the importance of communication
Most employees do not think about their super until retirement, given the long term nature of superannuation. However, this lack of awareness contributes to inadequate superannuation balances and increased chances that members will not have sufficient savings to last through retirement.
Active engagement with super doesn’t necessarily mean that members know their account balance at any given moment. It is about improving member awareness, interest and understanding in order for members to determine an appropriate target for retirement, and the balance required to achieve this.
As with all communication strategies, a variety of approaches should be used to meet the needs of individual members. Older members may prefer a face to face approach, while some younger members may prefer a digital format that is easy to access on smart devices. Read also ‘internal communication: promoting dialogue’ in chapter 10.
With financial products, employees should seek expert advice, and this applies to superannuation funds as well.
more articles about: guide to superannuation
- employer obligations
- superannuation reforms
- how superannuation works
- should they stay or should they go?
- superannuation contribution changes
- compliance options
- changes to SMSF Levy
- super contributions caps
- how to set up a super for an employee
- how much to pay and when
- help for small businesses
- modern awards
- insurance requirements
- salary sacrifice
- boosting employee super
- superannuation guarantee age limit
- records you need to keep
- the importance of communication