Survey finds retirement savings plans key to employee retention
Thu, Dec 1, 2022 5:00 PM GMT
Six in 10 (60 per cent) U.S. employees say they’re more likely to stay at their current job if their employer offers a retirement savings plan, according to a new survey by Voya Financial Inc.
The survey, which polled 1,000 employees, also found respondents are more likely to stay with their employer if they offer physical health benefits or perks such as gym reimbursement or discounts (52 per cent), an emergency savings plan (51 per cent), voluntary benefits (49 per cent) and a health-care spending account (47 per cent).
And more than two-thirds (68 per cent) of employees said they’re focusing on retirement savings in 2023 amid a challenging economic environment.
“We know that the COVID-19 pandemic has forever changed the workplace benefits and savings landscape and, as a result, many employers continue to evolve their offerings to support their workforce, particularly as an opportunity to attract and retain talent in today’s competitive market,” said Heather Lavallee, president and chief executive officer-elect at Voya Financial, in a press release.
“At the same time, amid new offerings such as flexible or hybrid work arrangements, employers need to remember the employer-sponsored retirement plan is a critical component to helping individuals prepare for a more secure financial future.”
Reference: Benefits Canada