For many U.S. workers, retirement conjures up images of sunshine and travel. When it comes to planning for this chapter in life, however, many workers fall short. Over a third of workers ages 60 and older (34 percent) say they aren’t sure how much they’ll need to save in order to retire, according to a CareerBuilder survey. Also, employees aren’t always using the tools employers give them to start their savings: More than 1 in 4 workers age 55 and older (26 percent) do not participate in a 401(k), IRA or other retirement plan.
What Does This Mean for You?
Planning for retirement can be stressful for workers. Employers can help ease this stress by providing their employees guidance in this area. There are a variety of ways you can help your employees plan for a financially secure retirement, such as financial education and coaching to make sure employees know how much they need to save. Many employers simplify and automate the process of enrolling in retirement financial plans, to make it as easy as possible for employees to start saving. Many also give a company match to employees, to encourage them to save right away. It’s important to ensure your employees feel empowered with the tools they need to plan for their future.
Have you been thinking about increasing the educational requirements needed for jobs at your company?
If your answer is yes, you’re joined by over a third of today’s employers. According to a new CareerBuilder survey, 38 percent of hiring managers have increased educational requirements over the last five years. Thirty-three percent are hiring more workers with master’s degrees for positions that had been primarily held by those with four-year degrees, and 41 percent are hiring employees with college degrees for positions that had been primarily held by those with high-school degrees.
Why Raise Requirements?
Of the 2,605 hiring and human resource managers surveyed, those who increased educational requirements have noticed a positive effect across the board, in many critical areas:
- Higher quality work: 61 percent
- Productivity: 51 percent
- Communication: 45 percent
- Innovation/idea generation: 41 percent
- Employee retention: 33 percent
- Revenue: 26 percent
- Customer loyalty: 24 percent
What Does This Mean For You?
Unsure about whether you should help your workforce reach these increased education requirements? About half of employers (51 percent) plan to provide more online, competency-based learning opportunities to their employees in 2017. Forty-one percent of employers are sending current employees back to school to get advanced degrees – with 14 percent fully funding the degree, and 22 percent funding it partially.
Investing in your employees’ education means investing in your business. Providing training to upskill current employees and helping employees go back to school to get their degree or certification can help improve your company’s bottom line.
Learn about inexpensive ways to fund employee training and education here.