Assembling the Pieces | Monitoring Retirement Planning with Benefits and Pensions
5 factors to consider when evaluating a retirement consultant for your business and how they can help you with your overall happiness puzzle
Canada’s retirement landscape is rapidly evolving, creating both challenges and opportunities for businesses seeking to ensure the financial well-being and future security of their employees. With constant changes in the pension industry and the economy at large, companies need to take a proactive approach to retirement savings and support their employees in achieving their retirement savings.
According to TELUS Health’s October 2023 Financial Wellbeing Special Report, three-quarters (74%) of workers surveyed say it is important for their employer to offer retirement savings options. 30% say financial planning is the most important part of their benefits package. plan. This reality is not expected to change, and failure to meet this need can lead to employee disengagement and low morale.
Help secure the future of your employees
A key part of this approach is partnering with the right retirement consultant to help you navigate the complexities of your pension and benefits landscape. Without expert guidance, companies risk losing talent as employees choose employers that offer generous severance benefits. Monitoring economic trends, workforce changes, and regulatory changes with the support of a strategic consulting partner will help companies create a customized retirement plan that meets their diverse needs, especially when they have a multigenerational workforce. Help you design and manage your plan. Here are five important factors to consider when evaluating the best retirement consultant for your business.
Customized for your unique needs
Every retirement plan is different, and each organization has its own priorities. Build your strategy around your company goals and choose a partner who can help you achieve them tailored to your employees and business profile. Solutions must be customized in both governance and operations to identify cost savings opportunities and provide tools to increase employee engagement while ensuring regulatory compliance.
Securing expertise and qualifications
Experienced and qualified retirement consultants play a vital role in optimizing your retirement and savings program. In Canada, an actuary designation such as FCIA (Fellow of the Canadian Institute of Actuaries), certifications such as CFA or CPA, and specialized knowledge tailored to the country’s unique retirement situation are essential. Certified consultants help companies identify inefficiencies and risks in their programs and combat challenges to achieve better outcomes.
Stay ahead of regulatory changes
Retirement regulations are complex and subject to constant change. The right consultant will stay up to date with federal and state regulations, minimize your company’s legal risks, and act as an extension of your in-house team to solve complex problems. As business objectives evolve and employees move through different life stages, consultants who anticipate an organization’s future needs are a key resource to ensure it’s prepared every step of the way.
Ensuring effective communication and employee engagement
Many workers are losing confidence that they will have financial security in retirement. To increase employee engagement, look for consultants trained to provide continuing education on retirement options, delivered through clear communication and supplemented with personalized financial coaching.
Maximize investment value
Today’s financial pressures and uncertainties have both employers and employees looking for ways to increase the value of each dollar. Transparency in pricing and service agreements is critical. Professional consultants can help you monitor and manage your organization’s pension plans and help you find the most beneficial and cost-effective solutions. Balancing these costs against value and benefits will ensure a measurable return on investment.
Select partners with a comprehensive approach
A good retirement consultant will be proactive about thinking about the big picture and will be prepared to coach human resources and executives on how financial security is inextricably linked to both physical and mental well-being. In fact, the connections between these three pillars have never been more important.
Overall, overall well-being has a huge impact on an employee’s ability to fully participate in the workplace and drive innovation. A comprehensive approach to total compensation delivers higher value outcomes for every dollar contributed, helps employees feel more in control of their finances, and helps organizations improve both recruitment and retention. Increased competitiveness.
This is increasingly important not only for older generations, but also for workers aged 18 to 35. As competition for talent intensifies, companies with an integrated total compensation strategy are poised to retain and grow a better, more engaged workforce.
With 22 years of experience as a pension specialist, Paul Grant leads a team of talented consultants who develop and implement tailored retirement strategies for organizations and support the financial well-being of their employees.
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