Using key engagement and behavior change metrics from current Retiremap implementations, new tool provides employers with a custom report detailing the cost-savings + profitability impacts of implementing a financial wellness program.
SAN FRANCISCO, April 2, 2014 -- To help companies cut through the ambiguity surrounding financial wellness savings, Retiremap has developed a tool to calculate the program’s return on investment (ROI), using behavior change data from existing Retiremap implementations. HR professionals and CFOs can learn about the tool and how they can develop their own business case for implementing a financial wellness program in a free webinar on Thursday, April 24:
“Financial wellness programs often promise the moon when it comes to savings, but how relevant are these numbers for a specific employer?” said Matt Iverson, Founder at Boulevard R. “By combining current research and Retiremap’s established performance metrics, we can now provide retirement plan committees and CFOs with a custom savings forecast based on their retirement plan’s unique profile.”
“The problem with traditional employee financial education is that the group meeting format and the lack of customized and personalized information means that it rarely leads to desired behavioral changes. Since Blue Prairie Group started using Retiremap, we’ve been able to track a series of engagement metrics for our plan sponsor clients that ultimately tie back to improving retirement security which is the ultimate goals,” said Matt Gnabasik, Managing Director of Blue Prairie Group.
Retiremap’s ROI assessment tool looks at the benefit for the plan, participant and company by examining Retiremap’s impact on three key areas of cost-savings and improved company profitability:
- Financial Wellness
By providing strategies for employees’ financial goals, as well as delivering interactive tools, Retiremap helps plan advisors or provider representatives have greater impact when serving employees struggling with financial stress.
- Retirement Readiness
By getting employees to save more, employers help ensure participants can retire on time and not have to delay retirement when their disability and healthcare premiums are highest.
- Employee Engagement
By implementing a program that demonstrates that the employer cares about employees’ well being, while also promoting the retirement plan’s value, employees become more engaged. Greater engagement translates into improved profitability by increasing employees’ loyalty, advocacy and willingness to go the extra mile.
“By quantifying the ROI of how Retiremap pro-actively engages employees and measurably improves participant outcomes, we are connecting the art of financial wellness with the financial reality that companies have to operate within,” said Iverson. “Not only is financial wellness the right thing to do for employees, we can now help anyone interested in financial wellness shine a light on the financial return for their unique employee population and employer.”
HR professionals and CFOs can see a sample Retiremap ROI assessment and request one for their company by visiting:
RETIREMAP- KEY STATISTICS
- 53% of Plan for Your Future iPad workshop attendees decided to double their deferral rate (increasing by an average of 6.3% of pay)
- 97% of employees feel more engaged with the retirement plan
- 93% of employees feel the Retiremap program is an excellent new benefit
- 92% of employees they have helpful tools to reduce financial stress
- 56% of all employees are engaged in the first 30 days through Plan for Your Future iPad workshops and email campaigns
About Boulevard R
Retiremap (RetiremapHQ.com) is the award-winning, independent retirement plan education platform from Boulevard R, using today’s technology to engage employees and measurably improve participant outcomes. Retiremap’s Plan For Your Future iPad workshops and online campaigns developed with leading behavioral economist Dan Ariely, help employers and plan advisors deliver a financial wellness program with a significant return on investment. By measuring and documenting the impact of plan education efforts, Retiremap introduces accountability, while simultaneously reducing fiduciary liability.