In the quest to retain top talent, a competitive salary is sometimes not enough. Companies need to think up new strategies that would motivate as well as engage their top staff.
As they start to think more about their financial futures, employees are also getting increasingly concerned about being able to save for their retirement and finding trusted means to do so. Employees are also realising that their CPF savings will not be enough, and are seeking good and trusted solutions to address their concerns.
A company pension scheme could be something for you to consider as part of an overall compensation package for your top people. By doing so, you can swiftly stand out from the crowd and appeal to the staff you wish to attract and retain.
Some benefits of setting up a company pension scheme include:
- Enhancing your ability to recruit and retain high quality staff
- Demonstrating how much you value your staff and want to keep them
- Showing that you are recruiting staff for a career and not just a job
- Enhancing your reputation as a considerate and progressive employer who cares about the long term welfare of your staff
We can be the partner to help you think through this issue and decide on whether or not a company pension scheme makes good business sense for you.
Ways we can help you set up and implement a company pension scheme include:
- Listening to your concerns and offering advice regarding the pros and cons of such an initiative
- Proposing a solution for your consideration:
- setting up appropriate employee categories and levels of contribution
- deciding between a defined contribution scheme and a defined benefit scheme
- the types of investment mandates and choices you wish to offer
- whether to vest and after how long
- what happens should an employee decide to leave before the vesting period
- Implementing the plan
- Briefing employees and developing a handbook
- Managing the scheme
- Providing reports to management on how well the plan is doing, as well as keeping them updated on the status of individual plans