When it comes to employee satisfaction, and ultimately retention, how much do employees value retirement benefits when they think about leaving or remaining at a company?
As it turns out, it matters quite a bit!
In this time where many companies are struggling to find and keep good workers, looking at if your employees value retirement benefits could be the key to retention and recruitment woes.
A recent survey by Guideline, an investment advising firm, shows that employees and employers both value retirement benefits but some companies are underestimating just how much employees value them!
The research by Guideline indicates that 93 percent of employees say that a retirement benefit influences them when they are looking to join a company – but just 36 percent of employers believe that retirement plans are in the top three most valuable benefits.
Additionally, the research by Guideline indicates that:
- About half of prospective employees would turn down a job offer if the company didn’t offer a retirement benefit
- About a third of prospective employees would take a lower salary for a equivalent value in a retirement benefit
- About 70 percent of employers say that offering a retirement benefit has positively impacted hiring and retention
The fact is, a retirement benefit used to be something that was just “nice to have,” but today’s employees see it as a “must have” now.
The writing is on the wall: Companies who want to have an edge when it comes to recruiting or retention need to understand that employees value retirement benefits. And the fact of the matter is, this sentiment isn’t likely to change any time soon.
Do you still have questions about retirement planning options?
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