For Greater Retirement Benefits, More Than A Third Of Workers Would Leave Their Current Employers.

The good news is that 76 percent of workers are happy with their jobs, according to Principal’s Retirement Security Survey.

In the current economic climate, it is more crucial than ever to recruit and keep personnel. High unemployment rates and the challenge for firms in keeping their workforces are raising concerns about the best way to strike a balance between the requirements of employers and employees.

The good news is that 76 percent of workers are happy with their current occupations, according to Principal’s Retirement Security Survey. But nearly half (47%) would think about leaving for a higher pay, and 36% would think about leaving for greater retirement benefits.

The challenges faced by employers are the other side of that coin. High compensation expectations are a problem for 82% of employers, and a decline in the number of candidates for specialized positions worries 59% of them.

Employers’ top strategic business concerns for the upcoming 18 months are managing employee workload and burnout (43 percent), employee engagement, acquiring and retaining talent (69 percent), and company culture and work flexibility (43 percent) (39 percent ).

In addition to compensation demands, employees are stressed about their financial security. 47 percent of respondents claimed they didn’t receive any assistance in building sound financial practices in their 20s, 41 percent expressed concern about not having enough money for a decent retirement, and 39 percent chose to pay off their school loans before saving for retirement.

The good news is that businesses can offer support. Sixty six percent of firms claim to now provide one or more financial wellness programs, including the following:

• Periodic financial wellness campaigns – 28%
• Ad-hoc financial wellness campaigns – 25%
• Holistic financial wellness programs – 13%

Additionally, employers want to be aware of what retirees’ main financial priorities are:

• Maintain current standard of living – 70%
• Not outlive retirement savings – 47%
• Have the ability to splurge periodically – 44%

Sustaining their physical and mental wellbeing, maintaining their way of life, and the potential loss of savings owing to market changes are other issues that affect workers.

Employers must examine their alternatives and take into account their worries. For instance, a more appealing overall pay package that strikes a balance between wage and intangible perks may help recruit and keep employees who are on the verge of quitting. A financial wellness education program could show that an employer cares about the financial security of its workers and aid in forming sound financial practices among younger employees.

Finally, financial professionals and employers can better coordinate solutions, education, and resources to promote participation and improve retirement readiness by knowing workers’ outlooks, goals, and challenges.

Source: https://www.benefitspro.com/2022/07/04/over-a-third-of-employees-would-jump-ship-for-better-retirement-benefits/