Corporate Insight has launched the WorkPlace Exchange platform, which will allow retirement plan sponsors to confidentially communicate with other sponsors to trade ideas on how best to educate and motivate plan participants.
"By showcasing successful techniques from innovative sponsors, we are helping all plans improve participant engagement that can translate into increased contribution rates—and overall retirement readiness," says Drew Maresca, research director for WorkPlace Exchange.
The subscription-based service will also provide sponsors with access to original surveys, and proprietary research analyzing the participant and plan sponsor experience. Corporate Insight will periodically publish sponsor-led studies and a quarterly newsletter assessing communications and campaigns.
“By synthesizing complicated campaign strategies, WorkPlace Exchange will add significant value for sponsors," says Dana Peterson, vice president of monitor services at Corporate Insight. "Currently, there is nothing else like it in the marketplace."
According to survey data cited by Corporate Insight, only 6% of plan sponsors that view retirement income solutions favorably have surveyed their participants. The firm notes, however, that communications budgets are fairly common with 43% of respondents from a 2015 survey reporting that they have a budget, and 20% indicating that they anticipate a larger one in 2016 versus 2015. Corporate Insight intends to deliver WorkplaceExchange to help plan sponsors make the most out of these budgets.
More information about Corporate Insight is at http://corporateinsight.com/.