Tuesday, June 14, 2011

Bank of America Reports Employers Focus on Financial Benefits Plans To Retain Employees

According to a study conducted for Bank of America, 94% of employers believe it is important to retain older employees for a longer period of time before they retire in light of the talent and skills they possess. The Workplace Benefits Report examined ways in which employers are helping to address the financial needs of perhaps the most demographically diverse workforce in history and found that 50% of employers offer flexible or customized work schedules, 33% are implementing education around retirement income and health care topics, 32% offer continuing education and development opportunities, 22% give employees the opportunity to work remotely, and 21% are offering extended benefits to older employees.

In addition, the study notes:
  • Employers feel increased responsibility for financial well being of employees.
  • Recession and uncertainty of entitlements places increased importance on financial benefits, ignites positive savings actions among employees of all ages<.
  • Employers offer a broader range of financial education and advice, though lack of personalization and communication may limit employee engagement.
  • Employers look to enhance financial benefit plans to address the changing needs of employees and win the war for talent.
Source: Bank of America Press Release (June 14, 2011)

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