“Working with Findley we were able to combine some of the best technology tools available along with a custom, targeted communication program to get the savings message across to our employees. And the message got through.”
Fisher Titus Medical Center (FTMC) is an independently owned community hospital that includes an acute care hospital, a skilled nursing facility, an assisted living facility, and a home health center. With approximately 1,000 employees, FTMC began evaluating its retirement savings plan while in the process of selecting a new 401(k) plan administrator. Some important criteria in this selection were high-quality service, top-notch technology, and communications designed to positively influence FTMC employees. Findley partnered with FTMC to provide recordkeeping services and design a communication strategy that would increase the value of the Retirement Savings Plan.
Promoting an employer-sponsored retirement plan is critical from two key points of view. First, the employer gets credit for its contributions to the plan as part of the employee’s compensation, and second, employees participate in the plan and take full advantage of its features, especially any matching contributions.
Working closely with FTMC, Findley’s Communication Solutions Practice was able to craft a communications strategy that analyzed the different employee audiences within the hospital and created custom messages to appeal to each audience. The key to success is to deliver the right message for the right audience segment. In the case of Fisher-Titus, the strategy identified ten different employee audiences for custom messaging, ranging from HR staff to newly hired employees, using multiple media. All of the communications were branded to reflect the FTMC employment experience. With this connection in place, employees took notice of these communications and responded with great enthusiasm.
Coupling the communications with the technology tools, FTMC saw participation increase by almost 13 percent and another 7 percent of current participants increased their deferral percentages. Additionally, results showed that about 67 percent of the participants save enough to get the maximum employer match. As part of this project, Findley also developed an ongoing communication strategy that was designed to help FTMC continue producing positive results.
“Overall, our retirement savings plan is much more successful than it was before our communications program and the new tools we gave employees. We know our 401(k) plan is stronger and more appreciated. We also feel better knowing that as more and more of our employees take full advantage of the plan, each of them will have a more secure financial future. We are confident we can keep the momentum going.”