6 valuable ways retirement planning can benefit your business

According to the Central Statistics Office, as of the end of the first quarter of 2023, the number of people working aged 65 or over in Ireland rose to approximately 107,300¹, an increase compared to the 91,900 recorded in the fourth quarter of 2019.

For most, retirement is a given when considering the stress of working day after day, year after year, and the toll it will take on mind and body. Your retirement is the finish line at the end of an arduous working journey; the feeling of relief from no longer being dependent upon work to fund the lifestyle you want to live.

Within your organisation, there may be a cohort of employees who are approaching retirement. This can be a surprisingly stressful time filled with trepidation as they transition from the previous four decades of a predictable routine into the relative uncertainty of life after work.

When work stops, so does the daily grind and the deadlines. The new challenge is how to fill this newly acquired time and how to adapt to the change in their life. People naturally start to ask themselves, “What am I retiring to?”

Considering all the questions that are naturally asked as your employees’ focus moves towards income in retirement, it is becoming more and more important for employers to offer retirement and financial planning support.

In this article, Senior Financial Planner, Barry Graham CFP, discusses the key reasons why the provision of expert financial planning is becoming a key benefit that prospective and existing employees value dearly.

Why is offering retirement planning support beneficial for your business?

1. Employee satisfaction and retention

Providing financial planning support shows that your company cares about your employees' well-being beyond their work. It can enhance job satisfaction, increase loyalty, and improve employee retention rates. When employees feel supported in managing their finances, they are more likely to stay with the company for the long term.

2. Increased productivity

Financial stress can significantly impact an employee's productivity and focus in the workplace. By offering financial planning support, you can help alleviate this stress and enable employees to concentrate better on their tasks. When employees are more financially secure, they are likely to be more engaged and productive in their roles.

3. Attraction of top talent

In today's competitive job market, offering financial planning support can be a differentiating factor that attracts top talent to your company. Candidates are increasingly looking for employers who provide holistic support, including financial wellness programs. By offering such benefits, you can stand out as an employer of choice and attract highly skilled individuals.

4. Improved financial literacy

Financial planning support can help improve the financial literacy of your employees. By providing access to resources, workshops, or one-on-one consultations, you can empower your employees to make informed financial decisions. This can lead to better financial habits, reduced debt, and improved overall financial well-being.

5. Reduced stress and absenteeism

Financial stress can lead to increased absenteeism, decreased focus, and higher levels of anxiety among employees. By offering financial planning support, you can help alleviate these issues and create a healthier work environment. When employees are less stressed about their finances, they are more likely to be present and engaged at work.

6. Positive company culture

Offering financial planning support demonstrates that your company values the well-being of its employees. It fosters a positive company culture that prioritizes employee development and support. This can lead to increased morale, stronger teamwork, and a sense of loyalty among employees.

How can we help?

Our highly qualified Financial Planning Advisors at NFP can support you in improving the financial wellbeing of your people who are preparing for retirement, to help them take action to improve their retirement outcomes. Our people support and HR division, Connor Consultancy (an NFP company), can also provide crucial lifestyle retirement planning support services for your people, to help them manage the transition to life after work.

Our suite of retirement and wider financial wellbeing strategies is fully inclusive of everyone in your organisation, using a careful blend of modules to design and deliver educational sessions bespoke to the needs of your people.