Transforming for the future
How retirement programs can support talent acquisition and retention for retailers
March 24, 2023 | Episode 12 | 7:08
The Transforming for the future podcast series features Mercer's consultants who are helping organizations stay ahead of the curve by embracing transformation, exploring new ways of working, and reinventing their employee experience. We'll discuss the most pressing issues facing leaders today and how to shape the future of work so that your business and people thrive.
In this episode, Mercer’s Retail Industry Leader, David Kopsch interviews Ken Lowe, a Senior Principal in with Mercer, about the impact of retirement programs for talent attraction and retention at retailers.
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Interesting moments from the interview:
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1. Attracting and retaining
"Attracting and retaining employees is one of the top challenges facing all employers today, but especially the retail industry. Employers are trying to get more creative with the financial benefits they are offering and looking beyond the traditional 401k match." -
2. A new reality
"The reality is that many frontline employees in the retail industry are in a more difficult position to save for retirement. This is why many retail companies are investing in other financial benefits that meet these employees where they are."
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3. Adjusting benefits
"SECURE 2.0 builds on the original SECURE Act’s provision impacting plan access for part time employees. Employees working more than 500 hours a year for two consecutive years cannot be excluded from their employer-sponsored plan. "
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