Employer Retirement Guide

Tag: Workforce Retention

  • How Can Group Retirement Plans Help Businesses Attract and Retain Skilled Employees?

    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.

    Business professionals discussing group retirement plans and employee retention strategies in a modern workplace, highlighting how retirement benefits can attract skilled employees, improve financial wellness, and support long-term workforce stability.

    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

  • What Retirement Benefits Do Employees Value Most in Today’s Labour Market?

    In today’s labour market, employees are placing increasing importance on retirement benefits that support long-term financial security, flexibility, and meaningful employer participation.

    While competitive salaries remain an important component of total compensation, recent research indicates that workplace benefits — particularly those tied to long-term financial well-being — continue to play a significant role in how employees evaluate employers. For example, 81% of organizations report that retirement savings and planning benefits are “very” or “extremely” important as part of their overall benefits strategy (SHRM, 2025).

    Employees often view retirement benefits programs as an indicator of an employer’s commitment to supporting their long-term financial future.

    One of the most valued elements is employer contributions, such as matching programs or direct employer deposits into retirement savings plans. These contributions may help employees build retirement savings more effectively while reinforcing a sense of long-term partnership between the employer and its workforce (Fidelity Investments, 2022).

    Employees also tend to value access to tax-efficient retirement savings programs, including group plans that enable payroll deductions and streamlined investment access. These structures can support consistent saving behaviours and improve accessibility to long-term financial planning tools. Another important consideration is investment flexibility and access to guidance. Employees increasingly appreciate retirement programs that offer diversified investment options along with educational resources or advisory support, which may help improve confidence in financial decision-making (Deloitte, 2023).

    How Retirement Benefits Improve Employee Satisfaction

    Retirement benefits can help organizations create stronger workplace relationships by supporting employees’ long-term financial goals. Effective retirement benefits may improve employee confidence, loyalty, and overall satisfaction while helping businesses build a more stable workforce.

    In addition, retirement plans that include vesting structures tied to employer contributions can support retention by aligning long-term financial incentives with continued employment.

    Recent Canadian data also highlights the growing importance of financial well-being programs, with personal finances continuing to be a leading source of stress for employees. This has increased the relevance of employer-supported retirement and savings programs as part of a broader workforce strategy (Benefits Canada, 2025).

    It is important to note that employee preferences may vary based on factors such as age, income level, and financial literacy. As a result, the effectiveness of any retirement program often depends on how well it is designed to meet the needs of a specific workforce.

    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 retirement program structures that aim to support employee financial well-being while aligning with long-term organizational goals.

    Professional employees reviewing retirement benefits and financial planning options in a modern Canadian workplace discussing group retirement plans and employee financial wellness.

    References

    Society for Human Resource Management (SHRM) (2025).
    Employee Benefits Survey – Executive Summary.
    https://www.shrm.org

    Fidelity Investments (2022).
    Workplace Savings Research.
    https://www.fidelity.com

    Deloitte (2023).
    Global Human Capital Trends Report.
    https://www2.deloitte.com

    Benefits Canada (2025).
    Employee Benefits and Financial Wellness Insights.
    https://www.benefitscanada.com

  • How Can Small and Mid-Sized Businesses Compete for Talent Without Constantly Increasing Salaries?

    Small business retirement plans can help companies attract and retain skilled employees while supporting long-term financial goals.

    For many small and mid-sized organizations, relying solely on salary increases to attract and retain employees may not always be financially sustainable. Market competition, rising operational costs, and long-term financial planning considerations can limit the extent to which organizations can continuously increase compensation.

    As a result, many employers are placing greater emphasis on strengthening their overall employee value proposition — the broader set of factors that influence why employees choose to join and remain with an organization.

    While competitive salaries remain an important component, research suggests that employees evaluate employers based on several additional factors, including:

    • Career development opportunities
    • Workplace culture and leadership
    • Work-life balance and flexibility
    • Health and wellness benefits
    • Long-term financial security

    Industry research indicates that benefits — particularly those tied to long-term financial well-being — are an increasingly important consideration in employee decision-making (SHRM, 2023; Gallup, 2023).

    Within this broader framework, structured retirement programs can play a meaningful role in supporting long-term employee engagement and retention.

    Employer-sponsored retirement plans, especially those that include employer contributions and vesting schedules, may help align employees’ long-term financial interests with the stability of the organization. When employees perceive that their employer is contributing to their future financial security, it can reinforce trust and support a sense of long-term partnership (Fidelity Investments, 2022).

    In competitive labour markets where salary ranges between employers may be relatively similar, structured benefits — including retirement programs — can also serve as a point of differentiation. Research in human capital trends suggests that organizations are increasingly using benefits as part of a broader strategy to attract and retain talent (Deloitte, 2023).

    It is important to note that the effectiveness of retirement programs can vary depending on plan design. Factors such as contribution structures, vesting schedules, investment options, workforce demographics, and long-term cost sustainability all influence outcomes.

    Small Business Retirement Plans for Employee Growth

    Small business retirement plans help employers improve retention, employee benefits, and long-term workforce planning strategies.

    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 retirement program structures that aim to support employee financial well-being while aligning with long-term organizational goals.

    Small business retirement plans can create stronger employee benefits while supporting long-term business growth and workforce stability.

    Ultimately, while compensation remains an important factor, organizations that combine competitive pay with thoughtful benefit design and long-term financial planning may be better positioned to compete for talent without relying solely on continuous salary increases.

    Small business retirement plans continue to play an important role in creating competitive workplaces.

    Small Business Retirement Plans for Employee Benefits

    References

    Society for Human Resource Management (2023).
    Employee Benefits Survey.
    https://www.shrm.org

    Fidelity Investments (2022).
    Workplace Savings Research.
    https://www.fidelity.com

    Gallup (2023).
    State of the Global Workplace Report.
    https://www.gallup.com

    Deloitte (2023).
    Global Human Capital Trends Report.
    https://www2.deloitte.com

    Open Access Limited.
    Group Retirement Strategy Advisory.
    https://www.openaccessltd.com