Many employees are envious of the retirement options available to people that work in the public sector. But private businesses can compete for top employees by recognizing the need for end-of-work planning. Employees need to see a light at the end of the tunnel, just like business owners. It’s time to add value to your business with a group retirement plan!
The reality is that many people do not understand what it takes to secure a comfortable living wage when they retire. Offering a comprehensive retirement benefits plan will improve employee retention, allowing them to see a future at your business, rather than just a means to pay current bills.
There are many group retirement options available, including:
- Pension Plans (Defined Benefits & Defined Contribution)
- Registered Retirement Savings Plans (RRSPs)
- Deferred Profit Sharing
- Stock Purchase Plans
- Tax Free Savings Accounts (TFSAs)
With many options to choose from, here is how to add value to your business with a group retirement plan.
Every business and employee are unique, a group retirement plan should fit the needs of the employer and employee. Your plan should be customized to fit your corporate culture and values, while also work in conjunction with your other health and dental benefits.
Implementing a new group retirement plan or improving your existing one should not be a burden on the business owner or HR department. Retirement plans can be made simple and easy to administrate by leveraging technology.
Unless you are in the business of financial planning, leave the investment selection to the experts and be sure to select the right professional to manage your plan. It is important that employees have easy access to fund managers for questions and advise about their individual needs. It is a delicate balance between having enough choices for your employees without overloading them with too many options. An experience financial advisor will help you offer simple options with proven returns.
One of the best ways to add value to any group retirement plan is to incorporate financial education components. Most plans offer the minimum education required, but they can focus too much on product and plan information rather than true financial education. Helping employees make better financial decisions beyond the group plan results in financial stability and improved productivity in the workplace.
In today’s competitive job market, you need to add value to your business with a group retirement plan. If you are looking to attract top talent, improve productivity and retain long-term employees, contact the group retirement specialists at DENT Benefits!
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.