Do they understand its value? Do they participate as actively as they should?
In a recent Towers Watson study, 45% of private sector employees cited their workplace retirement plan as a reason for staying with their current company. Additionally, 60% of employees planning to work for a firm until their retirement called their workplace retirement program “a very important reason for staying.”1
The message is clear. The greater the degree of employee investment in your practice’s retirement plan, the greater the degree of emotional investment employees will have in your business.
What will it take for your employees to make the most of their retirement plan?
It will take education. Everyone wants a comfortable future and the financial capability to create a better life. Your staff realizes that they can pursue these goals by saving and investing through their retirement plan, but are they acting on that knowledge, or simply relegating it to the back of their minds?
They may think they have to choose between saving for retirement, saving for college, or paying off debt, unaware that they may have the power to do it all at once.
It will take engagement. Millennials and Gen Xers need control, confidence, and stability in their financial lives. When you directly and engagingly link retirement plan participation to those needs, you “flip the switch” and make them savers and investors. It takes a certain charisma. It means speaking to their dreams and aspirations, and appealing to their imaginations.
It will take a commitment – a commitment from a financial professional, ready to present this crucial message in a personalized, inclusive way
UPAL provides the education, engagement, and commitment necessary for the sustained success of your plan. Our staff meets with your employees to help with enrollment and to explain the retirement plan and the importance of their participation. Call us today. We would love to show you how practices like yours can increase retirement plan participation.
1 – fedweek.com/retirement-financial-planning/retirement-health-care-score-high-with-workers/ [5/21/15]