We all know that the construction industry is having difficulty attracting and retaining employees. The right retirement plan could be key to solving some staffing issues. Offering a comprehensive range of benefits with long-term rewards can help make your construction business more appealing and increase employee loyalty. According to Morgan Stanley’s at Work 2022 Plan Sponsor Research results, plan design is a fast-rising differentiator driving employee enrollment and supporting talent strategy in many companies.

Retirement plans remain a substantial essential workplace benefit, as you well know. As employers look at a range of benefits to meet the more complex scenarios presented by the changing economic climate, they are emphasizing the need for a competitive plan with a range of features to meet the evolving financial needs of a diverse workforce. So what exactly does that look like? What features can make your retirement plan stand out among other retirement benefits that might entice your top talent to stick around? Read on to learn more about the features and advantages of four plan design features to help you attract and retain talent.

1. The plan design

   Employees are more likely to participate when the plan shows clear strategy and thoughtfulness in its design. Features such as match and profit sharing encourage enrollment because it allows participants to feel closer to their entire paycheck.

2. The match amount.

   If you’re matching 5% or more, you could see significantly higher participation rates. If you’re matching at 3%, it can still feel like a generous benefit. 2% and below feels a little like the company could take it or leave it, and that could determine how the participant feels about the benefit—and possibly their long-term status at the company.

3. The auto features.

   Autoenrollment points them to the benefit. Automatic employer contribution increases the value of the benefit. Automatic escalation raises awareness about the power of savings (and compounding interest). Automatic re-enrollment reminds them of the benefit in case they waived contributions early on and might like to reconsider after becoming more established in the company.

4. The education.

   How do you feel about your education program? Do participants have access to an advisor? When you provide plan education and find a way to have a financial advisor available and involved, participation goes way up.

With different styles of retirement plans available, you can choose one that best fits your goals and budget to provide an attractive option for potential new hires and existing personnel. Contact Beneco today if you’re interested in starting a retirement plan for your employees!