When you live in an economy with historically low unemployment rates, the competition for top talent can be fierce. From student loan repayment programs to onsite day care to enhanced retirement benefits, employers are becoming more creative when offering incentive plans that persuade quality employees to choose them. It’s an employee’s market. Therefore, employers need to know what employees’ value and retirement plan advisors can help by knowing the important trends and keeping their retirement plan client’s informed.
Here are three ways retirement plan advisors can discuss competitive total rewards practices that recruit, reward, and keep great employees.
Offering an employer match
The average employer match is 4.7% of salary, which is a record high, according to Fidelity. As an advisor, this could be an opportunity to discuss your clients’ current match formula and compare it to the national average and/or industry specific averages. When smart employees are comparing benefits, … Read More