Workers Want Retirement Help

With retirement confidence declining, employees have turned to their employers for help. According to a Paychex survey of more than 1,000 people (803 employees and 203 employers), eight in 10 workers feel their employers should provide additional assistance with retirement.

Both escalating inflation and market volatility have taken a toll on contribution levels. Almost three-quarters of employees surveyed believe they should be saving more for retirement, but 79 percent say they can’t afford to increase contributions. Without making huge changes to benefits packages, employers might consider providing more retirement education to “allow employees to make smarter, more informed decisions at a lower cost to the employer while also showing that business leaders are invested in their teams,” says Michael Major, the vice-president of HR solutions sales at Paychex.

Focusing more on employee retirement could also have a positive impact on recruitment and retention. The survey revealed that as many as 64 percent of workers would turn down a job offer that doesn’t include retirement benefits. “Enhancing a retirement benefit can actually be a lower-cost way to retain employees than just offering wage increases, because it shows the employee you are vested in their long-term success,” according to Major.

What kind of retirement benefits have you put in place to make employment with your organization attractive to workers?