Dive Brief:
- Sixty percent of working Americans say they are more likely to stay with their company if it offers an employer-sponsored retirement plan, a consumer research survey by investment firm Voya Financial found.
- Retirement benefits were nearly as important as a competitive salary or compensation package (64%) or flexible work hours (63%), the survey revealed.
- “As many employers face an intensifying market attracting and retaining talent, the new year brings a great opportunity to evaluate your offerings to help stand out as an employer of choice,” Rob Grubka, CEO of health solutions at Voya, said in a news release.
Dive Insight:
The COVID-19 pandemic thrust retirement savings into the limelight as workers looked for ways to secure financial stability during uncertain times. A survey published Nov. 15 by TIAA shows that 51% of workers said the pandemic increased their concerns about being able to retire when they want. Add inflation to that, and long-term savings are on workers’ minds.
Some retirees are even rejoining the workforce to deal with the high cost of living. A poll released in May by Resume Builder finds that 20% of retirees surveyed planned to rejoin the workforce, and 69% attribute that decision to rising costs.
Another recent survey by 401(k) plan provider Human Interest shows how the pandemic affected workers’ feelings about retirement. Seventy-one percent of employees who had a very difficult time during the pandemic expect to delay retirement, while roughly 1 in 3 respondents said the pandemic changed how they save, what they want to do and at what age they want to retire.
