NEW YORK, Sept. 27, 2016 /PRNewswire/ -- Few plan sponsors proactively gather information about their participants, according to survey data showing that only 6% of sponsors that view retirement income solutions favorably have actually surveyed their participants. The good news is that budgets for participant communications are fairly common, with 43% of respondents from a 2015 survey reporting that they have a budget, and 20% indicating that they anticipate a larger one in 2016 versus 2015.
Corporate Insight is introducing its subscription-based WorkPlace Exchange platform to help sponsors more effectively use their budgets to further engage and educate participants. On WorkPlace Exchange, sponsors can communicate with other sponsors, in a confidential way, to generate best practices in participant outreach.
"More and more sponsors have signaled that they are investing in their own plan communications, over and above those provided by the recordkeepers," explained Drew Maresca, research director for WorkPlace Exchange. "By showcasing successful techniques from innovative sponsors, we are helping all plans improve participant engagement that can translate into increased contribution rates – and overall retirement readiness."
"By synthesizing complicated campaign strategies, WorkPlace Exchange will add significant value for sponsors," said Dana Peterson, vice president of Monitor Services at Corporate Insight. "Currently, there is nothing else like it in the marketplace."
With a subscription to WorkPlace Exchange, sponsors can also access original surveys and proprietary research analyzing the participant and plan sponsor experience. Corporate Insight will periodically publish sponsor-led studies and a quarterly newsletter assessing communications and campaigns.
The service offers a holistic perspective of the retirement space, from which sponsors may better serve their participants, bolstering retirement readiness.
About Corporate Insight
Corporate Insight provides competitive intelligence, consulting and user experience (UX) research to the nation's leading insurers, financial services firms and educational institutions. For more than two decades, the firm has published customer experience-focused research and has advised clients on key competitive issues with a focus on helping them improve their digital capabilities. The firm offers subscription-based Monitor Services in 14 verticals, including healthcare, alumni relations and brokerage, along with custom research and consulting services, digital capabilities audits, special studies and UX research.
The firm's latest research service, Workplace Exchange, is a platform designed to help retirement plan sponsors improve participant engagement by enabling them to share best practices in employee communication, retirement education and the participant experience. To learn more, visit workplaceexchange.corporateinsight.com. Connect with us on Facebook, Twitter and LinkedIn.
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SOURCE Corporate Insight