If there's a great fear that many workers of a certain age have these days, it involves the prospect of a retirement spent in poverty. Previous generations benefited from a solvent Social Security administration, robust pension plans and quite a bit more support from local government agencies. Changes in the state of the economy and the role that employers play have made it so that many workers exist in very precarious financial situations.
That's why one of the most important forms of compensation that an employer can offer her staff is peace of mind. Besides making a personal and economic commitment to retirement funds and healthcare, this can be accomplished by hiring an employee benefit consultant who will assist in making the most comprehensive coverage plan possible at a low enough cost for all parties involved.
Security is available when the expertise of an employee benefit specialist is brought to bear on the problem of employee savings. Most organizations aren't able to give their workers straight pension plans the way many state, local and federal agencies do. Private businesses, which have to turn a profit with fewer resources available, have no expectation of the state or condition they'll be in decades down the road when a staff member eventually retires.
As such, it's important to give workers education as well as financial contributions in order to offer them some peace of mind. For instance, many personnel are vaguely aware that a 401(k) personal savings account is a good way to start preparing for retirement, but they might not realize how much they can contribute or to what extent their employers will match what they put away. Have an employee benefit advisor go over the parameters of a 401(k) with HR representatives or workers themselves to give maximum value and compensation to workers.
