PLANSPONSOR - June - July 2022 - 32

BEST PRACTICES | PLAN DESIGN
Talent Management
In response to the 'Great Resignation,' employers boost benefits programs
I
t can be tempting to believe the socalled
" Great Resignation " is over.
Many market observers focus on the
growing likelihood of a recession when
we head into 2023, which could limit
employment prospects and make workers
less willing to change jobs. Still,
recent employment data from research
firm Gartner suggests that the exodus
from current jobs is still much underway.
Gartner research predicts that U.S.
employee annual voluntary turnover will
likely jump nearly 20% this year-from
a pre-pandemic annual average of 31.9
million employees quitting their jobs to
37.4 million quitting in 2022. Employees
still find that they can increase their pay
and find better benefits through a job
change. Rising inflation is also prompting
a new wave of resignations if employers
are unwilling to increase pay and benefits
to match the higher cost of living.
According to Gartner, if employers
want to attract and retain talent, they need
to consider comprehensive pay and benefits
packages that include retirement offerings
and financial resiliency programs.
This finding tracks with reports
from employees themselves. In April,
WTW (formerly Willis Towers Watson),
surveyed 9,658 U.S. employees from
large and midsize private enterprises
as part of its 2022 Global Benefits
Attitudes Survey and found that the
benefit employees want their employers
to address most is retirement (44%),
followed by flexible work (39%). Among
the retirement-benefit-favoring workers,
nearly two-thirds (62%) said they want a
guaranteed retirement benefit; over half
(58%) said they could use more generous
retirement benefits; and 53% said they
would like retiree medical benefits.
Retirement benefits are also key to
retaining talent. According to the same
32 PLANSPONSOR.COM June - July 2022
Art by Wenting Li

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PLANSPONSOR - June - July 2022

Table of Contents for the Digital Edition of PLANSPONSOR - June - July 2022

INSIGHTS
RULES & REGULATIONS
UPFRONT
2022 Plan Sponsor of the Year Winners
By Extension
Talent Management
The Best Line of Defense
Under-the-Radar Plan Errors
FIDUCIARY FORUM
INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover1
PLANSPONSOR - June - July 2022 - Cover2
PLANSPONSOR - June - July 2022 - 1
PLANSPONSOR - June - July 2022 - INSIGHTS
PLANSPONSOR - June - July 2022 - 3
PLANSPONSOR - June - July 2022 - RULES & REGULATIONS
PLANSPONSOR - June - July 2022 - 5
PLANSPONSOR - June - July 2022 - 6
PLANSPONSOR - June - July 2022 - 7
PLANSPONSOR - June - July 2022 - UPFRONT
PLANSPONSOR - June - July 2022 - 9
PLANSPONSOR - June - July 2022 - 10
PLANSPONSOR - June - July 2022 - 11
PLANSPONSOR - June - July 2022 - 12
PLANSPONSOR - June - July 2022 - 13
PLANSPONSOR - June - July 2022 - 2022 Plan Sponsor of the Year Winners
PLANSPONSOR - June - July 2022 - 15
PLANSPONSOR - June - July 2022 - 16
PLANSPONSOR - June - July 2022 - 17
PLANSPONSOR - June - July 2022 - 18
PLANSPONSOR - June - July 2022 - 19
PLANSPONSOR - June - July 2022 - 20
PLANSPONSOR - June - July 2022 - 21
PLANSPONSOR - June - July 2022 - 22
PLANSPONSOR - June - July 2022 - 23
PLANSPONSOR - June - July 2022 - 24
PLANSPONSOR - June - July 2022 - 25
PLANSPONSOR - June - July 2022 - 26
PLANSPONSOR - June - July 2022 - 27
PLANSPONSOR - June - July 2022 - By Extension
PLANSPONSOR - June - July 2022 - 29
PLANSPONSOR - June - July 2022 - 30
PLANSPONSOR - June - July 2022 - 31
PLANSPONSOR - June - July 2022 - Talent Management
PLANSPONSOR - June - July 2022 - 33
PLANSPONSOR - June - July 2022 - The Best Line of Defense
PLANSPONSOR - June - July 2022 - 35
PLANSPONSOR - June - July 2022 - Under-the-Radar Plan Errors
PLANSPONSOR - June - July 2022 - 37
PLANSPONSOR - June - July 2022 - FIDUCIARY FORUM
PLANSPONSOR - June - July 2022 - 39
PLANSPONSOR - June - July 2022 - INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover3
PLANSPONSOR - June - July 2022 - Cover4
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