Competing for top talent and filling lucrative positions can be a difficult undertaking for many employers. Finding the right people for the job can sometimes take months, and if your benefits package is not up to par, the process could drag on well beyond that.
Employees today are coming to the negotiation table with must-haves on their employer checklist. They are looking for health and dental care perks, remote and flexible work options, virtual mental health services, and wellness packages that are chock-full of extras. They are also looking at how employers are willing to support them in their retirement savings efforts.
This means if an employer has yet to set up a comprehensive Group RRSP program or hasn’t revised their RRSP plan in a while, the company could be missing the mark for prospective candidates.
In this article, we’re sharing some recent opinions and stats from plan sponsors who actively invest in group retirement plans for their employees. We’ll also discuss how working with the right advisor can help your employees reach their retirements goals faster and ensure you have better odds of recruiting the best talent on the job market.
How employers feel about retirement savings plans today
According to the recent Plan Sponsor Attitudes Study by Fidelity Investment, 88% of respondents have made changes to their investments menus and 82% have changed up their plan design. The survey also found that up to 72% of respondents feel their retirement savings plan is meeting their goals and only 16% reduced the employer matching contribution to their retirement savings plan over the past two years.
Here’s what those same respondents said about their employees’ retirement goals:
This suggests that even among employers who provide group retirement savings plans, there’s still an opportunity to improve the plan offering and better support employees through the ongoing challenges of the pandemic.
Working with the right advisor can affect your plan’s outcome
The advisor you choose to work with is directly tied to how successful your benefits and group RRSP plans become. In fact, the same Fidelity survey said over 34% of respondents were looking to change advisors because they wanted better employee communication and education, lower fees, and more RRSP expertise.
Roughly 45% of respondents said they also want their advisor to find ways to minimize costs, select investment options for the plan, and help them stay on top of any regulatory changes.
Advisor value was a big deal for these plan sponsors. They said the main advantages of working with a good advisor, or of seeking a new one, are to improve employee outcomes, enhance employee satisfaction, and provide stronger financial advice and guidance to participants.
Of those that did receive and implement advice from their advisor about new financial wellness programs, 73% reported a strong impact for employees.
It’s time to invest in RRSPs with the right advisor
Implementing a Group RRSP plan on its own isn’t enough. Employers should invest time in choosing the right benefits plan advisor to set up a comprehensive financial wellness program.
That advisor should be able to understand and stay on top of investment options and help employers course correct where necessary. Having financial experts on call to support employees with their retirement savings goals also ensures that your team feels secure and supported, no matter what challenges come their way.
Most importantly, an employer with a good advisory partner and solid RRSP plan can better align their efforts to scoring the best talent in their industry. Need an opinion on RRSPs from a trusted advisor? Our BenefitDeck team is a call away.
Whether you are with a business, association, or owner operator, we have the solution for your needs.