Hello Reader. Today’s content is for you readers who check my blog on a regular basis.
Okay, now on a serious note, how silly did it sound for me to call you, “readers”? We run into this same problem in the 401(k) world with the term Participant. In almost every piece of literature I see that comes from plan providers or from the Department of Labor, I see employees referred to as Participants. I know, I know, that is a safe term that easily defines their status but it’s disingenuous and generic, especially to most of the employers with whom we work. We have seen employers say something like this, “That’s not a participant, that’s Bob. Bob’s been with us for 22 years; I watched Bob’s kids grow up. Can you please stop referring to Bob as “Participant”?
You may not think that the terminology you use or that is used by your plan provider or your plan’s financial advisor can affect the impact of that plan, but it most certainly can. It may also tell you the motivation behind those companies that you have hired. They call them participants because they don’t know Bob and in some cases, especially with your plan provider, that’s okay. In most situations, however, I would encourage you to forge relationships with people who care as much about your employees as you do. Remember why you have the plan in the first place and make sure the people you work with always respect those reasons.
For more on this topic I would encourage you to check out my partner Jamie Kertis’s blog from this week, it’s a great read.
Caleb Bagwell/Employee Education Specialist
John Maxwell Certified Leadership Coach
Grinkmeyer Leonard Financial
Toll-Free: 866.695.5162 / Office: 205.970.9088
1950 Stonegate Drive / Suite 275 / Birmingham, AL 35242