Analysis Of Bidging The Gap Between Funds

July 13, Leave a comment Superannuation super was introduced in as a compulsory savings initiative to help Australians save for their retirement. As a mandatory initiative, it is a product for all working Australians — young and old.

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As such, one of the biggest challenges facing the super industry today is engaging its younger members in super. Young Australians are proving to be like no other generations before and as such, traditional marketing approaches are ineffective. Funds need to shift their traditional marketing paradigm if they want to engage with these future retirees. There are three things that funds, regardless of size or sector, can do to create meaningful, lifelong relationships. A long way from preservation age, younger members can be overlooked by funds preferring to target their baby boomer parents for an immediate return on investment ROI. Conversely, creating relationships with younger members now creates an opportunity for a much greater ROI over time.

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One of the oldest rules of marketing is to know your target audience. Super Stream addresses a need for funds to enhance administration for operational purposes. With more touch points than ever before, generated by new technology such as mobile and online interaction, there is a need for a much more sophisticated Customer Relationship Management system than a super administration platform. The transition to Super Stream is the perfect opportunity for funds to include member Analysis Of Bidging The Gap Between Funds as a system objective. Funds can use their member engagement data to build models to improve communication with members and understand the propensity to engage.

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Modelling reshapes the way we communicate by understanding member behaviour. With the right information, funds will not only know who to target, but how best to communicate and optimise the relationship by identifying opportunities at key touch points. American Express has adopted this approach and as a result has greatly reduced its attrition rates.]

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The misconception that money equals success has compelled teenagers and adults alike to enter unfulfilling careers with the sole objective of becoming wealthy. As a result, many students, especially those of younger generations, only seek careers that they have predetermined to be the most lucrative, neglecting the possibility of pursuing careers in fields that they genuinely enjoy. Such is the basis for the rising skilled labor shortage within the United States ; more and more young people are pursuing higher education due to the belief that …show more content… The most effective manner to provide this education would be by implementing apprenticeship or mentorship programs for skilled trades into school curriculum. Similar to how Advanced Placement classes prepare students for college-level courses, these apprenticeship programs will serve as vocational training that provides prospective tradespeople with the knowledge and competences necessary for their careers. Hence, these apprentices will not only make connections within their individuals who work in their potential field, but they will also be better prepared for immediate entry into a skilled labor career, such that the transition from high school to blue-collar work will be quick and seamless. Instituting apprenticeship programs will also assist in solving the skilled labor shortage by invalidating the misconceptions associated with blue-collar careers. The belief that the blue-collar work is extremely laborious and physically demanding has contributed to the myth that skilled labor is for individuals who are unintelligent, compelling many students to negate the possibility of acquiring a trade in order to pursue the more reputable option -- attending college. However, by emphasizing to younger generations that it is possible to obtain an enjoyable, lucrative career. Analysis Of Bidging The Gap Between Funds

2021-09-07

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