In today’s job market, employers are constantly looking for ways to drive employee engagement and satisfaction. One of the biggest worries for employees is whether or not they are prepared for retirement. As a business owner, you have a great opportunity to help ease your employees’ minds and become an employer of choice by helping your employees prepare for retirement. Here are five ways you can help:
1. Assess
The first step in evaluating your company’s retirement preparedness is to assess your current situation. Offer your employees confidential evaluations though a third party. Make sure your employees understand that no one in your company will know the results.
2. Educate
The more your employees know about retirement planning, the better. Retirement planning education should cover much more than what your company-sponsored retirement plan offers. You can offer training on things like budgeting, personal finance, and home ownership—all of which will go a long way in helping employees prepare for retirement.
3. Contribute
If your company can afford to, make sure you offer 401k matching or profit sharing for your employees. This will encourage them to participate, and it will show them you care about them and their retirement.
4. Automate
Consider auto-enrolling your employees in your company’s retirement plan. Once employees become accustomed to automatic contribution, they will likely continue it. Conversely, if an employee does not opt to contribute to your retirement plan initially, he or she will have a tough time catching up.
5. Offer Alternatives
A company-sponsored retirement plan is a great benefit, but you can do more. Consider bringing in partners from local banks or financial institutions to help employees set up Roth IRAs, college savings accounts, or any other savings plans employees are eligible for.
By investing some time and money into helping your employees prepare for retirement, you’ll drive engagement and satisfaction, which will ultimately help you become more successful as a business.
What other ideas do you have to help employees prepare for retirement? We’d love to hear from you. Leave a comment below.
