What your staffers really think about their future
April 24, 2009 by Jared BilskiPosted in: Benchmarking, Benefits, Communication tips, Economy, In this week's e-newsletter, Latest news & views, Management issues
Both Ben Bernanke and President Obama have stated recently that they are “optimistic” about the future. Do your staffers share those sentiments?
Last year’s market decline wreaked havoc on many employees’ defined-contribution plans. Rather than just shaking workers’ confidence, many employees believe the damage will ultimately affect their long-term goals.
A recent survey by BGI and the Boston Research Group entitled “401(k) Participant Attitudes, Behavior and Intentions” gauged employees’ confidence about retiring on schedule. Check out the chart below to see their responses.
Of those who said they were worried about never being able to retire, 58% said they planned to work until they die.
However, many of the survey participants took a less drastic view of their 401(k) losses. Almost half said they’d save more to make up for what they lost last year.
If you’re worried about staffers’ confidence, it may be a good idea to get together with your HR and/or Benefits pros to put together a company-wide meeting. Just letting employees vent and get their fears in the open may be helpful.
Also, it never hurts to remind people that the market is cyclical — especially if you have some stats to back it up.
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Tags: 401(k), Ben Bernanke, Boston Research Group, Defined-contribution plans, Employee confidence, President Obama
