Success Story: Employee Retention

To retain high value employees and offer an attractive benefit to draw top talent in a competitive industry. 

The owner of a vehicle sales and service chain noticed a slow, but steady trickle of valuable employees leaving his business to work in a different segment of the industry. Therefore, he decided to offer a 401(k) plan to encourage people to stay and be happier in their job. He also believed offering retirement benefits would give him a competitive edge in attracting top talent. After he polled his employees, he felt confident this was the right approach, and decided to move forward with the plan. 

There are many potential plan features to choose from and the Retirement Counselor guided him through the process of determining which features best matched the needs of his workforce, and his company culture. Most importantly, they focused on offering a benefit that provided the competitive advantage he was looking for.

Once the plan was established, it was important to build an exciting enrollment day for his employees. An enrollment day featuring one-on-one meetings with a qualified retirement professional is one of the best ways to get employees interested in the 401(k), boost plan participation, and increase the value of the plan. Our service team customized the enrollment experience by:

• Traveling to multiple business sites to conduct small group educational presentations and walk through the benefits of the new plan. 
• Holding in-person one-on-one enrollment meetings, taking time to review employees’ individual retirement goals, teach them about the importance of retirement savings, and guide them through their personal 401(k) account set up. 

After enrollment, our conversation with employees continued via follow-up newsletters and visits to work sites for continuing education. And employees had access to our live-person 401(k) Employee Support Center for any questions.  

Through our highly effective enrollment process, businesses that convert to the Fisher Investments 401(k) platform see an average of a 67% increase in their participation rates.* 

* Fisher 401(k) Solutions enrollment data as of 1/1/2018.

SEC Regulatory Disclaimer: Case studies are selected based on how they illustrate common 401(k) plan goals. It is not known whether the clients approve or disapprove of Fisher Investments 401(k) Solutions or the services provided.