Empowering your employees with financial knowledge helps them make confident choices and stay engaged in their retirement journey. An effective education program can drive participation, increase employee satisfaction, and strengthen your company’s retirement plan.
Financially Educated Employees Make a Difference
Here’s how:
- Employees potentially save more and make smarter investment choices
- On-time retirements can reduce employer costs and support planning
- Financial education may build trust and boost retention
- Retirement-ready employees can reduce costs from delays and turnover
Keep these key benefits in mind as you build your participant education program.
Without Education, Your Retirement Plan May Be at Risk
Failing to support participant education can negatively impact both the plan and your organization:
- Fewer employees may participate
- A lack of guidance might make it hard for employees to make smart investment choices
- Waiting to improve financial wellness programs can increase employer costs due to delayed retirements
- Failing to engage participants can cause them to lose interest in their retirement planning
Addressing these risks today can help protect your retirement plan and set your organization and your employees up for long-term success.
Top Five CBIZ Practices for Retirement Plan Education
Focus on these tactics:
- Offer ongoing financial education through in-person workshops, one-on-one counseling sessions, and user-friendly digital tools.
- Implement auto-enrollment and auto-escalation features to help boost participation and encourage higher savings rates.
- Provide personalized investment advice to help participants tailor their portfolios to meet individual retirement goals.
- Leverage behavioral finance tools — such as gamification and targeted campaigns — to help drive engagement and motivate positive actions.
- Track participant engagement metrics to refine your education strategies and measure success.
Applying these five strategies can help transform your retirement plan and give your employees greater confidence about their future.
Transform Your Plan — Connect with CBIZ for Strategic Solutions
With the right resources and support, you can strive to empower your employees to take charge of their financial future while keeping your organization competitive and efficient.
See how targeted participant education can benefit your retirement plan. Contact CBIZ for a personalized retirement plan benchmark assessment today.
Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
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