Want to Attract a Younger Generation of Employees to Your Business? Consider Refreshing Your Benefits Package

Patrick Putman
October 17, 2019

How can updates to your company’s retirement plan help attract a younger workforce?

Unemployment is at all-time lows, and the competition among businesses is fierce to attract talented employees—especially those in the Millennial generation. Millennials have a unique set of criteria on which they evaluate potential employers. For many, attractive benefits and a favorable work-life balance are often more important than traditional metrics like salary and bonuses. This means that companies must now compete differently, and many are not prepared to do so.

Younger generations of workers are becoming acutely aware of their responsibilities when it comes to saving for retirement. As Social Security becomes a smaller and smaller safety net, the role of employer-sponsored retirement savings plans—as well as the match offered by employers—is becoming more important. Many business executives may not realize that their current retirement plan option is holding them back when it comes to recruiting talented younger employees. Without making certain adjustments to their benefits packages, attracting these workers will continue to be an uphill battle.

CIBC Bank’s Corporate Retirement Services Group is skilled in identifying these pain points within businesses and helping executives make the necessary changes to position themselves for a better future. Recently, they worked with a technology company that needed to update their 401(k) offering to appeal to the younger generation of employees. To learn more about how CIBC helped this team and how they may be able to help your business, read “CASE STUDY: Helping a Technology Company Attract and Retain Millennials” in the latest issue of The Advisor.

Patrick Putman is managing director and leads the CIBC Commercial Banking team focused on the US southeast. With over 25 years of industry experience, Patrick is responsible for providing commercial clients with access to the full breadth of CIBC’s capabilities He recently completed his term as Chairman of ACG Atlanta, which recently won the ACG Chapter of the Year under his leadership.

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