By David Alemian
As the economy heats up, the competition for top talent is heating up with it. Indeed, the issue is only going to get bigger, because as companies grow, and add more employees, the available pool of talent shrinks even further. Now, more than ever, employers need to know what works, and what doesn’t work, when trying to attract and retain employees long-term.
Today’s workforce is quickly being filled with the millennial generation. Most employers are all doing the similar things to attract millennials. The problem is, when employers are all doing the same thing as each other, they are not being competitive. To win any competition, in this case, the competition for talent, employers need to do more than their competition.
The area of opportunity for employers is, in a word… benefits!!!
Employers want to attract high-quality employees and just as importantly, retain them over the long-term. Simply offering “fluffy” extra benefits that are attractive only to young people straight out of college, does not work for long-term retention. The reason, is that young people eventually become middle-aged with families. They want to go to work, and then go home to their loved ones. Their focus becomes security for their family, and a future with retirement security, for themselves and their spouse or partner.
The millennial generation saw what happened to their parents, the Boomer generation. Specifically, most Boomers with a 401(k) cannot afford to retire, and millennials do not wish to suffer a similar fate.
The earlier you start, the easier it is to save for retirement. This is good news for millennials, and it is good news for employers.
Millennials who participate in a retirement plan, can enjoy the benefit of having the power of time and compound interest working for them. Employers offering a retirement plan to millennials, also enjoy the benefit of having the power of time and compound interest working for them. By starting early, time and compound interest can create substantial retirement incomes for millennials. The benefit for employers is, the same time and compound interest, enables them to offer a significant retirement benefit at a relatively low cost.
Employers with comprehensive benefits packages that include retirement with a long-term vesting period, will save money by reducing employee turnover costs.
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About David Alemian
Successfully creating affordable retirement plans guaranteed to last a lifetime is a unique, specialty skill. It’s a challenging arena but respected writer David Alemian makes it look easy. Alemian is a leading retirement expert and nationally recognized authority whose expertise is shared via video columns, numerous journals, and talk-shows.
His national recognition results from both revolutionizing and revitalizing how organizations and individuals like you and me plan and save for retirement. Alemian is considered “The Go-To Guy” for creating and implementing absolutely irresistible, lifetime retirement pension programs.
Formerly the host of “It’s About Money” Radio Show, Alemian has also produced and is featured in over 200 financial education videos. Additional content can be found in many well-respected, publications including: MD Magazine, Physician’s Money Digest, Physicians Practice, Journal of Clinical Oncology, Consultant Live, Psychiatric Times, Cancer Network, OB/GYN.net, and The Healthcare Executives Network.
This article reflects the thoughts and opinions of the author and is being provided for educational and informational purposes only. It should not be considered financial or tax advice. Please consult your financial or tax advisor about your situation.