Connecting to employees on a deeper and more personal level is a challenge almost every company experiences at one point in time. This article discusses steps workplaces can take to make sure they are actively building loyalty and engagement with their talent.

Companies that prioritize the well-being of their employees attest to increased efficiency and productivity. Businesses are most successful when embracing authenticity and expanding their empathy through workplace culture. Employee recognition can also lead to improving employee engagement and productivity, in addition to establishing a desirable company culture. By caring for people and meeting their fundamental human needs through work, organizations help employees unlock their full potential. To add that human touch, companies need to illustrate inclusion, development, and support for the benefit of their employees.

Inclusion. Humanizing the employee experience by promoting open communication, collaboration and interaction imparts a sense of belonging for employees in the company.

Development. A lack of career development is the number one reason employees leave a company. Therefore, a company’s investment in an employee from a growth and advancement standpoint is a significant component of engaged retention.

Support. Businesses must help employees build support networks and friendships with those around them. A company's better support structure can encourage and back up aspects of continued development and upskilling for greater company productivity.

Benefits of Humanizing the Employee Experience

Organizations reap many benefits from creating more human workplaces, including better employee performance, improved safety and health, and greater worker satisfaction and commitment. Employee engagement is proven to drive employee, team, and business success. Actively thriving employees seek opportunities to learn and develop, experiment with new ideas to propel their learning forward, and take the initiative in developing their careers. Thriving workers treat customers well, which improves the bottom line and benefits shareholders. Organizations have a unique opportunity to transform their employees’ financial security, making their workforce more engaged and productive. When businesses show how important they consider their people’s long-term well-being, they will find it easier to achieve their biggest challenge, attracting and retaining top talent.

Better benefits, more accessible savings plans, guidance, and technology tailored to individual needs are believed to impact a workforce positively. By implementing these, your company will benefit from:

• Greater profits
• Better customer experience
• Increased retention
• Competitive hiring.

Become an Employer of Choice with a Thrift Saving Plan

Due to the tight labor market and the need for skilled workers, there are more opportunities than ever for employees who would otherwise be contemplating or beginning retirement. The surest way to get employees not only enrolled in a Thrift Saving Plan but also excited to send significant savings to it is first to help them change their behaviors around the personal finance basics - stuff like debt, savings, and budgeting. Inspiring workers to switch from the bad habits holding them back financially to the good habits can move their full speed into retirement savings.

It’s essential to pair awareness and education with the right financial wellness solution. You’ll need to help your employees make the fundamental behavior changes necessary to engage with a Thrift Plan and use it successfully. They’ll never be able to hit that recommended percentage until they first master the money basics. Providing suitable investment options is an essential decision-making element for participants of defined contribution plans. Due to a changing retirement landscape in which employees increasingly want to have a say and an impact on decisions, you as an employer need to engage employees - through outreach, education, and retirement readiness assessments and be willing to make changes to support employees in their retirement goals.

First, start with the saving mentality. More than half of Saudi nationals don’t think their company offers the resources they need for retirement. Thus, the leading source for retirement information is an employee’s company. Once the employees see how many people have already taken the initial steps toward basic financial literacy, it'll inspire them to follow the same path themselves.

Second, consider offering a TSP match. If you can match a certain percentage of your employees’ Thrift Plan savings, you will likely see more enrollment among participants. Matching can drastically impact the total balance that employees can access into retirement from the TSP.

Third, send frequent TSP reminders to employees. Employees should know their options, which mutual funds are available to them, how to increase their savings, the importance of never taking loans out against their savings, and how much income they’ll need to live well in retirement.

Make the Thrift Saving Plan Your Company’s Best Asset

Retirement plans shouldn’t be a one size fits all approach. Building a TSP program that humanizes your employee experience at every stage puts your company on the fast track to improving employee engagement, becoming the employer of choice among the top talent in your industry and building a pipeline of qualified leaders for future success. Your role as an employer is to increase awareness of retirement security issues and share knowledge and best practices.

Workplace retirement plans help provide an agile, cost-effective, and valued benefit that can meet today’s changing needs of employers and employees alike. In addition, by creating a more human workplace that enables employees to thrive, organizations can boost people’s positive emotions and well-being at work, increasing employee performance and business results.

Closing Line

Businesses have many ways to help employees thrive. Many of these strategies require few resources, whereas others are more of an investment. As a result, employers are positioned to model positivity and encourage employees to thrive. Helping people thrive at work is valuable on its own merits and can also sustain the company’s performance.

The Thrift Plan team has helped companies and their employees experience a change in behavior that allows them to put the financial stress behind them and face retirement with high hope. The financial wellness benefit will get your employees genuinely engaged with their finances, from the basics to their Thrift Saving Plan and beyond. If you’re ready to learn more about a program that positively changes your employees’ behavior, we’d love to hear from you today. Make it easier for employees to manage their savings for retirement with us!