In many instances, planning for retirement is the last item on an employee’s to do list. Notably, in the current economy most people are more concerned with the here and now instead of what they will require in future. As a result, employers are experiencing numerous challenges in getting their employees to commit and contribute to retirement plans established for future savings. That said, it is imperative that employers are conversant with the different retirement plans available in the market as well as put in place an adequate communication plan that informs their employees on the available options and inspire them to enroll (Martocchio, 2011).
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Individuals or employees benefit from the security offered by these plans as well as significant savings on taxation. Accordingly it is crucial for organizations to implement the suggested plans and employees should consider participating in any plan as a priority not the last item on their to-do list.
Cassidy, D. (2006). A manager’s guide to strategic retirement plan management. Hoboken, NJ: John Wiley and Sons.