The financial services industry is in transition. Evolving investor preferences and human dynamics are reshaping global business and society into an economy that’s led by consumers rather than producers. Digitization, technology and cybersecurity are also advancing faster than expected.
These trends mean that you may have to match skills more closely to jobs and provide career paths and training for your employees. Additionally, you may want to consider improving your entire rewards package, which can be a differentiator in a competitive job market. Here are some ways to make your retirement savings plan stand out:
- Implement automatic enrollment
Nearly 43% of plans don’t automatically enroll employees. If any industry should understand how important it is to participate in retirement plans, it’s financial services.
- Automatically increase savings rates
Financial services firms know the power of compounding interest better than anyone. You also have a fiduciary responsibility to try to help your employees become retirement ready.
- Focus on financial wellness
Employees may struggle with any number of financial issues unrelated to investments – paying daily bills, managing debt, saving for a rainy day, etc. Financial wellness programs can help them solve these problems and more.
For a financial services industry retirement plan report card and information on how ADP can become your retirement ally, download our insight.