Struggling to Retain Employees?
Employers who are eager to retain their talent would be well advised to tout their pension plans which, alongside other benefits, present a compelling reason for employees to continue to build their careers within their current organization.
Do your employees know their pension benefits?
Having a well-funded retirement is one of the many perks of working in the public sector, but too many employees lack even the most basic understanding of how significant those benefits are for their retirement. Often retirement plans are underutilized and despite being one of the most expensive benefits offered they are often not appreciated. Therefore your pension benefits are not as effective as they could be as tools for recruiting and retaining employees.
What are your employees thinking?
In a 2022 employee survey, TIAA posed questions about if they thought about leaving their job, how important benefits were and many more. Below is a summary of their findings.
More than 30% of employees say it is at least possible they will leave their job in 2022. Benefits, including retirement benefits, play a big role in this decision.
Two in three employers says it has been harder to attract and retain employees in the last year. Nine in 10 expect this to continue over the next year.
When it comes to retaining employees, employers believe their company offers benefits that provide an advantage.
A sense of responsibility for employee wellness can foster trust. Trust, in turn, can help improve understanding and satisfaction of their retirement plan.
Employees say employers can improve their trust by providing more education, communication about benefits, and providing better benefits.
Nearly 7 in 10 employees would like more information about their retirement plan or savings and think educational resources would be extremely or very helpful.
More effort can be made in communicating benefits as a tool to help with recruitment and retainment challenges.
The information on this page can be found in more detail in the 2022 TIAA Employee Retention Survey, Executive Summary, June 2022.
More than 30% of employees say it is at least possible they will leave their job in 2022. Benefits, including retirement benefits, play a big role in this decision.
Two in three employers says it has been harder to attract and retain employees in the last year. Nine in 10 expect this to continue over the next year.
When it comes to retaining employees, employers believe their company offers benefits that provide an advantage.
A sense of responsibility for employee wellness can foster trust. Trust, in turn, can help improve understanding and satisfaction of their retirement plan.
Employees say employers can improve their trust by providing more education, communication about benefits, and providing better benefits.
Nearly 7 in 10 employees would like more information about their retirement plan or savings and think educational resources would be extremely or very helpful.
More effort can be made in communicating benefits as a tool to help with recruitment and retainment challenges.
The information on this page can be found in more detail in the 2022 TIAA Employee Retention Survey, Executive Summary, June 2022.
Considering everything from this survey, there is a significant opportunity to position your existing retirement benefits as a tool for employee recruitment and retention, but only if people are aware of those benefits.
So how can you leverage benefit plans to recruit and retain talent?
Through careful, strategic, targeted education.
PensionPortal.com was created to help public sector employers educate employees on the valuable pension benefits that are already available to them. PensionPortal.com is designed to provide an integrated benefit analysis, showing public employees how their pension plan, Social Security benefits (if relevant), savings, and any other potential assets work together to fund their retirement.
Our Solution
In just 10–15 minutes, employees can easily view a snapshot of their retirement projections and gain a better understanding of what their retirement looks like. Within just a few minutes, they will be able to grasp whether they are on the path to retirement readiness and, if not, what steps they need to take to get on that path.
PensionPortal.com is the latest initiative of Trust Builders, Inc., a leader in the 403(b) and 457 space for more than 35 years. PensionPortal.com illustrates cash flows from many public (and private) pension plans. Our financial services solution has been ranked as a top sales tool by a Fortune 100 company as well as other broker-dealers and insurance companies.
