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Employer of Choice

Did you know?

Employers who invest in financial literacy and retirement readiness can expect:

• Improved recruiting and retention outcomes
• Seen as "Employer of Choice"
• A focussed and financially confident workforce
• More emerging young talent
• Workforce more confident of financial decisions on behalf of employer
• Improved engagement and loyalty amongst super fund members

All employers face the challenges of attracting, retaining and rewarding good employees. From time to time labour market conditions exacerbate this problem.

Skilled labour shortages coupled with loss of knowledge, information and experience when losing key staff, (especially to competitor firms) are to be avoided at all costs.

Those employers that are seen as true “Employers of Choice” have a competitive advantage in the market for key staff. These firms recognise that employees desire more than just a higher wage when making their employment decisions. Employers who offer a range of benefits beyond salary are those that win the war for employee talent.

One important feature in becoming or staying an employer of choice is in the area of financial literacy and retirement readiness. A Mercer Financial Literacy and Retirement Readiness Survey has found that:

• Half of all employees given little or no thought about retirement
• Women are less prepared than men
• Half anticipate a life in retirement less or a lot less comfortable than now
• Heavy reliance on Super to fund retirement
• Poor understanding of super and retirement planning

And most importantly

• Nearly half of employees believe the employer has responsibilities to provide them information and to help plan for retirement.