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Staying Financially Fit | Keeping Your Workforce Fresh

| AUG 14, 2019

Your business is only as good as your workforce, and your workforce performs best when engaged and motivated. Long-term employees are great – they hold institutional knowledge, gain efficiency through experience, and help educate the next generation of workers.

Financial insecurity can disrupt the natural balance found in vibrant workplaces, leading to stress, absenteeism and lowered productivity. Workers financially unprepared to retire may stay on for years, stagnating advancement in a company. So, what can employers do to keep their workforce fresh?

  • MAKE YOUR 401(K) MORE MEANINGFUL
    Offer your employees a match and educate them on getting the most out of it. Encourage regular check-ups to make sure their retirement plan is on track. Many businesses are moving toward immediate 401(k) eligibility. Helping employees save more will give those nearing retirement the confidence to enjoy their golden years and open a spot for new talent.
     
  • MANAGED ACCOUNTS REDUCE INVESTMENT COMPLEXITY
    Simplify the process of retirement investment decision-making. Choosing the right mix of investments in a retirement account is daunting. Most people are looking for a ‘do it for me’ approach to help navigate the process. Managed accounts give employees the confidence of knowing that an experienced professional is making decisions tailored to fit their retirement priorities.
     
  • DO WHAT YOU CAN TO MAKE SAVING AUTOMATIC
    Automatic payroll deductions encourage employees to save. When people don’t have to take action to save, they are more likely to keep saving and less likely to miss the money they set aside. A recent Willis Towers Watson survey shows 73% of businesses auto-enroll new employees, and 60% now offer an auto-escalation feature, increasing by a small percentage every year.
     
  • HEALTH SAVINGS ACCOUNTS OFFER PEACE OF MIND
    A savings tool that is available for today and tomorrow’s health expenses. Unlike Flex Savings Accounts, you do not have to use your entire health savings in one calendar year. Instead, you can continue to build savings year after year and help with medical expenses that come up even after retirement.
     
  • FINANCIAL WELLNESS PROGRAMS CAN REDUCE STRESS
    One study says people spend three work hours a week dealing with personal finances. People worry a lot about money, which causes stress and can contribute to absenteeism. Offering financial consulting – addressing issues like building emergency savings and managing debt, on top of retirement offerings - is one way to help.

You can help keep your workforce fresh in many ways, but solutions aren’t one-size-fits-all. Talk to an Alerus business advisor to learn about the offerings we have for you, and brainstorm with us what else you can do. Our experience and our expertise with a range of workplace benefits make Alerus a great place to get fresh ideas.

1. The information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Alerus does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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