Reducing Turnover
Periodically, I have discussions with clients on the subject of their turnover. An interesting study reveals an interesting conclusion: Employees who participate in a firm's retirement plan are less likely to turnover, than those who don't.
In addition:
"Other studies have demonstrated that a variety of factors influence an employee's decision to leave his/her employer, so the link that we have identified between voluntary retirement plan participation and employee turnover is not likely to be causal....However, the lack of retirement plan (and other benefit participation) may possibly be a symptom of a lack of employee engagement with his/her employer, which may explain the increased turnover among non-participants."
I've often said, despite some belief to the contrary by others, that there is certainly a strategic element of benefits. If participation in benefits can be correlated with engagement, then maybe we should be looking at all of our human resources practices when looking at how to engage our employees.
For more information, see the article here: Study Links Employee Turnover, Retirement Plan Participation Rates