Engaging Gen X and Gen Y to boost retirement readiness

Learn how to set in a place an award-winning program to engage Gen X and Gen Y employees to boost retirement readiness, while improving their financial wellness.

This webinar will highlight three simple steps that you can take to connect with Gen X and Gen Y employees around their financial goals, in order to drive greater satisfaction in their DC benefit.

Transcript

1. Engaging Gen X and Gen Y to 
 Boost Retirement Readiness Learn how to set in a place an award-winning program to engage Gen X and Gen Y employees to boost retirement readiness, while improving their financial wellness.
2. Engage. Measure. Improve. www.RetiremapHQ.com The next 30 minutes Agenda ✓ Who are we talking about? ✓ 3 Key Trends ✓ 3 Key Strategies ✓ How Retiremap Implements the Strategies ✓ Establishing a Program’s ROI ✓ Questions
3. Engage. Measure. Improve. www.RetiremapHQ.com Who are we talking about? Gen X + Gen Y Gen X: • Ages: 38-49 ! ! ! ! Gen Y: • Ages: 18-37 ! ! Sharalyn Hartwell, MAGID, P&I West Coast Defined Contribution Conference, October 2013
4. Engage. Measure. Improve. www.RetiremapHQ.com Who are we talking about? Gen X Distinctions Personality Traits: ✓ Cynical ✓ Entrepreneurial ✓ Realists ✓ Guarded ! Communication Keys: ✓ Prove value ✓ Transparency ✓ Scenario planning ! Sharalyn Hartwell, MAGID, P&I West Coast Defined Contribution Conference, October 2013
5. Engage. Measure. Improve. www.RetiremapHQ.com Who are we talking about? Gen Y Distinctions Personality Traits: ✓ Confident ✓ Smart ✓ Optimistic ✓ Collaborative ! Communication Keys: ✓ Customization ✓ Authenticity ✓ Multiple resources ! Sharalyn Hartwell, MAGID, P&I West Coast Defined Contribution Conference, October 2013
6. Engage. Measure. Improve. www.RetiremapHQ.com What’s changing Key Trends
7. Engage. Measure. Improve. www.RetiremapHQ.com Both outside and inside the industry Key Trends Mobile Big Data Participant Outcomes
8. Engage. Measure. Improve. www.RetiremapHQ.com US adult mobile market penetration 56% Own a Smartphone
9. Engage. Measure. Improve. www.RetiremapHQ.com Examining a different industry Mobile Transforming Education
10. Engage. Measure. Improve. www.RetiremapHQ.com Using data to understand your audience The Role of Big Data
11. Engage. Measure. Improve. www.RetiremapHQ.com “Innovation never comes from the established institutions” Big Data + Education
12. Engage. Measure. Improve. www.RetiremapHQ.com The industry’s focus Participant Outcomes Deferral Rates Enrollment Rates Readiness Assessment Investments
13. Engage. Measure. Improve. www.RetiremapHQ.com Resistance to add cost to the retirement plan Use of Auto Features Slowing “Recent annual surveys by Callan Associates show a stubborn resistance to auto features among defined contribution plans that haven't already adopted them.! ! “The number one reason is cost”
 
 - Lori Lucas
 EVP and DC
 practice leader for
 Callan Associates
14. Engage. Measure. Improve. www.RetiremapHQ.com New ways to address key trends affecting Gen X + Gen Y 3 Key Strategies
15. Engage. Measure. Improve. www.RetiremapHQ.com Integrating mobile into the interaction process Engage with Mobile Vs. x 15 Analog 1
16. Engage. Measure. Improve. www.RetiremapHQ.com Make it easy to take action in a workshop Empower Employees 1 Enroll Change deferral rate Rebalance investments Request a meeting +
17. Engage. Measure. Improve. www.RetiremapHQ.com Powerful tools to prototype an app DIY App 1
18. Engage. Measure. Improve. www.RetiremapHQ.com Make education more relevant with data provided by employees Personalize Education 2
19. Engage. Measure. Improve. www.RetiremapHQ.com Deliver accountability and ensure follow through with advisors Leverage Advisors 3 Gen Y $131,000 household income $35,000 in savings Save $900/month Invested in “All cash” Student loan + car loan 
 = $46,000 in debt Access + Track More productive interactions
20. Engage. Measure. Improve. www.RetiremapHQ.com Incorporate how people really make decisions Behavioral Economics +
21. Plan Act Grow Webinars FPA® emails Micro-site One-On-Ones Save/Enroll iWorkshops + Email The Retiremap Program A Holistic, Comprehensive Solution Engage. Improve. Measure.
22. Engage. Measure. Improve. www.RetiremapHQ.com Engage employees with relevant messaging Promote the New Benefit Know If You’re On Track to reach your financial goals? Sign Up > LoyolaHSplans.com The financial wellness iWorkshops are a fun new employee benefit for EVERYONE. Space is limited, since everyone gets to use an iPad to set their goals. Wednesday, November 20th at 1:30pm Friday, November 22nd at 1:00pm Learn More and Reserve Your Place Today! Attend a 30-Minute Plan for Your Future iWorkshop to Reach Your Financial Goals Attend and enter to Win an iPad Mini! Look Like Your Plan for Retirement? You can do better! Attend a 30-Minute Plan for Your Future iWorkshop to Reach Your Financial Goals The financial wellness iWorkshops are a fun new employee benefit for EVERYONE. Space is limited, since everyone gets to use an iPad to set their goals. Wednesday, November 20th at 1:30pm Friday, November 22nd at 1:00pm Learn More and Reserve Your Place Today! Sign Up > LoyolaHSplans.com Attend and enter to Win an iPad Mini!
23. Engage. Measure. Improve. www.RetiremapHQ.com In less than 5 minutes… Retiremap’s Process Goal Setting 
 Process Starter
 Roadmap Online
 Dashboard
24. A Short Video Overview Engage with iPads
25. A personalized employee plan The Starter Roadmap Engage. Improve. Measure.
26. Engage. Measure. Improve. www.RetiremapHQ.com Providing targeted content based on financial goals Customized Dashboard
27. Engage. Measure. Improve. www.RetiremapHQ.com Engagement + User data = Improved outcomes Success Metrics Engage 56% 
 of employees sign up in the first month. Improve 53% 
 of iWorkshop attendees decide to double their deferral rate. + Measure 59% 
 of Gen Y employees select the goal “Buy a Home.”
28. Engage. Measure. Improve. www.RetiremapHQ.com Mobile leads a multi-channel program Engagement Template ! ! ! ! ! Retiremap’s Easy To Implement Program Retiremap makes it easy to implement an award-winning education program. The timeline below shows implementation activities, which repeat every 12 months to track employees toward a secure retirement and improve financial wellness. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 
 Key Benefits For Plan Sponsors Retiremap’s plan education program has the following benefits for plan sponsors: ✓ Reduces fiduciary risk ✓ Improves employees’ financial wellbeing 3 months 6 months 9 months 12 months 1:1 with employees iPad Workshops Performance Report Custom collateral Employee invitations Educational webinars Monthly emails
29. Engage. Measure. Improve. www.RetiremapHQ.com Retiremap receiving recognition by industry organizations Recent Accomplishments (Nominated-­ Winners Not Announced)
30. Engage. Measure. Improve. www.RetiremapHQ.com Calculating the ROI for a plan education program Financial Wellness Savings Retiremap saves employers money by improving financial wellness. 
 The ROI for an 1,000 employee company: Year 1 Year 2 Year 3 Retiremap Cost $14,900 $14,900 $14,900 Fin. Wellness Savings $13,800 $28,400 $43,600 ROI 93% 191% 293%
31. Engage. Measure. Improve. www.RetiremapHQ.com In the next two months Upcoming Webinars www.RetiremapHQ.com/webinars Gen X + Gen Y: Measurable Generational Differences ! How to engage generational
 groups of employees to improve 
 financial wellness. ! March 11 @ 11am PT Financial Wellness: Calculate the ROI ! Understand the bottom-line 
 rationale for implementing a 
 financial wellness program. ! ! April 3 @ 11am PT
32. Engage. Measure. Improve. www.RetiremapHQ.com Ask away! Questions?