US. For a workforce in flux, retirement plans and benefit options may be increasingly important
The tight labor market shows no signs of easing in the coming year, likely making benefits and retirement plan options an important part of employee recruitment and retention.
“This open enrollment season is an important time for employers to get the pulse of their workforce and staffing needs as they face another year of competition for talent,” said Sri Reddy, senior vice president of retirement and income solutions for Principal Financial Group.
Principal asked retirement plan participants and plan sponsors about financial behaviors and planning in its latest survey. The results point to a volatile workforce. Twelve percent of workers are looking to change jobs, 11 percent plan to retire or leave the workforce and 11 percent are on the fence about staying in their job, making a combined 34 percent of workers unsettled in their current role. Employers echoed these findings, with 81 percent concerned about increased competition for talent.
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