More people will sign up for a company retirement plan if the benefits meeting content is scaled back, according to a new smart paper by Diversified.
Instead of planning a 45-minute enrollment meeting that allows participants to review the company retirement plan, eligibility rules, employer match, investment options and loan availability, Diversified says less is more. Enrollment success is best achieved in 10 minutes or less.
Diversified says provide new employees with an easy-enroll card. No discussion points and few decision options. The session should not be about reviewing benefits, otherwise enrollment will only be a secondary outcome, according to the report's author Patricia Advaney, senior vice president of participant solutions at Diversified.
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