Fred Barstein, CEO & Founder of TPSU/TRAU/401ktv with Jim, Chief Financial Officer
When it comes to retirement planning and benefits, a positive company culture can be a game-changer. Employees who feel valued, supported, and connected to their workplace are more likely to actively engage with their retirement benefits and take charge of their financial futures. A culture that promotes open communication, transparency, and trust not only fosters a sense of security but also boosts confidence among employees as they plan for retirement.
Employers have a powerful opportunity to leverage their company culture to enhance retirement readiness. By providing comprehensive education and resources, fostering a culture of financial wellness, and implementing inclusive policies and practices, organizations can empower employees to make informed decisions about their retirement savings and investments. When employers align their culture with their retirement benefits strategy, they strengthen employee loyalty, increase retention rates, and ultimately drive better outcomes for both employees and the organization.
In a discussion at a TPSU program held at Stanford University, Fred Barstein, CEO & Founder of TPSU/TRAU/401K TV, interviewed Jim, CFO and COO of a mid-sized construction company with approximately 250 benefited employees. Jim shared insights into his role and the company’s proactive approach to building an organization capable of scaling up significantly. With a strong emphasis on employee well-being and future financial security, the company not only compensates well but also provides ample opportunities for retirement planning. This holistic approach reflects their commitment to ensuring that employees feel valued and supported as they grow alongside the company.
The results speak for themselves, with high participation rates and negligible opt-out rates among employees. Jim attributes this success to the engagement fostered through these meetings, as employees are actively encouraged to enroll and given the opportunity to ask questions and seek clarification.
Read the Full Transcript Here:
Fred Barstein:
This is Fred Barstein with 401kTV on the campus of Stanford University, where we just completed a TPSU program here with Jim. Welcome, Jim.
Jim Amlicke:
Hello.
Fred Barstein:
Okay if we ask you a few questions?
Jim Amlicke:
Absolutely.
Fred Barstein:
Very good. So before we do, just tell our audience a little bit about yourself and your role in your organization.
Jim Amlicke:
So I am the CFO and COO of a mid-sized construction company. My name is Jim, by the way, and we have been going through some dramatic growth over the last three years, so we went from being a small startup to a company doing about 25 million in revenue. And we knew that we wanted to grow this company from the very beginning so we wanted to do as much as possible in the early stages and try to build an organization that could grow up to being 100-person, 200-person organization, and maybe even up to half a billion dollars.
Fred Barstein:
And that’s why you came to the program, to learn more about…
Jim Amlicke:
Yes.
Fred Barstein:
Because retirement’s important, as you know.
Jim Amlicke:
It’s absolutely important. We have a wonderful culture in our organization, and we try to look at things from a holistic approach, and we want them to feel comfortable, our employees to feel comfortable, that they’re obviously well compensated, but we also think about their future and help them grow along with us.
Fred Barstein:
So with part of that, you said during the meeting that you have mandatory enrollment meetings so they must when they start.
Jim Amlicke:
Yes.
Fred Barstein:
So why did you do that?
Jim Amlicke:
So we want to, as much as possible, encourage everyone in the organization to be in the 401k program, and based upon the requirements we have, they have to be here for a year in our organization based upon our policy, so they have two opportunities to get into the program, and I didn’t want those dates to go unnoticed.
Fred Barstein:
Right.
Jim Amlicke:
So the idea was every six months when you become eligible for the program that there would be a mandatory meeting where we would talk about the program. We would invite our advisors in, as well, to teach people about the program, learn about how easy it is to get enrolled, and what the benefits of doing that, a traditional 401k versus a Roth 401k and then some of the investment opportunities. And we figured if we made it mandatory for those people, that there would be an opportunity for them to really think about it. And in fact, we don’t let them leave the room until they tell us, do you want to opt out? Otherwise, we’re going to continue to move forward with the enrollment process.
Fred Barstein:
And how’s that working?
Jim Amlicke:
It’s worked great. So we have really, really good traction in those meetings. I think we’ve seen probably 80 to 90% of the people enroll.
Fred Barstein:
Right.
Jim Amlicke:
And we’ve never had anyone drop out of the program, so we’re very, very excited that things seem to be working well.
Fred Barstein:
You get engagement …
Jim Amlicke:
Yes, absolutely.
