsor University. There’s a lot of others that are out there starting. We’ve started a good trend, but it’s a TPSU, so thank you for that. Thank you for your time today-
Kathleen:
Thank you-
Fred Barstein:
… and for attending. And, thank you for watching 401K TV.
