Technology
should be used to serve your goals, not the other way around.
The first step in developing an education program is
setting goals. Then, the tools which can best accomplish those goals should be used. A
program should not be designed with the goal of using a specific technique, media, or
technology.
Different media can be effective for accomplishing
different goals.
For example, videos can be highly effective for
sensitizing employees to the need to participate in the plan but do a poor job of actually
educating them. Interactive workshops, on the other hand, are highly effective for
empowering participants to apply investment concepts to their own situations. Printed
materials can provide convenient references.
Different technologies have different strengths and
weaknesses.
Web sites are dynamic and provide a great way to
distribute frequently changing data. However, the current state of the technology limits
the usefulness of the Web for implementing resource intensive tools (such as modeling
software and multimedia applications). CD-ROMs cannot be modified, but they allow the
delivery of a large quantity of resource intensive materials.
The power and usefulness of the Web will increase
dramatically in the next few years.
Many Web sites are little more than "books on a
computer." This is largely due to the limitations of the current technology. As these
limitations are stripped away by technological advances, the Web will become increasingly
useful for delivering participant education.
Not all education techniques are effective in teaching
participants about retirement investing.
Many products and approaches to education sound great
but in reality provide poor results and/or are very costly to implement. For example, do
employees have the time to participate in the role playing exercises that are typically a
part of "adult learning" courses? Pulling employees off the job is not only a
direct cost for the sponsor, but also creates backlogs and morale problems for the
employees.
Technology can be used both to enhance the quality and
reduce the cost of an education program.
Interactive modeling software enhances the usefulness
of the education program for participants. Web sites can significantly reduce the cost of
distributing such materials as SPDs and fund prospectuses.
Cognitive psychology has shown that education programs
are much more effective when they provide hands-on experience.
Incorporating portfolio modeling software (which
provides hands-on asset allocation experience) can dramatically increase the effectiveness
of any education program.
With a well thought-out strategy, technology can be
used to integrate different media into a coherent, inexpensive, and highly effective
participant education program.
