When it comes to job searches and accepting offers, good employee candidates have options. It’s why employers must offer employee benefits that stand out in today’s market—and why a 4% 401(k) match may not cut it anymore.
When you consider that most applicants will review your retirement package and medical insurance coverage when considering a job, updating your benefits can make a significant and decisive difference. Do you want to update your employee benefits to be more competitive? We’ll share how one effective change to your retirement plan can help recruit and retain great employees while being advantageous to you, too.
Provide Retirement and Financial Guidance Beyond Open Enrollment
Open enrollment is generally the only time employers interact with their employees regarding their retirement benefits. To provide more value and incentive to your employees, offering guidance beyond open enrollment is essential. While giving financial advice requires partnering with a licensed professional, there are various benefits to you and your business. Retirement professionals can review your existing retirement program and provide a more comprehensive approach that meets the needs of you and your employees long term, such as:
Financial coaching beyond your 401(k) plan. Your employees need resources and access to information and advice to help them succeed before and after retirement. A financial professional can help provide those resources and education on other financial topics such as saving to buy a home or reducing credit card debt.
Medical plan savings when your employees retire on time. Employees who are educated about their retirement options and able to consult with a professional will likely make more informed decisions regarding their financial future. Investing early, saving enough, and making the maximum contributions are actions that will help your employees retire on time. When more of your employees retire between the ages of 62 and 65 or younger, the average age of your employees also decreases, which could help you save in medical plan expenses annually.
More productive and satisfied employees. Another key benefit of access to a financial advisor in your retirement program is that your employees will often feel more financial stability in other areas of their lives, which may result in more productivity and higher morale at work. Employees who feel supported and have financial confidence are usually less stressed and more loyal, which can mean less turnover and hiring costs for you.
What to Consider in a Retirement Professional
Before hiring a financial professional, ensure your employees and business are getting the most value, and you can avoid some common retirement plan mistakes. Begin by asking if they can meet the following responsibilities:
Will they be able to provide one-on-one financial guidance and electronic and in-person resources that meet your employees’ financial needs at work and home? At RWM, our clients can consult with live professionals to ask questions and are never routed through a call center.
Are they well-versed in the legal and compliance requirements according to your organization type? We’re skilled in several different organization types, including corporations, agricultural companies, and tribal groups, to help our clients maintain compliance and manage their risk.
Are they offering access to diversified investment options and other features that can help reduce your costs? We help our clients review their investment spread and make adjustments with cost-efficient options.