Post-Pandemic Employee Retention: Rethinking Retirement Plans
For employers facing challenges in recruiting and retaining employees, it could be an opportune moment to consider and reassess their approach. The post-pandemic era has ushered in significant changes, necessitating a reevaluation of various aspects of the workplace. Reviewing the current retirement plan is crucial to ensure it aligns with the evolving needs and expectations of the workforce in this new era. By addressing these changes proactively, employers can enhance employee satisfaction, engagement, and loyalty, fostering a more resilient and thriving workforce.
At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held at DeSales University, Fred Barstein spoke with
Conni from Legacy Planning Partners. Conni is a client relationship manager who specializes in retirement plans. They discuss how Legacy Planning Partners is helping clients with plan design to address challenges in recruiting and retaining employees post-pandemic.
Conni explains that they have implemented a successful solution where instead of using traditional bonus programs or sign-on bonuses, they are funding contributions directly into the retirement programs on behalf of employees. This approach has proven effective in recruiting and retaining employees across various levels, from professionals to technicians.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Stein, CEO and founder of TPSU and 401k TV here at DeSales University in Pennsylvania with Conni King from Legacy Partners?
Conni King:
Legacy Planning Partners, yes.
Fred Barstein:
Welcome.
Conni King:
Thank you, it’s a pleasure, Fred.
Fred Barstein:
Okay if we ask you a few questions?
Conni King:
Absolutely.
Fred Barstein:
Very good. Got to get that out of the way. Before I do, tell us a little bit about yourself and your firm.
Conni King:
So I’ve been with Legacy Planning Partners for a little over three years. I am a client relationship manager working specifically in retirement plans.
Fred Barstein:
Great. So we talked a little bit about this, about how you’re helping with plan design, and helping to design plans to help with recruiting, so tell us how you’re doing that.
Conni King:
So as you’d mentioned one of my specialties is really plan design compliance work, and we have post pandemic have had a lot of clients recruiting and retaining employees has been very difficult. So we’ve come up with a solution that instead of perhaps using a bonus program, or a sign-on bonus program, to fund contributions directly into the retirement program on behalf of these employees. So it really has been a very successful project that we’ve initiated, and several of my clients have had great successes with it.
Fred Barstein:
To do that, well that’s great, because we always hear about retirement or plans as a recruiting, but that’s a specific way of doing it.
Conni King:
Yes. And again, it’s been very successful in a broad range too. Not necessarily at a professional level, but at a technician level as well.
Fred Barstein:
Right. So final question, why should a plan sponsor attend a TPSU program?
Conni King:
So I must admit that today was my first session, and I have to tell you it was very insightful. I found that the peer-to-peer interaction with the plan sponsors was very beneficial. That there was a lot offered, that they could really gain knowledge from like-minded individuals in like positions.
Fred Barstein:
Great. Well thank you, thanks for participating in TTPSU.
Conni King:
Thanks for having me.
Fred Barstein:
And thank you for watching 401k TV.
