Tips for helping your employees manage their super 

What steps have you taken to improve your employer brand lately?

If you stay glued to the latest workplace trends, chances are you’ve implemented flexible working policies and relaxed your dress code. While these perks are nice to have, they won’t do much to demonstrate the kind of care and appreciation that high-performing employees deserve — and demand.

Employee education might not sound very exhilarating but your staff will appreciate the time and concern of business leaders who prioritise their financial wellbeing, both now and into the future.

Proactively communicate your super employee education plan

An effective employee education strategy is one built upon outreach instead of requiring workers to take the first step. If the human resources department is undertaking this initiative, they should make sure to work collaboratively across the business and with select employees to determine the most effective methods for internal communication.

Depending on your company culture and the size of your organisation, you may use a combination of the following channels:

  • A regular company newsletter: Some businesses release frequent communications over email. This letter could involve administrative updates, employee spotlights and other engaging features, including a section that directs employees to optional education sessions for managing their super.
  • Quarterly town halls: Many larger companies, especially those with a widely distributed workforce, hold quarterly videoconference calls during which representatives from upper management can provide an update to the whole organisation at once. This can be a great opportunity to highlight employee welfare initiatives, including financial wellbeing, possibly creating interest in employee education options or even better management of their super.
  • Interactive training modules:  Interactive digital training options let employees engage and learn in their own time and at their own pace. They may appreciate having the opportunity to learn when their schedule permits it.

Provide specific guidance

Once you know which channels will be best suited for your employee education efforts, it’s important to think about what topics related to super management will be most relevant to your employees. Here are some important aspects to cover:

Help employees consolidate their funds and discover lost super

For employees who are just beginning the process of understanding and actively managing their super, this should be a crucial first step. This issue is more common than you may think. As of June 2020, the Australian Taxation Office (ATO) estimated that 4 million Australians had more than one super account. That’s basically 4 million people who could be paying unnecessary fees. In addition, the ATO announced in March 2021 that, as of 30 June 2020 throughout the country, there was more than $13.9 billion in lost or unclaimed super. Employee education steps should start with consolidating to a single super fund and locating lost super.

Assist individuals with monitoring the performance of their super

Your employees will have different financial goals. They may be balancing numerous obligations, and their objectives could vary based on age, lifestyle, income and other factors. Employers can’t assume to know what will work best for their staff. However, businesses can help their workers better understand how their funds are performing. You can also work with these individuals to dispel some common misconceptions. For instance, employees might think that responsible funds are risky, but you can help bust that myth and explain the benefits of responsible investment in turbulent times.


Explore superannuation insurance options with your employees

Your employees may not be aware of what kind of insurance is available through their super. As Moneysmart explained, there are typically three types of life insurance in super:

  • Life: Beneficiaries will be paid a lump sum if the policyholder passes away.
  • Total and permanent disablement: In the event that the policyholder experiences a severe and lasting disability, this coverage will provide financial support.
  • Income protection: If the policyholder cannot work for an extended period of time due to illness or disability — but the issue is not permanent — this coverage can help.

Make sure your employees know that insurance plan protections and policies can vary between super funds, and that some, like Active Super, offer the option to take out voluntary cover as well.

Help workers establish binding nominations

Speaking of beneficiaries, it should almost go without saying that your workers should name a beneficiary for their super. However, it could be wise to encourage them to go the extra step and set up a binding nomination, as a recent article from the ABC pointed out. This provides added assurance that their super and associated insurance payments will be distributed according to their wishes, once they’re gone.

Teach them how to use our app and Member Online

Many funds boast convenient, user-friendly apps and web-based portals so that people can manage their accounts with ease. However, those tools don’t amount to a whole lot if your employees don’t know where — or how — to access them. From your company HR portal, consider providing links to our app and Member Online, along with simple instructions for how to complete common tasks.

Let your employees know they can adjust their investment choices

Many of your employees may be interested in tweaking their investment options based on the market and their shifting financial needs. For example, they might be looking to switch from growth investment options to something a bit more conservative as they approach retirement. No matter what their needs, they should feel comfortable navigating these decisions.