Developing an employee engagement strategy is doable as long as there's a plan in place. Here are a few best practices employers can keep in mind as they build a retirement offering:

Develop a strategy based on plan goals – To help your employees generate retirement income that can last a lifetime, having a vision is key. Start out by determining the percentage range of income your workforce needs to replace in retirement (most employees may need between 70 percent and 90 percent of their pre-retirement income). From there, think about metrics for success, like what the minimum savings rate should be or the percentage of employees that should be meeting the employer match, and design a retirement plan around some of those metrics. Finally, think through the execution–what communications and activities will you promote to encourage saving?
Understand and tailor communications to your employee population – What does your workforce look like? Do you have primarily younger or older workers, or do you have a mix? When it comes to retirement, a one-size fits all approach may not work. Take the time to understand the unique financial needs of each employee group, figure out the challenges they face in terms of saving and work with your plan provider to offer solutions that can help alleviate those barriers.
Understand employee preferences and communicate accordingly – Be sure to speak the same language as your employees. If you're trying to communicate with millennials about retirement, for example, consider starting a blog on financial wellness or creating a mobile app that tracks savings. Think about the technology and channel preferences for Gen Xers and baby boomers, too. Effective communication helps drive engagement, reinforces the importance of saving and sparks conversations about retirement planning.
Offer advice and guidance – Make sure your employees have access to financial advice and guidance services during each stage of their career. Having a skilled financial advisor can help employees establish realistic retirement goals and track their progress. An advisor also can help employees manage their financial milestones (expected and unexpected).
Monitor effectiveness and make adjustments as needed – Employee engagement isn't a "one and done" process. It's ongoing. Once you have a strategy in place, set up a system for evaluating its effectiveness. Conduct an assessment either on a quarterly or yearly basis to understand what's working and what's not, and where there's room to make adjustments.

Advice can help people take the financial steps needed to prepare for retirement. Our latest Advice Matters Survey found that people who have discussed retirement with an advisor are much more likely to "run the numbers" and calculate the amount of income they'll need in retirement. Also, those who have met with a financial advisor feel significantly more confident in their retirement savings plan than those who haven't met with one (78 percent versus 43 percent).

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5 ways to develop an employee engagement strategy

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