With the current robust economy comes a tight job market. While that may be great for revenues, it also brings the added pressure of attracting and retaining skilled staff members. Whether you are trying to entice good workers to leave the jobs they have to join your firm or want current employees to stay, it takes a more than salary and a pleasant workplace. Having a good employee benefit plan helps make your case.
The Thing About Millennials
Millennials, the generation that is currently flooding workplaces as the pace of Baby Boomer retirements starts to percolate, may have a reputation for being swayed by the promise of an office foosball table and Taco Tuesdays, but that is not all they want. A key characteristic for this demographic is that they are savers, and many have already begun saving for retirement. As self-guided learners, they are already looking for more sophisticated strategies and advice on retiring. They want to be prepared to “win” retirement—and a potentially early retirement at that.
As an employer, this makes your plan, and its attractiveness in meeting your staff members’ long-term goals, even more critical to your company’s continued growth and expansion.
Closing the Gaps
As a wealth management firm, we have been creating and administering employee retirement plans for decades. That includes establishing, monitoring and administering defined contribution plans, or 401ks and 403Bs, for our business and municipal clients.
With a highly “seasoned” staff—some of us started our careers with larger global consulting firms and research groups—we have an unexpectedly deep bench when it comes to our in-house capability for structuring customized new employer plans for clients. We can also provide consultative services that lead to recommendations for strengthening the retirement plan you already have in place to make it more appealing to participants of all ages.
Easy Access to Answers
Recently, we’ve been making the biggest difference for our plan sponsor clients by bringing their plans up to the technological standards workers expect, especially those that are younger and tech savvy. Millennials, in particular, are information miners. They expect to find the answers they need to questions as they occur to them, online and through a mobile device. Then, they want to be able to contact a person for a one-on-one conversation. We accommodate that.
Through a variety of vendor relationships, we strive to create a seamless and intuitive experience for your plan participants. This enables them to trade online and access research on their own. It also provides the tools and apps that help them focus on achieving their financial wellness goals. Given our own community banking heritage, we are also available to take calls and meet on-site to address their questions and provide the educational assistance that enables participants to get the most out of their employer plan.
As a division within a commercial bank’s trust department, we also offer two more advantages. Fiduciary duty is part of our DNA. We are required by law to operate with fiduciary responsibility at every level of our business. This isn’t something new for us; it has always been part of our service.
Secondly, being a wealth management provider, we are also able to leverage the market research and investment knowledge of in-house experts to the advantage of your plan. That expertise can help in structuring the plan and choosing the most cost-effective investment options for you to offer. Beyond fund selection, the fact that we monitor markets and investments daily can lead to a quicker reaction to shifts in market and economic fundamentals. Many of our plan sponsor clients find that added responsiveness and proactive involvement relieves them of the extra responsibility and pressure to conduct their own monitoring and investment reviews.
We Simplify Plan Sponsors’ Lives
We also help keep compliance testing in line with ERISA compliance and monitor costs related to the investments and to the plan’s operation. After all, controlling costs creates more of a growth opportunity for participants. Although, we also recognize it isn’t always about the price. It’s about being able to deliver participants to their goals and providing plan sponsors with the services and support they need—from access to the best investment platforms to on-site education and consultations.
Whether you want to ensure your current plan remains competitive in today’s battle for workers or you think it’s time to add a plan, visit us here or, better yet, give us a call at 630-844-8655. We can help you stay competitive and keep your employees on track to achieve the retirement goals.