NAPA Net - Polling Places 031023

The Best Benefits to Attract/Retain Workers?

Beginning with the so-called Great Resignation, and fast-forward to today, employers are experiencing a challenging, tight labor market - requiring employers put a greater emphasis on creative benefit structures to attract and retain key talent. So, what ARE those levers?

We’ve got a special workshop at the 2023 NAPA 401(k) Summit focused on that topic specifically – but ahead of that, we’d like to know which lever(s) you see most often – and which you find to be most effective.

Oh – and how about financial wellness? Is it working, and if so, how? And if not, why not? Yes, there’s ANOTHER workshop focused on the “fad” of financial wellness – and ahead of THAT, we’d love to know about your experience and opinion(s) on the subject.

Let's get started!

Question Title

* 1. What are the Top 3 Plan Design Levers to Attract / Retain Employees (pick 3)?

Roth Provisions

After Tax Contributions

Loan Provisions

Dual Eligibility (Plan / ER contributions)

In-service Withdrawals

Plan Eligibility

Plan Entry

Definition of Compensation

QDIA / Re-Enrollment

Employer Match Frequency

Employer Match Formula

Vesting

Auto Enrollment

Hardship Withdrawals

Question Title

* 2. What are the Top 3 EMERGING Plan Design & Resource Levers to Attract / Retain Employees (pick 3)?

	Third-most impactful	Second-most impactful	Most impactful
Emergency Savings	Emergency Savings Third-most impactful	Emergency Savings Second-most impactful	Emergency Savings Most impactful
Emergency Savings Withdrawals	Emergency Savings Withdrawals Third-most impactful	Emergency Savings Withdrawals Second-most impactful	Emergency Savings Withdrawals Most impactful
Student Loan Matching	Student Loan Matching Third-most impactful	Student Loan Matching Second-most impactful	Student Loan Matching Most impactful
Tiered Employer Contribution Formulas	Tiered Employer Contribution Formulas Third-most impactful	Tiered Employer Contribution Formulas Second-most impactful	Tiered Employer Contribution Formulas Most impactful
Bonus Deferrals	Bonus Deferrals Third-most impactful	Bonus Deferrals Second-most impactful	Bonus Deferrals Most impactful
HSA Education and Guidance	HSA Education and Guidance Third-most impactful	HSA Education and Guidance Second-most impactful	HSA Education and Guidance Most impactful
Retirement Income Solutions	Retirement Income Solutions Third-most impactful	Retirement Income Solutions Second-most impactful	Retirement Income Solutions Most impactful
Financial Wellness Guidance & Resources	Financial Wellness Guidance & Resources Third-most impactful	Financial Wellness Guidance & Resources Second-most impactful	Financial Wellness Guidance & Resources Most impactful

Something else (please specify)?

Question Title

* 3. What percentage of your clients are offering Financial Wellness?

100%

More than 75% but less than 100%

More than 50% but less than 75%

More than 25% but less than 50%

Less than 25%

None.

Comments on that?

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* 4. What is your preferred model for delivering Financial Wellness?

Proprietary model from your firm

Proprietary model from a recordkeeper

Third-party model from a financial wellness provider

A combination of the above

Comments on that?

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* 5. Do you include the effectiveness of the financial wellness program in your reviews with the client?

Yes

Sometimes

No, because I find it a challenge to track or benchmark the effectiveness of the program

Comments on that?

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* 6. If you are using multiple models what is the most important in terms of which model you use?

Number of employees/participants

Plan assets

Needs of the client

Not applicable as I only offer one model

Comments on that?

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* 7. What is the participant count of the plans you typically service?

Less than 100

Between 100 – 1,000

Between 1,000 – 5,000

Between 5,000 – 10,000

More than 10,000

Comments on that?

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* 8. Any other comments about benefits, the importance of benefits, the shifting importance of benefits, the impact of the great resignation, inflation, COVID, etc., on benefits, the assumptions (and realities) about financial wellness, financial wellness as a benefit, the definition(s) or lack thereof of financial wellness, what you're most looking forward to about the NAPA 401(k) Summit, or life in general?

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* 9. Suggestions for future survey questions?

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* 10. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...