Educating employees about financial wellness is a top priority for many of today's human resources leaders. With so many workers concerned about retirement security, employers have a clear opportunity to step in and help. Whether it's enabling employees to save more for retirement or learn about budgeting, financial education can potentially serve as another popular perk among a growing list of benefits that are helping companies attract and retain top talent.
ADP (No. 21 on the DiversityInc Top 50 Companies list), through its Retirement Services business, is helping employers address this challenge through ongoing education programs. These initiatives offer clients tools and information that may help their employees better manage their finances and grow more confident in their financial futures.
These efforts have earned ADP prestigious industry recognition from leading institutional investment publication Pensions & Investments® (P&I), which recently honored the ADP Retirement Services business unit with its 2017 Eddy Award for Ongoing Investment Education. Winners were announced at P&I's annual East Coast Defined Contribution Conference in Miami, Fla. Award winners also are being featured in the publication's April issue.
The Eddy Awards® is an annual recognition from Pensions & Investments that acknowledges best practices by companies who offer defined contribution plans that provide investment education to participants. It recognizes accomplishments in seven categories: Automatic re-enrollment, conversions, ongoing investment education, plan transitions, retirement health care savings, retirement preparation and special projects.
"We are very pleased with the way participant marketing materials provided by ADP Retirement Services are presented to our associates," saidSharon Howard, benefits administrator at GECOM Corp., a manufacturer of door-locking mechanisms for the automotive industry in Greensburg, Ind. "The information is well designed and integrates well with the education program provided by our retirement representative. The ease in offering and understanding the information is a great asset to our workforce."
ADP said it was proud to be recognized by Pensions & Investments.
"At a time when retaining employees is crucial, it's important to create a support system for those employees as they plan their financial futures," said Joe DeSilva, senior vice president and general manager, ADP Retirement Services. "Providing retirement plan solutions continues to be a core competency of ADP as the firm has grown to be a global leader in human capital management. We're delighted Pensions & Investments has chosen to acknowledge our continuing efforts to educate and inform our clients and their employees."
ADP's education program is designed to make it easy for participants to get answers about their retirement plans, to provide tools that educate about financial wellness, and to keep workers engaged. Elements of the program include:
- An email campaign designed to prompt participants to assess their elected deferral rates to save for retirement.
- Information about the ADP Retirement Services mobile platform, which is integrated with the ADP Mobile Solution app. Participants can access their retirement savings accounts via their mobile device to view balances, increase contributions, and change fund offerings. The ADP Mobile Solution app is used by more than 10 million individual employees across 175 countries, supporting an average of 1,000 HR transactions per second.
- Information about the ADP Retirement Services portal website, which is available to anyone whether or not they are an ADP client.
- A series of educational, online videos to inform participants about the benefits associated with their retirement savings plan.
- A video featuring plan participants who recount their positive experiences with their 401(k) plans.