Cost Of Waiting-FOR EMPLOYERS
All 401k plan enrollment materials have a “Cost of Waiting” calculator. It is a great tool for understanding Compound Interest, Time Value of Money and it creates a “Call to Action”.
A great way to create URGENCY for employees to get started.
QUESTION: What is the cost of waiting for employers?
Lets face it. There is a ton of evidence that suggests employers aren’t fully engaged with their retirement plans. The 401k plan takes a back seat to all other benefits that create a greater line item on the budget especially health insurance. As valuable industry stakeholders and sponsors, can we create a “Cost of Waiting” calculator for them?
Why does it make sense to have “Financially Full” generations of workers? 1) Salary Costs rise with long term tenure 2) Benefit Costs skyrocket with tenure 3) Adaption and Learning skills diminish 4) Training and Succession is limited 5) Pride and Dignity are compromised 6) What else?
Why does it make sense to: 1) Sponsor a GREAT plan 2) Make a match or profit share 3) Make mandatory meetings 4) Use New Technology 5) Offer a workplace suite of financial services 6) and more!
The cost of waiting to help each generation is huge! We need to show it!
Can we create a calculator? Anyone….Bueller….Ferris Bueller????