3 benefits of assisting employees with their retirement plans.
At first, it may seem counter-intuitive to actively help your employees retire — especially when you consider how expensive turnover can be. However, it’s unrealistic to expect your employees to stay with your organization forever. Even if every one of your employees is perfectly content in their role, there will likely come a time when they start to contemplate retirement.
We explored this in a previous article by highlighting how important retirement is to millennials, and it goes without saying retirement is an even more pressing issue for baby boomers. Pensions are no longer reliable, which has put employees of all ages at a loss as to how they can shoulder the burden. This undoubtedly poses a massive economic problem, but it’s also an incredible opportunity for human resources departments. Here’s why:
- Providing assistance shows you care about your staff, even when they’re not at work. Unfortunately, many people feel overlooked by their employers. It’s not uncommon for employees to feel like they’re just a number or a cog in the wheel, especially at larger firms. One way to correct this is to take interest in their concerns and provide help in the form of resources (financial or otherwise). For example, you can encourage your staff to create a financial plan and give them the tools they need to start saving for retirement. They’ll greatly appreciate the fact that your organization has gone out of its way to address their needs, which, of course, makes for a more content workforce.
- Solid benefits boost loyalty and productivity. Employers are constantly looking for new ways to keep their staff happy and productive. You’ve probably heard of offices getting ping-pong tables or snack bars as incentives. While these perks sure are flashy and fun, sometimes what employees really need is access to resources and support. Knowing they can get their personal finance questions answered through work can drastically reduce their stress, improve their productivity, and promote their overall well-being.
- Retirement perks can attract top talent and reduce turnover. Sometimes the difference between accepting or rejecting an offer of employment comes down to benefits. Other factors like compensation, location, and culture certainly also play a role, but employers often forget that they can compete in the realm of benefits too. Your organization can get an edge by including retirement resources for employees in its benefits package. Not only can this pique the interest of job applicants, but depending on how extensive your program is, it could also reduce the likelihood of current employees seeking opportunities elsewhere.
How you can help your employees prepare for retirement
If you’re wondering how to begin assisting your employees, our digital library contains dozens of expert-led trainings on building savings, repaying debt, investing, and retirement. The content comes in a variety of accessible formats, including videos, podcasts, and printable tip sheets so your employees can access the information they need anytime, anywhere. For more information, please book a demo with us today.
Also published on Medium.