Many employers view employee training as a costly and time-consuming necessity. To offer training on how benefits work, such as retirement plans, is even more rare.
You may be surprised to learn that great retirement plan education can not only save you money, but it can increase your bottom line by boosting morale, increasing productivity and strengthening team efficiency.
The key to saving lies in a well-designed retirement plan that offers tax credits and deductions for the employer, while providing tax beneficial accounts for employees, allowing their retirement accounts to grow more rapidly.
For a retirement plan to reach its full potential, education must be provided to all levels of the organization — plan trustees, investment committees, human resources, and, most importantly, your employees.
Implementing comprehensive retirement plan education can foster motivation and engagement while improving retention and overall job satisfaction.
PA Fidelity study revealed that a significant number of businesses are actively considering changes to their retirement plans.
The top reasons for contemplating change include:
- Better employee communication and education.
- Superior investment lineups.
- More effective advisors who can handle service issues with recordkeepers.
- This underscores the importance of an experienced, knowledgeable advisor who can help you navigate the complexities of retirement plans and educate your employees.
Don’t let your company’s retirement plan education be an afterthought. By investing in a well-rounded retirement plan education program, you can unlock your workforce’s full potential and cultivate a more productive, satisfied, and motivated team.
When your employees see that you are looking out for their current and long-term benefit, and that you are providing information that supports that, your employees will feel:
- More engaged and motivated
- Like they are a part of an aligned team that is moving in the same direction
- That you, as an employer, have their back
Connect with Confidence Wealth Management today to set up a consultation or contact us directly for more information on optimizing your retirement plan education and design.
The world of employer-sponsored retirement plans is constantly changing, with new regulations, investment options, and market trends emerging regularly. By staying up-to-date on these developments and providing ongoing education to your employees, you can help them make informed decisions and adapt their retirement strategies as needed.
Having the right financial advisory firm that understands educational needs is key to maximizing the outcomes in your plan for your employees.
To ensure the success of your retirement plan education program, it’s essential to regularly evaluate its effectiveness and adjust as needed. Conduct surveys, gather feedback, and track key performance metrics to identify areas for improvement and fine-tune your educational efforts.