Saving for retirement is a major life stressor for many employees. Although about 60% of U.S. employees have access to an employer-sponsored defined contribution plan, such as a 401(k), only about 43% actively participate, according to the U.S. Bureau of Labor Statistics. Business executives can help employees maximize how much they save so they feel more comfortable about their future. Decreasing retirement stress leads to higher retention rates and more productivity for companies.
This episode of the First Business Bank Podcast makes a business case for employers to implement a robust retirement plan, including ongoing education and ways to motivate employees to save so they will have enough for a comfortable retirement. First Business Bank’s Company Retirement Plan experts discuss:
- Effective ways to encourage employees to maximize their 401(k) savings
- Attracting and retaining employees with a retirement plan and competitive match
- Implementing a financial wellness plan with educational sessions
- Helping employees get and stay on track with retirement savings
Change causes stress, and with so many life changes over the past several years, Americans are more at risk of not being prepared for retirement. Working with an involved Company Retirement Plans provider, like First Business Bank, allows you to develop and customize a holistic program to address your specific employees’ characteristics and needs. You can also design your plan with features like auto-escalation, so contributions increase automatically over time.
To maintain a healthy and productive workforce, it’s important to put plans in place to address their retirement, help them find out where they are along the retirement continuum, and help them achieve their goals.