Superannuation funds need to be “more human” when engaging with members, especially during the COVID-19 pandemic, according to NGS Super.
The industry super fund said the pandemic was an opportunity for funds to engage with members in a more meaningful and effective way.
It said communication needed to be timely, relevant, and empathic to what members might be going through.
“Superannuation funds that demonstrate humanity, transparency and relevance in all communication during this crisis will rise with strength. There is an opportunity for the industry to shift some barriers to member engagement – and possibly even financial literacy – during this crisis,” the fund said.
“Relevant, well thought-out member communication now will build reputational resilience for funds and member engagement that will be critical in weathering any storm in the future.”
On transparency, NGS Super said this was important in terms of how the current environment was impacting members, how they were supporting members, and what was happening today and in the future.
It noted there was also scope to reinforce the fundamentals of super and that funds would recoup losses over time.
“As some members are still working while others are at home, we’re presenting this information across multiple platforms to ensure we’re reaching them,” it said.
“Tailoring these messages based on the member journey is crucial; we’re actively getting in touch with members who are potentially nearing retirement and are likely to be feeling anxious about the current environment.”
NGS Super also said it was important to maintain employer relationships despite face-to-face meetings being temporarily suspended.
“In this ever-evolving situation, for industry super funds it is crucial to maintain regular contact with employers to ensure they understand the impacts in each industry,” the fund said.