Against the challenging backdrop of today's workplace, employers are diligently seeking better ways to leverage their investment in 401(k) plans to attract, motivate and retain workers. They are doing so with a relatively consistent set of beliefs about the key elements of plan “effectiveness.” Yet employers also are expressing some doubts and disappointments with their 401(k) plans as they experiment with designs and policies to achieve their business goals – sentiments that point to the need for additional fine-tuning, or perhaps, in some cases, even a radical overhaul.
The 2008 edition of the 401(k) Benchmarking Survey results offer a detailed snapshot of the 401(k) policies, features, objectives and expectations of hundreds of diverse employers. A total of 436 companies were surveyed, representing a wide distribution of employers in terms of geography, size, industry and ownership structure (publicly or privately held).
The survey revealed fewer than one in five employers believe “most employees” will be financially prepared for retirement. In addition, employers today worry more about attracting and retaining qualified workers than about the ever-rising costs of compensation and benefits. Against this challenging backdrop, employers are jumping in with more ways to help employees get involved in investing and preparing for retirement with less effort. Employers are catering to the needs of employees to make 401(k) participation as easy as possible by diligently seeking better ways to leverage plans to attract, motivate, financially prepare and retain workers. Yet, many companies also express doubts and disappointments as they experiment with 401(k) policies to achieve business goals. The survey results highlight a strong need for fine-tuning compensation and benefits strategies, and, in some cases, even a radical overhaul.
In addition to the full report, industry data is also available for the following sectors:
- Manufacturing
- Wholesale/Retail
- Financial Services
- Health Care
- Media & Telecommunications
The survey was conducted jointly by Deloitte Consulting LLP and the International Society of Certified Employee Benefit Specialists (ISCEBS). To learn more, download the complete report and industry data below.
Related Content:
White Paper: Does the Future Look Bright for 401(k)s?
Publication: A Road Map to the Accounting and Regulatory Requirements of Postretirement Benefits — Including an Overview of Statement 158
Survey: 401(k) Benchmarking Survey: 2005–2006 Edition
Services: Human Capital
