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According to the Society for Human Resource Management, perks are a "very significant" aspect in work satisfaction for 60% of employees. Furthermore, for more than a decade, perks have been one of the "top five factors to work satisfaction". Retirement benefits are increasingly becoming a useful engagement and retention strategy in an environment of delayed retirements, particularly for financially unprepared employees. 47% of Canadians are concerned about running out of money once they retire. According to a 2016 poll of more than 1,000 workers commissioned by the Canadian Public Pension Leadership Council, 51% believe retirement-planning stress has a medium to high impact on their job (CPPLC).
Employee productivity denotes how productive and efficient your team is. They make efficient use of their time at work to create more and better products in less time. It takes more than getting things done to be productive. Business leaders that are serious about increasing staff productivity don't have to provide hefty salaries, costly presents, or promise new incentives. There are, however, more practical and efficient strategies to increase your workforce's productivity. Employee involvement is the first point. Employees that are disengaged are a burden on businesses. Employees that are engaged come to work more frequently, stay longer, and are more productive overall.
Some Factors to Consider While Offering these Benefits
· There is a clear link between the number of workers and the chance of a firm providing employee-engaged retirement benefits. For example, just a third of small organizations with less than 20 employees provide a retirement savings plan, but 98 % of enterprises with more than 5,000 employees do.
· As employees get older, they save more money, more employees engage in retirement savings programmes, and their deferred savings rates increase. Individuals approaching retirement prioritize retirement savings, but younger employees have just started to dwell upon the idea of retirement.
· While just half of all businesses provide retirement benefits, the percentage varies substantially depending on the industry. For example, although 67% of industrial companies and 63% of IT companies provide retirement plans, only 23% of leisure and hospitality companies do.
· Organizations that want to increase employee productivity and remove productivity-killing stress from retirement planning should make it easy to save.
Providing retirement benefits helps you recruit the finest personnel, retain your high-performers, and build a more productive work environment, where employees focus more on delivering value and less on worrying about their money, despite the upfront expenditures. Despite these findings, the analysis indicated that just half of the companies examined provided retirement benefits. Employees face problems in balancing expense management and fiduciary risk reduction with employee productivity, happiness, and retention. Organizations have a chance to use retirement benefit programmes as a crucial tool to decrease employee stress and increase productivity in one fell swoop, with so many employees placing increasing priority on retirement savings both to relieve financial stress and to prepare for their future. Choose BP Consulting as your local pensions consulting firm with a great track record.
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