Workers may be in for a treat – some companies plan to boost their retirement benefits in the next few years, as they look to hire and retain talent, according to a new survey.
The survey results come as employers are grappling with a tight employment market and struggling to hire people. Job openings in the U.S. outnumbered available workers, according to Labor Department data released earlier this month. Almost four out of 10 respondents said the changes would involve contributions themselves, such as allowing employees to make contributions to reduce student loans or build an emergency or health savings fund. More than a quarter of companies said they’d change their plans’ automatic deferral options, which is how employees can directly contribute to their accounts.
Employee experience will also be top priority for employers. Almost all companies said they offer or plan to offer access to personalized support or digital tools to assist in financial wellness, such as budgeting and spending.