- December 8, 2022
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In the wake of the COVID-19 pandemic, the culture of our work has changed. As a result of this shift, employers and employees are engaged in a psychological battle. Employers want to regain their losses, get back to business, and to push their employees to meet targets and gain profits. At the same time, employees are exhausted, burned out, and no longer motivated purely by money.
As a result, HR Departments are challenged to engage and retain quality employees. How can HR do this? Today, employees want these five benefits from their employers:
1. Flexible Work Hours
2. Company Sponsored Retirement Plan or Pension
3. Leave Early on Fridays
4. 4 Day Work Weeks
5. Family Health Insurance
Source: Forbes
Out of these top 5 benefits, a company-sponsored retirement or pension plan offers employees not only financial benefits during employment, but also during retirement. Employees only receive 15% of their retirement income from national insurance (NIB/NIS). An employer's plan contributes to 20% of that income, while the remaining 65% comes from the employee's savings. Therefore, by offering a group pension plan, HR leaders can enhance their organizations employee value proposition. Additionally, HR leaders should provide financial literacy training and additional wealth-building products to their employees. Let's discuss this further.
3 Ways HR Leaders Can Increase Their Organization’s Employee Value Proposition:
1. Have A Group Pension Plan: We understand there are no one-size-fits-all group pension plans, so we offer a variety of solutions for companies to choose from. It does not matter what size your company is or what your pension plan goals are, RF Bank and Trust can help you achieve a competitive edge.
2. Offer Additional Wealth Building Products: Set yourself apart by offering employees access to additional wealth creation products such as on mutual funds, college savings accounts, and more. Apart from pensions, encourage your employs to make smart investment decision while employed to fund their financial goals.
3. Provide Financial Literacy Training: Empower your employees to manage their finances and build wealth by hosting money management workshops, sponsoring their attendance at financial literacy seminars or providing them with budgeting resources (books, videos, etc.). You can invite your pension provider to host quarterly sessions for your employees on topics of your choice.
Remember, a company sponsored retirement or pension plan is #2 on employee’s top 5 requested benefits. This is what employees want. As, HR professional you have a responsibility to your employees’ livelihood while they’re employed with you and after. Aligning your company with reputable pension provider will make it easy for you to employ the three aforementioned benefits to increase your company’s value proposition.
...a company sponsored retirement or pension plan is #2 on employee’s top 5 requested benefits. This is what employees want.
These suggestions should point you in the right direction, but you'll need more information. Call an Advisor at RF Bank & Trust today to discuss the options that best suit your employees’ needs.
Call (242) 603 -6045 or (246) 435 1955 or email cleora.farquharson@rfgroup.com