Number of the day: Retirement benefits

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Six in 10 employees say their employer’s retirement benefits are an important reason they stay with their current employer, up from 41% who said the same in 2010, according to research by Willis Towers Watson. And nearly half said their company’s retirement programs (47%) and healthcare benefits (48%) were important reasons they joined their employer, compared to just 25% and 32. % in 2010, respectively. To get results, the consulting firm surveyed 9,600 U.S. employees of large and medium-sized private companies across a range of industries from December through January.

What this means for HR managers

In the midst of the great resignation, attracting and retaining talent is one of the biggest priorities and concerns of HR and business leaders. To help them, employers rely on a number of incentives, ranging from higher pay to flexible working hours. But salary increases alone might not be sufficient motivation, as inflation outpaces salary increases in the majority of organizations. This is where more robust perks come into play.

Although employees say salary is the most compelling reason for staying or leaving a company, “health and retirement benefits have become a much bigger factor in their decision-making process,” says Monica Martin, Senior Director, Retirement, Willis Towers Watson.

In an analysis of employee benefits priorities, the survey found that the most important benefit employees want their employers to focus on is retirement (44%), followed by flexible working (39%). Among those who want their employers to focus on retirement, almost two-thirds (62%) are looking for a guaranteed retirement benefit, more than half (58%) are looking for more generous retirement benefits and 53% are interested in medical benefits for retirees. .

“In this tight labor market, organizations that understand the importance employees place on these basic benefits and that offer high-value benefits programs can differentiate themselves in their efforts to become an employer of choice” , says Martin.


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