Nine in 10 employers in a new survey from Franklin Templeton say they now view retirement planning as a collaborative effort with their employees.
But there’s a disconnect, as 59% of workers admit they don’t fully understand or maximize their company benefits. Also concerning is that more than half (54%) of workers surveyed fear they will not be able to maintain their desired quality of life in retirement.
On the positive side, the survey also found that 92% of employers believe investing in employees’ financial futures drives loyalty while 87% indicate retirement plans are a key factor in attracting top talent. Additionally, 70% say financial security—having enough money to live comfortably for the rest of their lives—is critically important.
These are among the key retirement-related findings from Franklin Templeton’s Voice of the American Workplace Survey, released April 1, examining topics including talent retention, sustaining a competitive edge and meeting employee needs.
“The survey findings highlight the need for a balanced effort between employers and employees to foster financial security, mental health support, and workplace adaptability,” said Jacque Reardon, Head of US Marketing for Franklin Templeton. “Employers who embrace these opportunities can build stronger relationships with their workforce, enhancing retention, loyalty, and long-term success.”
One of the most significant findings is that 88% of employers report employees are willing to leave their jobs if dissatisfied, even without clear alternatives. Employers also face ongoing struggles with compensation, as 76% of employees indicate their organizations are struggling to find adequate resources to meet demands for increased pay.
“Employers can seize the opportunity to educate employees on available benefits and prioritize clear communication and collaboration to ensure employees can leverage the most impactful benefits,” said Steve McKay, Head of Retirement, Insurance and College Savings for Franklin Templeton. “Retention strategies should focus on foundational benefits like pay, 401(k) matches, and health insurance, while actively seeking employee feedback to strengthen engagement and loyalty.”
The Voice of the American Employer Survey and The Voice of the American Worker Survey were both conducted by The Harris Poll on behalf of Franklin Templeton in late 2024. among 2,018 employed US adults. All employed respondents had some form of retirement savings, while employers surveyed had at least some influence over company benefits and/or hiring at organizations with over 100 employees.
Check out the full Franklin Templeton Voice of the American Workplace survey here.
SEE ALSO:
• Employee Benefits Disconnect: Workers Prioritize Pay and 401(k) Match, But Not Employers
• Pacific Life and Franklin Templeton Partner on Guaranteed Income
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
