Today, Pentegra, a leading provider of retirement planning and fiduciary outsourcing solutions, released a new report — based on the results of a survey of bank employees regarding retirement and executive benefit plan trends. Pentegra has many financial institutions as clients.
The Pentegra study shows how benefits are a game changer for today’s banks in attracting and retaining top talent. For employers competing for job candidates, a comprehensive benefits program that includes executive benefit programs may tip the scales for a candidate who is considering multiple job offers. The study shows that a bank’s total rewards package is also a key competitive resource for employee retention.
According to Richard Rausser, Senior Vice President Client Services, Pentegra, “Designing an effective retirement program begins with a review of a company’s management philosophy, compensation strategy, the different types of plans available, an analysis of what peers are offering, and considerations such as demographics and the maturity of an organization. While objective considerations—such as how much an employee will need to retire comfortably—are important in designing a retirement program, the Pentegra survey shows that peer considerations are a driving force in determining the type of retirement program that a bank offers.”
Highlights of the report include:
- Key goals for bank benefit programs
- Types of retirement programs offered by banks
- Types of executive benefit programs offered by banks
- Use of benefits financing vehicles among banks
