In today’s competitive labour market, businesses are increasingly exploring ways to attract and retain skilled employees beyond offering competitive salaries. While compensation remains an important factor, research suggests that workplace benefits — particularly those related to long-term financial well-being — play a meaningful role in employee decision-making (SHRM, 2025; Gallup, 2024).
How Retirement Plans Help Attract and Retain Employees
Group retirement plans are one approach organizations may use to support both attraction and retention objectives.
These programs allow employees to contribute regularly toward long-term savings, often with the addition of employer contributions. When employees perceive that their employer is supporting their future financial security, it can help strengthen trust and reinforce a sense of long-term commitment (Fidelity Investments, 2023).
Effective retirement plans can improve employee engagement and support long-term workforce goals.
From a retention perspective, certain plan features — such as employer matching contributions and vesting schedules — may encourage employees to remain with an organization longer in order to realize the full value of those benefits. Research in workplace benefits design indicates that these types of structures can contribute to workforce stability and help reduce turnover-related costs (Benefits Canada, 2025).
Well-designed retirement plans help businesses build stronger employee benefit strategies.
Group retirement programs may also support employer branding. Organizations that offer structured financial benefits are often viewed as more forward-looking and supportive of employee well-being, which can enhance their ability to compete for skilled talent in tight labour markets (SHRM, 2025).
It is important to note that outcomes can vary depending on how a retirement program is designed. Factors such as contribution structure, vesting timelines, investment options, workforce demographics, and long-term cost sustainability all influence the effectiveness of these plans.
Building Long-Term Value With Retirement Plans
For this reason, many organizations choose to work with advisory firms experienced in designing customized group retirement strategies aligned with workforce needs and business objectives.
For example, firms such as Open Access Limited, based in Ontario, work with employers to develop group retirement plans structures that aim to support employee financial well-being while aligning with long-term organizational goals.
References Society for Human Resource Management (SHRM) (2025).
Employee Benefits Survey.
https://www.shrm.org/topics-tools/research/employee-benefits-survey
Society for Human Resource Management (SHRM) (2025).
Employee Benefits Survey – Executive Summary.
https://www.shrm.org
Fidelity Investments (2023).
Workplace Benefits and Retirement Trends Research.
https://www.fidelityworkplace.com
Benefits Canada (2025).
Employers See Retirement Benefits as a Top Attraction and Retention Tool.
https://www.benefitscanada.com
Maytree Foundation.
Retirement Plans and Workforce Attractiveness Research.
https://maytree.com
Gallup (2024).
State of the Global Workplace Report.
https://www.gallup.com
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