Learn Why Businesses Must Offer Several Options for Retirement Savings Planning.
It is no surprise that businesses must offer retirement savings plan options to employees to attract quality candidates. However, the days of offering one program with limited options are long gone. Employers must offer options to help each generation reach their savings goals on their terms.
What does that mean for employers? Well, for starters, it means you need to work with a trusted and educated retirement savings plan advisor to ensure each of your employees has a retirement savings option that works best for them. It also means employers must understand the world in which we live and the changes in the workforce that have occurred within he past few years.
How Is the Workforce Different Now Than Five Years Ago?
5 years ago, you may have had four generations in the workplace. Moreover, we did not have to live in a post-COVID world wherein employees realized they had more options and flexibility than they did before COVID.
We currently have five very different generations working in today’s workforce. Each generation has its benefits and drawbacks. However, they all have different priorities and expectations. Today’s workforce includes the following five generations:
- Traditionalists—1925 to 1945
- Baby Boomers—1946 to 1964
- Generation X—1965 to 1980
- Millennials—1981 to 2000
- Generation Z—2001 to 2020
While traditionalists and boomers are closer to retirement age and therefore require fewer savings options, they are still may find a benefit in a proper retirement savings plan option that allows them to grow their nest egg and have more to leave to family when they pass.
Generation Z are the youngest and greenest of the employed in today’s world. However, they expect the most flexibility and insist they can get the most work done when they are left on their own. They will be working for many years to come, however, they may not be completely interested in worrying about retirement savings yet.
These differences in employees create an interesting challenge to finding the best retirement savings options available.
How Can a Retirement Savings Plan Advisor Help Manage These Challenges of Offering Options to Multiple Generations?
As a business owner, you have a lot on your plate. You must manage your business, make sure it creates revenue, handle issues as they arise, and so much more. You must be an expert in your business. However, that leaves little time to be an expert in retirement planning.
A retirement savings plan advisor is an expert in retirement savings plans. They understand the laws that affect business owners and employees. They know the options that work best for each generation. They have the time to work with your employees to manage their retirement savings options and work with you to ensure your plans are compliant with local and federal laws.
Working with a retirement savings plan advisor can ensure your company can avoid the one-size-fits-all retirement savings plan model.
Conclusion
Retirement planning options are not a one-size-fits-all concept. The workplace’s changes have made a huge difference in how things are done in the workplace, including retirement savings planning. Contact the retirement planning specialists at Retirement Plan Services Group to help you develop a retirement savings planning program that fits the needs of all of your employees. Call Scott Tanker at 609-922-0201 or email scott.tanker@pbsrep.com.