As workers return to offices and in-person interactions, one side effect of the pandemic may remain virtual. According to a new report from Schwab Retirement Plan Services, 401k participant viewership for virtual live and on-demand sessions was up 33% year-over-year in 2021; unsurprisingly, onsite in-person meetings dropped to near zero. Overall, general retirement education and wellness-related topics are achieving the most success in the virtual format.
Schwab’s data shows that 42% of participants (up from 33% in 2020) wanted to set their own schedule and chose to watch via on-demand sessions instead of attending live virtual meetings. Cancellations and reschedules dipped down considerably, decreasing 69% from 2019. Schwab reports that the decline in cancellations and increase in on-demand engagement has driven a sharp rise in efficiency with 48% fewer meeting days scheduled by employers while reaching 43% more participants in 2021 compared to 2019.
“The pandemic accelerated the migration to virtual education, but the trend has been building for several years as both workers and employers have discovered the advantages of digital delivery,” said Nathan Voris, Director, Investments, Insights and Consultant Services at Schwab Retirement Plan Services.
“Increased attendance and fewer cancellations prove that a combination of virtual live and on-demand sessions is attractive to employees and allows employers to reach their workforce more efficiently and more effectively.”
Virtual approach pays off
Nearly 100% of education sessions for Schwab clients took place virtually in 2021, up from 82% in 2020 and 24% in 2019. General retirement education and financial wellness sessions were particularly successful in the virtual format. Additionally, wellness-related topics like college savings and debt management garnered more than four times the attendance per session than topics focused on companies’ specific retirement plan features.
The continued commitment to virtual education appears to be paying off. In post-session surveys, 93% of respondents said they were better prepared to take their next financial step after attending virtual education meetings while 95% were confident they knew where to find the resources they needed to take that step. In terms of format, 98% said the virtual sessions were the right length and 96% said the speakers presented the content in an easy-to-understand and engaging way. Schwab does expect to see some increase in onsite education this year as workers return to the office.”
Having an in-person element still plays an important role in participant education according to Schwab’s Voris.
“Virtual meetings have created new ways to engage employees, especially those who may be reluctant to raise their hand in an onsite group meeting.” However, he says that in-person meetings build trust, especially when more complex topics are involved.