Workers want more from their employers when it comes to retirement
TIAA’s 2022 Employee Retention Survey reveals a majority (68%) of employees are seeking better information about their retirement savings plans from their employer. Employees also say more educational resources and communications clarifying benefits can help build trust. Workers who trust their employer place an even higher importance on benefits when making career decisions.
Other key survey findings include:
Just 16% of employees say they received information about their current retirement plan before being hired
Less than half (42%) say their benefits were communicated when they first started their job
Just over half (54%) say they received information during open enrollment
Only one-third of employers say they communicate about their benefits plans before hiring an employee
More employers are using benefits as a valuable asset for attracting and retaining employees and feel a high degree of responsibility for their employees’ retirement and financial wellness. However, this commitment does not always translate to employees. Most employees surveyed recognized their employers’ increased focus on health and safety (64%) as a result of the pandemic, but just one-third noted a heightened focus on their financial wellness. A majority (68%) of employees also say they would like their employer’s help developing a retirement strategy.
Providing financial education and information about retirement benefits can enhance retention and recruitment strategies, build stronger employee-employer relationships and boost employees’ retirement preparedness.
