TIAA-CREF Simplifies Name and Participant Experience
The mission remains the same—retirement security for workers in the non-profit space—but TIAA-CREF is trimming its name to TIAA and radically simplifying its website.
The name, the look and the customer
experience may be new, but TIAA (formerly TIAA-CREF) says its mission remains
the same.
“It’s a journey we’ve been on for
several years,” explains Ed Moslander, senior managing director and head of institutional
client services, in describing the company’s decision to drop the second part
of its name (college retirement equities fund). “The idea is to place the
emphasis on simplicity, clarity and engagement at the center of our customer
experience,” he tells PLANADVISER.
Market
research revealed that customers called the firm TIAA, which conveys a simpler,
performance-driven image, Moslander says. “Our equity was there,” he explains, “and
many also told us the shorter name signals that we are easier to do business
with.”
Although the name of the overall
company is changing to TIAA, the underlying mutual funds, annuities and other
financial products will stay the same, says Moslander. CREF annuities will
still be named CREF. Nuveen Investments, which TIAA acquired in 2014, also does
not change in any way.
The website redesign will spark greater
participant engagement, Moslander predicts. “That is the top desire of every plan
sponsor: for employees to become more engaged and understand the benefit the plan
sponsor is providing,” he says. Primarily, plan sponsors will be able to
see a change in how employees engage with the retirement plan. Moslander says
the new site is much cleaner, more modern, simpler and more engaging, whether
used on a computer or on a mobile device.
TIAA’s testing of user reactions and
leveraging of behavioral research led them to test several concepts. “A lot of
financial sites default to a content level for the engaged investor,” Moslander
explains. Yet near all their customers—94%, according to Moslander—find that
level of detail overwhelming and confusing. Instead, TIAA chose to be radically
simple and ditch the financial jargon.
NEXT: From pages to
sentences
Perhaps the best example, Moslander
says, is the fixed-income guaranteed product, traditionally described in detail
in numerous pages. Paradoxically, the longer the explanation, the lower people’s
understanding. “Today, it’s sentences,” he says, “that get the essence of what
the product provides. It is the most significant thing we’ve done.”
Another concept borrowed from
behavioral economics is attention economy. “Most people get way more
information than they can use,” Moslander points out. The danger is that people
can find themselves drowning in too much information, so the site tries to be
sparing of the individual’s attention economy with carefully chosen colors that
contrast (black and white, or another combination that draws the eye),
attractive font size and enough white space on the page. This way, people can
easily find the most important information without a lot of clutter or
distraction
The user experience was built on
mobile use, according to Moslander. “What do people do on a phone? They scroll.
So we made this scrollable rather than link to link, rather than a page-view
experience.”
As participants grow more
accustomed to engaging digitally with sites such as Amazon, they look for that
similar ease of experience in other sites. “We think that by making our digital
and mobile experience more relatable to other digital experiences, plan
participants are going to engage more frequently,” Moslander says.
“We’ve so simplified the delivery
of the information that the reasoning is, participants won’t have to go back to
their plan sponsors with questions,” Moslander says. “They’re going to be able
to get the information in digestible, simple language. Complexity can be the
great enemy of understanding—or even action.”
The site offers more self-service,
which could take some off the burden off plan sponsors. Whether it’s getting
retirement illustrations or seeing what an accumulation could bring as
retirement income or running different scenarios around inflation or executing
loans, the site is fully transactional but simple and intuitive.
“We are not changing our heritage
or mission,” Moslander says emphatically. TIAA’s mission—delivering retirement
products and services to the nonprofit market—is unchanged but is now clearer
through the rebranding and the look and feel of the site’s redesign.
We can’t all get along all the time, so last week, I asked NewsDash readers, “What co-worker actions annoy you?”
I apologize that I forgot to toggle the first question to allow multiple answers; this probably explains why most responses were “other” (34.8%) or “all of the above” (28.8%). However, among those who selected just one annoying behavior—and I assume these are the MOST annoying to them—“kissing up to the boss” and “doing poor work or not as much work as others” topped the list with 6.1% of votes each.
“Being late, for work or to meetings/calls,” “talking over others in meetings,” “drinking the last of the coffee and not making more,” and “wasting time on the internet/phone calls/social media, etc.” each were selected by 4.5% of readers. Three percent of readers are most annoyed by co-workers using a speakerphone and talking too loudly, 1.5% were most annoyed by cursing, and another 1.5% were most annoyed by co-workers attending to hygiene in the office, for example, clipping their nails.
Asked if they confront their co-workers about annoying behavior, 10.6% of responding readers said yes, 39.4% said no, and 50% reported they sometimes do.
“Other” responses included:
starting a conversation with me as I'm trying to leave work
In addition to several above, gum-popping, loud radios, crunching ice -- pretty much any annoying sound!
Inability to make a decision.
Says one thing, but does another
Passive aggressiveness
cracking of knuckles and spraying perfume
I don't care if you want to use your speakerphone, but for crying out loud close your office door! Why do you think you have to speak even louder?
All of the above, plus team members with negative attitudes. You're at work voluntarily, so try to be positive about it!
Being continually rude to other employees because of some perceived slight that may have occurred years ago.
Laughing too loudly, talking too loudly in a cubicle environment; not being as smart as me.
Always late with work
Co-workers that spend more time worrying about what others "are doing or not doing" than they spend doing their own tasks!
Talking too loudly and loud and/or annoying cell phone ringtones
those who believe they are entitled to a job
Don't complain that you're too busy then chat with a coworker for 2 hours!
I am totally annoyed when coworkers with children "work" from home instead of arranging for child care when school is cancelled. If a child is too young to be left alone at home while you work, then they have an obligation to pay for child care. Anyone that has children knows that you cannot fully contribute for 8 hours while watching your children. It is also frustrating to hear coworkers do the dishes etc....
those who screw up and throw others under the bus for it
talking with food in your mouth, talking too much, telling me how much you spent on your new outfit
In addition to all of the above - reserving all the "good" days for vacation so no one else can have them. There are only two of us, so I haven't seen an extended holiday weekend in years.
Leaving very early for lunch and very early at the end of the day. Management is not the strongest and won't address the issues.
speaking a language other than English with co-workers regarding work issues
coming to a meeting with their laptop and working on other things during the meeting
Being too concerned about what others have that they don't.
Readers who left comments shared specific stories about annoying co-workers and listed even more annoying behaviors. Quite a few suggested that there’s no use in getting annoyed and workers should practice tolerance, with one suggesting talking about annoying behaviors instead of stewing about them. And, there were some that pointed out we can all be annoying sometimes: “Of course I'm never annoying, except when I am annoying.” Editor’s Choice goes to the reader who said: “I just don't understand why everyone can't be as perfect as me.”
A big thank you to all who participated in the survey!
Verbatim
I've learned to ignore most of the annoying noises and other distractions that come with working in cubes. However, people that talk loudly on the phone are beyond irritating. I shouldn't have to shout above them in order to conduct my own business. Apparently no one taught them about "indoor" and "outdoor" voices. Maybe I should have my granddaughter explain it to them.
I've come to dread the nail clippers!
It annoys me how people go on about something and turn around and do that exact thing or something similar to it.
If you have a problem, talk about it. Don't just sit and stew and try to figure out a way to make the other person's life more miserable. They may not even realize they are performing the annoying behavior.
Most days, I can roll with it. On those days when it gets too much? Why, Ma'am, there's a reason I took up boxing...
When staff use their speakerphone and talk even louder, I pointedly leave my office and shut their office door. It disrupts those in cubicles outside their office trying to do work and talk on the phone. Although they have the grace to apologize, their memories are oftentimes short.
Another one that I really dislike is leaving their ringer on for their cell phone so we all know when they get a personal call. Even worse is when they leave their phone at their desk so we can all hear the phone ring multiple times while they are somewhere else.
If it's just annoying that's one thing, but in a team setting annoying coworkers can completely ruin the team dynamics and productivity.
Need to be able to select more than one answer! Another one would be talking to family members every single day.
Just like family, we all get along pretty good, but do annoy each other, sometimes on purpose.
I'm self-aware enough to realize that I probably annoy the heck out of my colleagues at times, so I try to not be too critical of others. We all have flaws.
I have one coworker who always likes to tell me what I should have done instead of what I did. I have to bite my tongue not to lash out.
There is an advantage to having an office door, which in my case stays closed most of the time.
Worst co-worker ever was Mrs. Madelyn. She was an unkempt older lady that looked and behaved strikingly similar to the way actress (Anne Ramsey) played Danny DeVito’s momma in the movie “Throw Momma from the Train”. She sat in the adjacent cube. Her attitude, work ethic, and unpleasant disposition, although impressive, did not earn her the worst co-worker ever distinction. The woman must have had a terrible sinus condition or grew up in a barn. Multiple times each day she felt the need to snort phlegm into the back of her throat and then spit it into her trash can! To this day, she is the only woman that I have witnessed doing this disgusting feat. The sound alone made me queasy. Years later, when my wife was pregnant with our first child, she recommended the name Madelyn. Although it’s a beautiful name, I had to quickly veto it as that terrible co-worker permanently ruined the name for me! Twenty years later, I still can’t clear it from my memory!
Verbatim (cont.)
The grass isn't always greener - there are bad apples in every tree!
No point in complaining about it as there will always be someone taking advantage.....
If I see someone filling their cup of coffee without making a new pot, I give them a lesson right there and then about making coffee. They are then awarded a certificate of completion. There are now 5 people who have the certificates, yet there is still a problem....
Without the workplace, who would we complain to about annoying behaviors?
tolerate them so there will not be any tension among team mates
Recently, the main office moved to a new space and most staff went from having a private office to an open cubicle environment. In an open environment, coworkers who talk loudly or talk across the room to one another is my biggest pet peeve. And the fact that my cubicle is closest to the coffee bar and am constantly asked questions about it as if I am the barista...NOT!!!
Of course I'm never annoying, except when I am annoying.
Someone with a good work ethic will control or simply not do the list of "bad habits" you presented. But, that seems to be a dying trait. Sometimes I just want to say "be an adult and do your job."
Add another annoyance - someone standing in my doorway droning on about something I don't give 2 hoots about!
Arrives late, leaves early, lots of call offs. Oh, this person thinks they put in a full week. Granted, I arrive early, leave late and the last time I called off was over 1-1/2 years ago for an accident. This person seams to get away with it for years. It is just not right.
Not everyone is attached to their cell phones with an umbilical cord.
I just don't understand why everyone can't be as perfect as me.
I plan ahead to meet my deadlines. It annoys me when co-workers lack of planning creates an emergency to meet my deadlines.
I sit behind someone who literally sighs and yawns like a little kid all day long.
It's like junior high all over again...who can be the 'teacher's pet'. I survived junior high once and sure don't enjoy going through it again.
NOTE: Responses reflect the opinions of individual readers and not necessarily the stance of Asset International or its affiliates.