In a recent Q&A article on LinkedIn titled Kim Cochrane on Building a Better Retirement Plan to Help Stem Employee Fears of a Turbulent Market, Kim Cochrane, Director of Client Services at HUB RPW Rockville, shared her insights on ways to keep employees engaged even through market volatility.
Times of market turbulence can be difficult to navigate for both the employer and the employee. In uncertain times, employees may feel tempted to pull back on their retirement savings – especially through employer-sponsored plans. However, Kim points out this is often the wrong move for the employee’s long-term success. In this article she shares ways to keep employees engaged and on track with their long-term goals.
One of Kim’s key recommendations is the continual reevaluation of the retirement plan itself. Employers can and should be asking: Does the plan include features that keep employees engaged? Are there automated tools that make saving easier and more consistent for the employee? Enhancements like strong investment options, employer matches, and even features like auto-enrollment and automatic escalation can all help keep employees engaged in their financial futures, despite a rocky market around them.
Kim makes another key observation – education during these times is critical. Employees who feel confused or uninformed are more likely to make reactionary decisions that could harm their long-term success. While an employee who feels supported and well-informed is more likely to stay the course. They understand that market turbulence is often temporary and rash decisions are unnecessary.
“Sponsors can use education to help employees do the right thing amid market volatility — you can’t offer education enough during volatile times.”
– Kim Cochrane, Director Client Services, HUB RPW Rockville
As Kim highlights throughout the article, employer-sponsored retirement plans can be more than just a part of an employee’s benefit. They can serve as powerful tools that, when paired with consistent communication and education, can help employees weather financial storms with confidence. HUB is proud to play a role in creating the kind of retirement plans and education that can help employees stay focused on their retirement goals.
Together, we can help employees and employers prepare for a secure financial future.
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