Grant’s Best Practices: Managing the Message
Engaged stakeholders are essential to the success of state-facilitated retirement savings proposals and programs. But when multiple voices contribute to the public discussion it’s important to monitor what is being said and to manage the message when necessary. Inconsistent or inaccurate messages from different sources can cause confusion or even threaten the credibility of the overall effort.
From my experience working on the development phase of CalSavers, the majority of inaccuracies and inconsistencies had to do with descriptions of the program itself, of the legislative or board processes and timelines, and of the nature and scope of the retirement insecurity problem: the program, the process and the problem.
On more than one occasion CalSavers was characterized by stakeholders or the media as a pension plan with a guaranteed benefit rather than as an automatic enrollment IRA. This was understandable given that previous proposals had called for the creation of a defined benefit plan to be administered by one of the state’s public pension funds. But it was also troubling because of the potential for the mischaracterization to cause unwarranted concerns among employers about potential costs and liabilities.
Stakeholder groups and the media relied on a variety of sources for data on retirement insecurity and savings among California workers that varied in terms of how up-to-date and accurate they were. Conflicting data can lead to confusion and call into question the significance of the problem and the need to address it.
Although it will never be possible to completely control the public discussion, there are some things government officials working with boards and legislatures to develop state-facilitated retirement savings programs can do to minimize the risk of inaccurate and inconsistent data and information.
1. Position your organization as the definitive source of information by building a robust website.
Most of the states that have established a board to oversee the development and/or administration of a retirement savings program provide information about their meetings online to inform stakeholders about the board’s workplans and upcoming decisions. Some also include research and data on retirement savings. CalSavers, for example, maintains a “Fast Facts” section of their website with data on access to workplace savings plans and research on retirement readiness related to age, gender and race or ethnicity. The New Mexico State Treasurer’s Office front page for the state’s Work and Save program includes data on the retirement savings landscape in New Mexico and a brief and clear description of the statutory requirements of the program.
2. Monitor what is being communicated about your proposal or program.
Take some time to search for mentions of your program or proposals in the media and on the websites of key stakeholder organizations. Enlist the help of your organization’s communications or media relations team if that is a possibility. Set up customized news alerts for key terms related to your program or proposal. Take note of frequently repeated misunderstandings or inaccurate information and be sure to address those in any communications materials currently under development. When you spot particularly significant errors, reach out to ask for corrections.
3. Offer editorial assistance to stakeholder organizations.
In my experience, offering to review and edit stakeholder communications, or providing prepared content for stakeholders to use for their own newsletters and websites, is not only an effective means of ensuring accurate and consistent messaging, but is generally much appreciated.
What’s next?
Listening to stakeholders and creating opportunities for meaningful stakeholder input will be the topic for the next installment of “Best Practices.”
Stay tuned.
This piece was featured in the November 5, 2020 edition of Retirement Security Matters. For more fresh thinking on retirement savings innovation, check out the newsletter here.
