96%
Retention
of 490 potential retirees (in one year)
Project
Ready to Retire Campaign
Total Employees
3,000
Challenge
When pensions were going to freeze, HR gave employees plenty of notice…four years in advance. Three-and-a-half years later, 490 employees were planning to retire so they wouldn’t lose their pension. That’s 490 employees out of 3,000 total.
Turns out, those employees hadn’t received any further communication after the initial announcement. They thought they needed to retire to keep their pension. Needless to say, there was an urgent need to clarify the situation.
Solution
We helped our client develop “Ready to Retire” education sessions. These were small group sessions held in person at locations, with online recordings for those unable to attend. With a myth-buster theme, we worked with our client to write and design the following communication pieces:
- Invitation Mailed Home. Each of the 490 employees received an invitation to attend a specific session designed for their location. The messaging squashed rumors and enticed people to learn more. They could attend in person or online.
- Locally Focused Presentations. To be sure employees received precise information clearly relevant to them, we created 10 different presentations — one for each of the company’s locations, including unions.
- Summary Handouts. Employees were given easy-to-understand summaries showing:
- The overall pension freeze and other related changes.
- The effect both of continued employment and retirement on their 401(k) retirement balances.
- Details and eligibility information about the retiree medical plan.
- A comparison of benefits available to active employees, pre-65 retirees, and post-65 retirees.
- Where to go online for tools and resources to help make a smart decision, and who to call for help.
Results
Of the 490 employees who had been considering retirement, less than 20 retired. The company retained valuable talent, and employees stayed in the jobs they loved.
Sample Materials
