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Accenture Pensions study reveals that the majority of pension systems are using at least one social media channel.
Social media is ubiquitous. Every minute, millions of people rely on it to connect with others—from friends and acquaintances to business and service providers. As public pension organizations look to connect and engage with members, it is imperative that they go where members are. How are pension systems using social channels? A recent Accenture Pensions study reveals some interesting trends.
Clearly, social media cannot be ignored. But what can pension systems do to make the most of it to improve service delivery and transparency? Launching into a social media program without a carefully thought-out strategy can quickly lead to misaligned messaging—and worse. Fortunately, pension organizations that want to refine their social media approaches—or those that are just getting started—can position themselves for success relatively quickly and easily.
Download the full report to discover what’s trending for pensions and social media.
Like other government sectors, public pension organizations face a do-better-with-less environment that demands changes in how public service is delivered. In fact, Accenture’s Delivering Public Service for the Future research suggests that the move from standardized to personalized services is one of four structural shifts that will drive sustainable service delivery. Social media adoption holds tremendous promise here as a low-cost way to foster valuable connections with members—as long as pensions appropriately balance the risks and rewards with the right strategy.
To learn more, Accenture conducted social media benchmarking research of 37 organizations including the top 25 US public pensions systems (by number of contributing members), peer pension systems identified by CEM Benchmarking, five additional or international pension systems and five state departments with an existing social media presence.
Study results reveal the following:
Widespread adoption. The majority (over 70 percent) of pension systems studied currently use at least one of these social channels—Facebook, Twitter, YouTube, Wikipedia or RSS/blog/email list.
Multichannel presence. For pension systems that have adopted social media, their presence includes an average of more than two social channels.
Limited experimentation. Very few pension systems are exploring additional social channels such as LinkedIn, Google+, Pinterest, Vimeo, Flickr and Instagram.
The study illustrates specifics about the public pension community’s most commonly used social media sites.
Facebook. Pension systems have created Facebook pages at a steady rate for the past four years—13 of 32 US and international benchmarked pension systems have a Facebook page today. The systems with the best audiences (measured using number of “Likes” per 1,000 members, contributing and retired) have earned them by promoting their Facebook pages on their Web sites.
Twitter. Most pension systems that use Twitter have been doing it for at least two years—with news-related tweets being the most common content. Not surprisingly, Twitter followers must be earned over time by sharing interesting content often.
YouTube. Five benchmarked pension systems have joined YouTube in the last two years. These systems are sharing anywhere from two to nearly 170 videos. Further, activity on other social media sites boosts YouTube video views.
A strong strategy should begin with an assessment of both the internal and external social media environment. This determines the organization’s current readiness and ability to engage in social media, as well as the level of engagement the organization wishes to have.
Social media engagement for pension systems can be thought of in three levels:
Conservative. Develop a presence on Facebook, Twitter and YouTube.
Moderate. Extend this presence and target internal audiences by adding a Wikipedia page, an internal blog and an enterprise social media platform.
Aggressive. Further extend the presence with least two additional social channels such as LinkedIn, Google+, Pinterest, Vimeo, Flickr, or Instagram among others.
Pension organizations can typically complete this assessment and strategy phase within a month and identify the specific requirements for implementation and ongoing maintenance in an additional two months. Accenture can assist with strategy development through Accenture Pension Transformation Services.
July 3, 2013
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