How can you curb workforce aging?
If you’re like most employers, your workforce is growing older with many nearing or even beyond retirement age. When employees don’t have enough set aside to leave their job, it can put a big drag on your business financials.
But, you can get a better handle on your aging workforce. Consider these four ways to help keep costs down.
1. Know your workforce
Start by taking a closer look at your employee population. Then ask your retirement plan advisor to model the consequences of workforce aging and the financial impact.
2. Shift the focus
Next consider rebalancing your spend on health and retirement benefits. By making some changes, you may attract and retain employees without excessive medical claims who are ready to retire earlier.
3. Stop early retirement programs
Early retirement programs take a lot of time and money to manage. But you can often reduce or eliminate these by using best practice plan design features.
4. Create a retirement culture
Employees are much more likely to leave the workforce on time if they have a general sense for what they need to save. Make retirement a positive and possible goal.
You don’t have to go it alone. In fact, a recent study by the Retirement Advisor Council shows advisors can help you better manage workforce aging. Find out more by reading our Is your aging workforce impacting your bottom line? (PDF) document.
This communication is intended to be educational in nature and is not intended to be taken as a recommendation.
Insurance products and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group® (Principal®), Des Moines, IA 50392.