Tool Helps Plan Sponsors Assess Participants’ Needs

April 24, 2012 ( - Anova Consulting Group introduced a participant-focused program for retirement plan providers and sponsors.

The Participant Perspective Satisfaction Tool enables individual plan sponsors to survey their participants (and non-participants) and interpret satisfaction levels on an absolute and relative basis. By gathering constructive feedback from employees, sponsors will be able to better understand their participants’ needs, increase plan participation and gain insights as to how their participant satisfaction levels compare to those of similar firms.    

“For years, recordkeepers have conducted participant satisfaction research, but plan sponsors typically have limited access to their own participant satisfaction information,” said Richard Schroder, president of Anova Consulting Group. “Now, Anova has created a web application that allows plan sponsors to collect participant satisfaction information through an independent third party in a simple, ‘plug and play’ process that generates an online survey for distribution to participants.”    

A personalized online dashboard displaying real-time results is created for each participating plan sponsor. Sponsored by retirement providers as a client loyalty program, plan sponsors will gain access to Anova Consulting Group’s participant research capabilities at no cost to them.     

Participating plan sponsors can identify strengths, weaknesses and gaps within their employee benefit programs, benchmark participant satisfaction ratings against other Perspective users and segment results by participant demographic information.    

Anova is in discussions with recordkeepers and defined contribution investment only (DCIO) providers that are considering offering the tool to their clients.