Intuit employees get smart about their 401(k) plans

Intuit is a leading provider of personal finance, small business accounting, and consumer tax preparation software for consumers, accountants, and small businesses. Its flagship products include QuickBooks®, Quicken® and TurboTax®. Intuit has been on Fortune’s 100 Best Companies to Work For list for the last seven years.

Situation

Choice is best served in moderation.
When it comes to investing, too much choice can be confusing.

In late 2007, Intuit decided to streamline its 401(k) plan to make employees’ choices easier. The change meant eliminating many popular funds and restructuring management fees. Overall, this was a good thing. Intuit needed employees to see it that way too.

The company decided the best way to prevent any misconceptions was to communicate early and give everyone enough time to make decisions.

Intuit already had a 90% participation in the 401(k). But they recognized an opportunity to help employees to become even smarter investors.

Challenge

Employees would get word of the changes between the Thanksgiving and Christmas holidays—by far their busiest time of year. Plan changes would go into effect on January 1, 2008.

Timing meant the materials needed to get the message across quickly so employees could easily understand their options.

Solution

More than introducing the changes, Intuit leveraged this opportunity to provide in-depth investment education.

What is usually a dry, transactional event became a campaign that engaged and delighted employees—even picking up awards in the process.

The campaign addressed the plan changes as well as the full spectrum of investment education, from nitty-gritty 401(k) details to wise investing behaviors.

The team created a standout, 4” x 7” spiral-bound book comprised of 20 pages of fixed card stock. Designed to look and feel like something employees should keep, the piece contained always-relevant investment information that could be used for several years (and also given to new hires). An accompanying note card explained the plan changes.

The piece was designed to speak to “Simple,” “Smart,” and “Savvy” investors alike, reaching broad audiences and different levels of understanding. Icons for each investor type appeared in both the print piece and in an online tool. The print materials complemented more detailed content online, including a 401(k) quiz.

Employees also attended in-person meetings at each location.

Results

Intuit transformed the plan design change from a ho-hum experience into an opportunity to build loyalty, retention, and credibility within the organization.

Employees raved. “Substantial,” “Impressive,” “Something I think I should keep,” they said.

In December and January, thousands of employees accessed their 401(k) online, hundreds signed up for the automatic rebalance feature, and thousands of informational inquiries were made.

Not only did the Website, mailer, and brochure capture employee attention and drive response, they also integrated nicely with the existing benefits site, created in 2007.

Intuit can continue to use this site as a branded employee retention tool in the future.

And the company’s employees? Those who were simple are now smart. The smart are now savvy. And the savvy are even savvier about their financial future.

Read more case studies about Benz Communications and Intuit:
• Intuit Brings the People Experience to Its New Brand
• Intuit Ignites Annual Enrollment with New Benefits Website