I have often said that a retirement plan is an important employee retention tool. The numbers prove me right.
According to a new study from Voya, 71% of employed Americans say they’re more likely to stay with their current employer if they’re offered an employer-sponsored retirement savings plan.
This is up from October 2022, when just 60% of employees said the same. This is why plan sponsors need to be concerned with their retirement plan or offer one if they currently don’t.