BCG Blog - Sponsors

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Behavioral Science is a Plan Sponsor’s Best Friend

“One Neat Trick to Increase 401(k) Enrollment!” sounds like the subject line to an email scam, and it probably is. However, the only “BS” here is Behavioral Science, and it really can help.

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About Last Year: Plan Sponsors Can Harness the Why Behind the Rise in 401(k) Participation

Average 401(k) balances are up more than 20%. What’s behind those eye-catching numbers? Why are employees investing more? The answers can inform plan sponsors’ educational programs in 2022.

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How to Speak Sponsor

Communication strategies for sponsors trying to convey their duties, plans, and needs to other groups in the office less familiar with their roles.

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TV Land: What to Watch

What are your employees reading/watching that could help you convey retirement savings and investing information? Here are three wildly different picks that may resonate with employees.

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Cultural Competency and the Paperless Office

Why going paperless for providing information to employees may be hurting your enrollment. From religion to neurodivergence, money to age, the diversity of those who would benefit from printouts may make you want to reconsider the purely digital enrollment paradise you may be envisioning.

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The A, B, C’s of Confusion: How the Internet Isn’t Helping When It Comes to Understanding 403(b)s

Given how well participants in 403(b) plans did over the last 18 months (in terms of savings and enrollment), Plan Sponsors may want to get ready for some common queries. Here’s a review of what we’ve seen on the Internet that may need clearing up for your participants.

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The Best Communication Strategies Come from ADHD Learning

Employees across the board are struggling to concentrate on work, let alone their retirement plans. One method to adapt to this new environment is to learn from those who are already familiar with this landscape.

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Spare No Expense: The Priorities Competing with Employees’ Retirement Budget

Over the last year and a half, employees’ relationships with their retirement contributions have seen some significant changes. Why is that, and how can sponsors encourage good habits to stick and help others get back on track?

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Is Adding An Employer-Sponsored IRA to Your Benefits Mix Optimal? Four Things to Consider

Wondering if your current benefits lineup can hit a home run with your current (and future) employees? Before you add an employer-sponsored IRA to the lineup of your 401(k), FSA and HSA consider these four things.

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Goldilocks and the Three Vendors: How to Assess Company Culture to Simplify Vendor Selection

Selecting new vendors may seem like a herculean task. Can you find an easier way to find a vendor that is not too soft, not too hard but just right, like Goldilocks’ bed? We think so.

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Extra, Extra: Read All About Open Enrollment

Open Enrollment in remote settings got you scratching your head? Especially about the "extras" or "perks" of their benefit plans? We have thoughts.

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Niche to Normal: Conversations and Considerations for Remote Workers

Now that remote work is here to stay, here are a few topics sponsors may want to have with employees who spend their time out of (literal) office.

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The Latest Employment Trend? Quitting Your Job

Moving into FY 2022, retaining employees may be the biggest hurdle your organization faces. What’s driving the employee exodus, and how do businesses retain workers and attract new talent?

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Cybersecurity, a Different Type of 401(k) Risk Assessment

Like everything else in the 21st Century, the threats posed to employees’ retirement savings are increasingly digital. Here’s what you should know.

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Reading the Proverbial Tea Leaves? Is the Supreme Court Signaling Greater Consumer Protection for Financial Matters?

With a rising tide of concern over Wall Street’s growing disequilibrium to Main Street’s economic concerns, along with a Congress that is the human incarnation of a logjam, the Supreme Court’s recent opinions on consumer finance are worth a closer look.

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Even the Interns?

Who is covered by your company’s 401(k) plan? Sometimes the breadth of a plan can include surprising groups, like interns. But even when it might not, there’s an argument to be made for providing coverage anyway.

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The Argument for Certificate Programs, Coding Bootcamps, and Other Non-Degree Credentials

COVID-19 drastically altered the educational landscape. As enrollment fluctuates and more online options are offered, employers should consider the merits of degree alternatives both in hiring considerations, and when it comes to benefits packages.

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The Importance of Benefits and Benefits Onboarding for New (and Potential) Employees

Sure, salary matters, but what’s your company’s healthcare coverage like? For most employees, the answer to that question is more important than how much they’re paid.

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Spring Cleaning your Plan Documents

Capture the calm before your budgeting storm to assess and update your Plan Documents this Spring. The IRS’s guidance on how to prevent mishaps related to not updating plan documents is sound advice at any time of year. Most of their recommendations fall under good project management processes.

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Practice Makes Perfect: How planning big purchases can help employees learn how to save for retirement

Creating a short-term savings plan for something like a new couch or a vacation is a great opportunity to learn the basics that apply to long-term retirement savings.

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The Three Little Pigs Should Have Rented

While owning a home comes with many benefits, for young adults it often makes more sense to rent so that when the Big Bad Wolf comes over, someone else pays for repairs.

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Tax Prep and Budgeting for Employees, Freelancers, and Contractors

Tax prep is a notoriously difficult and unpopular activity, but also offers an opportunity for workers to review expenses and start gathering information to help them plan and budget. Here are five ways to use this time to budget for success.

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Budgeting Basics

Most people could benefit from better budgeting behaviors, but where to start? Finding a method and the tools to support it are step one; here are some resources to help employees begin their budgeting journey.

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Reignite Fried Workers with Corporate Social Responsibility

Can Corporate Social Responsibility reignite your workplace? Harnessing CSR for employee engagement can be a solution to burnout.

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The Pandemic Productivity Problem

While companies understandably want to keep business operations firing on all cylinders, it’s important to remember that employees are under unprecedented levels of stress. Expecting regular performance in 2020 (and now 2021) can contribute to burnout that will ultimately hurt business.

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Authors

Beau Adams
Executive Vice President, BCG
John Correll
Client Relations Team Leader
Kevin Bonner
Regional Retirement Sales Director
Nina Wilkinson
Client Relations Manager
Robert Terry
Retirement Plan Sales Manager

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