Plain and Simple: Bright Business Insights Spring 2018 | Page 11

EMPLOYEE SAVING HABITS INFLUENCE BUSINESS SUCCESS Prime Your Employees, Business For Success By Focusing On Financial Wellness Studies show that employees across the nation have little confidence in their retirement savings’ ability to provide for them over the course Retirement Savings Assistance of their golden years. That’s not too surprising, considering that most Retirement savings and profit sharing plans are great ways to help your workers don’t take the simple steps required to properly prepare for employees save for retirement. They provide plan participants with the retirement. Fortunately, employers in all industries are beginning to step ability to receive payments over a long period of time by converting up to show interest with their employees’ savings strategies and overall funds into lifetime income. The following are additional solutions your financial well-being. This not only better prepares their workforce for business can implement: retirement, it directly impacts the company’s bottom line. • much they can spend each year for retirement. Financial Wellness Some employers will say they take an interest in their employees’ • employee engagement and retention. Whatever the reason, there is certainly a correlation between the financial stress one’s employees face and certain business challenges. A plan option that allows participants to elect for automatic payments for retirement. financial wellness because they consider it to be the right thing to do and others believe that a more financially secure workforce will improve Modeling tools designed to help individuals calculate how • Ability to transfer assets to a benefit plan to receive an annuity. • Offer insurance or annuity products within the plan. To avoid these headaches, employers are encouraged to properly Retirement savings plans and profit sharing plans will ensure that your educate employees on strategies and tactics that could result in their workers are actively participating in their retirement plans and saving improved financial wellness. By helping your employees build a solid enough money for their own long-term financial well-being. financial future, you’re more likely to find and retain a more engaged, focused and healthier team. Successful Programs As an employer, you can promote financial wellness throughout your business with a program that reinforces your business’s financial wellness strategy. Successful wellness programs educate employees on the following: • Basics of investing • Debt management • Budgeting • Financial planning • Prioritizing savings by: Brian Kempf, CPA Principal 212 North Washington Street Millersburg, OH 44654 [phone] [email protected] Call me to learn more about how employee retirement readiness and financial wellness can impact your business’s bottom line. Let’s talk about solutions that make sense for you.