Tag Archives: Jessica Gonchar

Infographic: Five ways to motivate Millennials through employee communication

According to Gallup, Millennials make up close to 40% of the United States workforce. However, less than one-third of them are engaged at work. Encouraging Millennials to take action concerning their employee benefits can be a difficult task. Fortunately, there are several communication tactics organizations can use to motivate even the most uninterested Millennial. The infographic below, based on a blog post by Milliman’s Jessica Gonchar, highlights five of these tactics.

Communicating a defined benefit plan conversion

Milliman consultants assisted one particular multiemployer defined benefit plan’s transition to a stabilized Milliman Sustainable Income Plan™ (SIP), formerly known as the variable annuity pension plan (VAPP). The conversion required a communication strategy conveying the new plan’s design to participants. In this article, Jessica Gonchar describes how the firm implemented an employee communications campaign explaining the basic principles of a SIP and how it differs from the prior plan.

Five ways to motivate Millennials through employee communication

Gonchar-JessicaI know what you’re thinking: “Ugh, not another Millennial article.” But stay with me for a minute. As a Millennial myself, I have some insight on this generation.

Everyone knows that Millennials work differently than other generations, but actually motivating us to do something can be difficult, especially if you use the same communication you’ve always used. We are constantly bombarded with information from social media, texting, and friends, all of which compete for our limited time, so a long email about benefit changes likely won’t make the cut.

We now comprise over one-third of the workforce and are projected to be a majority by 2020, so it’s more essential than ever to understand what motivates us.

Whether you want to encourage us to enroll in a high-deductible health plan, contribute more to our 401(k) plans, or just get your message through the noise, here are five easy communication techniques you can use to motivate even the most indifferent Millennials.

1. Personalize it
Generic communication, as simple and cost-effective as it may be, is not the most effective way to get through to any employee, let alone Millennials. But personalized information is valuable information. A brochure touting the importance of contributing 1% to a retirement plan is not as powerful as a postcard projecting how much money I could save if I increased my 401(k) contributions by 1%.

2. Make it convenient
Making things quick and easy is key to getting through to my generation. For example, conveniences such as single sign-on and embedded links make a low-priority task like updating an address effortless and more likely to happen.

3. Go mobile
It’s no secret that we love our phones. Mobile communication provides a handy platform where information tends to be read within three minutes of delivery. Mobile communication also lets us access information where and when we want it, and supports real-time updates. Not everyone wants work notifications on their phone, but providing the option allows us more choice in the type of communication we want and increases the likelihood we’ll read it.

4. Keep it compelling
Another way to break through the noise is to make your message compelling and relevant. Remember, you’re competing against technology that is exceptionally good at monopolizing our attention. Emphasize why the communication is relevant to us. Is there a cash incentive for taking an employee survey? Will this program benefit our health in the long run?

5. Tell a story
Stories can be a powerful communication tool to engage and connect with the reader. Instead of sending an email that simply lists the benefits of enrolling in a flexible spending account, tell a story of an employee who has used the account with specific examples of what can be purchased pretax and how it saved her money.

It’s clear that Millennials want and need communication that is personalized, convenient, and mobile-friendly so we can engage with it when and where we want, compelling so we know why it’s important, and formatted in an interesting way. Using these five principles can help ensure you reach your ever growing Millennial workforce.

Want to read more? Check out this article on communicating across all of the generations in the workplace.

Summary plan descriptions: Your secret weapon for achieving plan administration clarity

Gonchar-JessicaMilliman consultant Dominick Pizzano recently wrote an article for Benefits Perspectives about the importance of unifying defined benefit documents and administration practices. In the article, he advised employers about various ways they can keep their plan documents up to date with both administration and Internal Revenue Service (IRS) rules. Reading Pizzano’s article, we began to think about how often we work with summary plan descriptions (SPDs). Although Pizzano didn’t focus on it, there’s an additional tactic that might be helpful in marrying up the plan document and administration: updating the SPD.

SPDs describe the provisions of the plan document in language that can be understood by average participants and their beneficiaries. Updating the SPD with a focus on helping those enrolled understand how the plan works can often uncover differences among the plan document, the employer’s understanding of the plan, and how the plan is administered. Our clients have had such differences come to light a number of times as the result of revising SPD language, and the discrepancies were then able to be clarified. Revising or updating the SPD can be another strategy to add to Pizzano’s expansive list.