Explaining pensions and the need to save for retirement are hardly the sexiest of topics.
As a result, creating engagement on these tricky subjects can be like extracting blood from a stone.
Yet retail giant Kingfisher has taken a long-term approach toward the auto-enrolment challenge – and it has paid dividends.
The organisation – which includes household names like B&Q and Screwfix – decided on a five-year campaign to educate its 36,000 workforce, using a mixture of comms channels to deliver the message, including video.
Yet it was the introduction of an app, specifically tailored to stimulate colleagues’ interest in saving for a rainy day, which hit the mark with the audience.
Speaking at the National Association of Pension Funds annual conference, Kingfisher head of group pensions Dermot Courtier said: “When we were planning to introduce our application, it was geared to the younger element solely because they have iPhones and iPads, and trying to engage them in a fun manner to think about saving for the future and think about saving for retirement.
“Success was initially measured by the number of hits and access to the website.
“The trustee website is really where the detailed financial education is and the more hits you get, the more the game is played, the more you get people going through to the website.”
The campaign has overseen the development of a series of characters – the Bolt family – to bring the subject to life as well as the introduction of gamification, allowing employees see how much money they may end up with in retirement via gaming.
Dermot continued: “Equally the other objective we had was a phased development of the app; we do see as our technology improves we can make more and more use of it.”
Has it been an expensive project?
Dermot insists the project has been good value for money, particularly due to the app’s longevity.
He added: “It is not that expensive when you put it against other modes of communication. The biggest expense we have today is actually the postal cost of sending out hard copy material.
“When you balance that technology spend against posting it is actually fairly competitive.
“It is on par with a type of general communication spend you would need for certainly a medium sized pension scheme.”
To read the full interview, visit the Workplace Savings and Benefits website here….