How (and Why) to Engage Your Employees Over Workplace Pension?
Providing a workplace pension is a win-win scenario for both the company and employees. It helps the company retain employees because the employee is assured of financial security after retirement.
According to Northwestern Mutual’s 2018 Planning & Progress Study, 21 percent of Americans have saved nothing for their retirement, while a third of Americans have less than $5,000 in their fund. To put it simply: 31% Americans could survive only a few months on their savings if they had to retire today.
Therefore, as an employer it’s important to provide and start the conversation about pensions and retirement with your employees. Educating them on why saving for retirement can help and how they can do it not only helps secure their future but aids the employer in the long run with retention rates.
Communicate with them:
One of the easiest ways to get your team engaged with their pension is to communicate with them openly. They may not value or understand what you are able to offer them unless it is properly communicated. Things like yearly retirement plannings, pension meetings and HR retirement open conversations can help your employees better understand their options and savings opportunities. Try some of the below for some ways to get information out more frequently:
• Email alerts
• Staff newsletters
• Employee engagement app like Ezzely
• One to one pension meetings
• Pension presentations
Ask for Their Feedback and Opinion:
Once you set up a clear channel of communication with them, make sure to ask for their feedback regarding the pension policy and how it benefits them. Moreover, you can assess how your policies benefit each of your employees individually. On the basis of these factors, you can establish what is best for the company and your employees when it comes to their retirement plans.
Create a Specific Strategy:
Create strategies according to the requirements of each employee. If you are already offering benefits, you will know which of your employees are taking benefits and which are not. Communication plans will be varied based on the needs of these two groups. Think about their needs by pondering over the things given below:
• Where they do their work?
• How do they process information?
• Do they understand the policies?
• Do they discuss pensions and benefits openly with HR/the company?
Taking such things into consideration will make you clear about your objectives. You can choose the best way of communicating with each individual employee.
Be Aware of the Regulatory Requirements:
Stay up to date with the latest requirements within the pensions and benefits scheme.
• How much do you have to contribute?
• How much to deduct?
• What are your employees required to contribute?
The best way is to consult your financial adviser or pension provider if you are unsure.
Education is also important to get employees engaged in workplace pensions and other benefits. It is especially beneficial for young employees who are not that serious about their retirements and future financial needs but need to be educated on how saving now only helps them for the future.
Engaging your employees over pension and other retirement benefits is a trait of a good business. Just keep your communication clear and easy. Do you want to share your ideas with us? Or you have a query regarding this blog?
Please let us know by commenting below.