Attracting and retaining high quality employees is not a new challenge, but the benefits landscape has changed dramatically in recent years, particularly since millennials entered the workforce. And now that this generation is today’s largest workforce demographic (hint: it’s your employees who are anywhere from 23 to 38 right now), employers must rethink the construction of the overall benefits package. As you consider how to add value for employees and help your company grow, do you understand what millennials actually want?

The answer is twofold: different options than previous generations required, and the ability to create a customized benefits experience.

Don’t bristle at these desires – especially because of technology, today’s workplace is fundamentally different than it was 20 years ago. It makes sense your employees have new expectations, too. (Speaking of technology, it should be standard to have always-accessible employee benefit information, often through a secure online portal.)

Aside from health insurance and retirement plans, benefit options might include the ability to work remotely, flexibility in work schedules, student loan repayment plans, opportunities for professional development, lifestyle solutions like onsite child care, and corporate investment in wellness initiatives. While some of these options require creative thinking and scheduling, the positive results speak for themselves in overall employee wellbeing and productivity.

Regarding the customized benefits experience, it is becoming increasingly popular – and practical – to offer an à la carte solution. In short, employees receive a fixed amount of money as part of the benefits offering and may decide how to allocate their employer’s contribution. Closer to retirement, a baby boomer might select a higher contribution rate to the company retirement plan and a full suite of health insurance, life insurance, and long-term care insurance; a millennial employee may earmark less money for their retirement plan but include student loan repayment and extra parental leave.

Every company is unique, and so are your employees. Employers certainly have many decisions to make about the options to include, as well as how to structure the benefits program to meet compliance regulations. To discuss ways to better attract and retain employees through the benefits program, call the Shepherd Financial team.

A special year-end note from Leah, partner and Director of Retirement Plan Services at Shepherd Financial:

I should preface this by saying I am not at all a blogger – my degree is in Mathematics, so I don’t claim to have a way with words. But I am obsessed with people who do – my newsfeed is full of great writers talking about the things I love – like food, fashion, and Notre Dame football, just to name a few! So I hope I do the blogging world justice with this post, because I have something important to say.

Our industry moves fast, and our team at Shepherd is constantly running at breakneck speed to stay ahead of the curve. It seems as if each year goes faster than the one before, and December feels like it’s gone as soon as it starts – between work deadlines, holiday parties, and a million errands, I often find my head spinning. Don’t get me wrong – it’s a joyful time, full of celebrations and things to be happy about. But because of our frenetic pace, I sometimes have to force myself to pause and reflect on the past year.

And when I do, I am just in awe. 2018 was a really big year, both personally and professionally. I have some wonderful trophies to remember the year by – I was published and made partner – and I am so grateful for them! But the biggest accomplishments, in my mind, are the relationships I have built or deepened this year.

I have been here since the beginning and gotten to see Shepherd Financial grow right in front of my eyes. We still have a long way to go and are always trying to innovate, but we are doing so many things well. The level of service we are able to offer to our clients has increased exponentially. The success stories we hear from helping plan sponsors and participants show we’re making positive contributions, and I’m so proud to be part of those experiences.

This was a pivotal year for our team – we adopted a new branch and have experienced the growing pains that come along with opening our arms to more people. We are still in process as we figure out how to improve, learn, and grow together. While we have good and bad days, I believe we will ultimately come out better than before.

And that’s largely due to the fact that I am blessed to be surrounded by really good and extremely talented people. The makeup of our team is so unique, and I am consistently impressed by each person. I believe I am part of a truly special group, and if we’ve come this far in four years, there’s no telling what we can accomplish in the future. In the grand scheme of things, we’re really only in the beginning of our story.

So from the bottom of my heart, whether you are a client, service partner, or one of my team members, thank you for sharing in this with me. I’m in awe and so, so grateful.

We work in an industry focused on finances and future planning – two areas that can cause great stress. Our team strives to minimize worry, provide resources, and help each client feel equipped to achieve success, but that can sometimes mean working in a state of hustle and bustle. As we enter November and turn our eyes toward Thanksgiving, we’d like to slow down and highlight a few of our many blessings here at Shepherd Financial.

We are thankful for one another. Knowing how much we need each person’s skills and gifts, we feel so fortunate to work together. Each team member cares deeply about our clients, each other, and producing consistent, high-quality work. In the three years that Shepherd Financial has existed, we have experienced tremendous growth, and it couldn’t happen without the whole team giving their all every single day. We continue to challenge and encourage one another as we take on new roles and responsibilities.

We are thankful for our growing pains. As our partners moved from solo practices into a true team practice, we experienced our share of struggles and setbacks. Each problem, though, has allowed us to learn more about one another, strengthen our team bond, and produce creative solutions – such as customized videos, extensive fiduciary training, and e-newsletters designed specifically for either plan sponsors, participants, or individual clients. Moving into our fourth year, we are seeing incredible fruit from our hard work together. Because we have been through these storms, our successes seem that much sweeter.

We are thankful for our role in the industry. Our work has been noticed and lauded by several elite industry magazines and organizations in the past few years, a testament to the many ways Shepherd Financial seeks to innovate, implement best practices, and lead the charge for retirement readiness and financial wellness. Our team depth has really allowed us to see particular needs and move quickly to meet them. We are also thankful for both our partners and competitors in the industry – we are seeing positive momentum in bringing awareness and resources to underserved participants.

And, of course, we are thankful for our clients. We simply would not exist without you. Because we have the opportunity to work with corporations and individuals across the nation, representing a wide variety of industries and demographics, we gain new knowledge every day to better serve each of you. Our team has adapted how we communicate with specific groups of participants, figured out how to navigate different challenges, and interacted with many amazing people. We are truly blessed to partner with you!

Here’s to a season and spirit of gratitude.

–The Shepherd Financial Team

Sir Francis Bacon is often attributed with saying, “Knowledge is power.” While agreeing with the general sentiment, we have learned firsthand that knowledge is often not enough when it comes to personal finances. April is National Financial Literacy Month, and our team believes this is a critical and timely subject. Financial literacy is more than just a general knowledge of money: it is both the education and understanding of how money is made, spent, and saved, as well as acquiring the ability to manage one’s financial resources effectively.

In our industry, it is clear to see how a lack of financial literacy impacts both individuals and the companies for whom they work. It has been well-documented that financial stress increases absenteeism, decreases productivity, and negatively affects retirement and health care costs. So while the issue is personal, it seems naïve to believe employers should have no say in the matter. Considering its impact on physical health, financial wellness needs to have a natural place in the overall benefits package.

When it comes to retirement plan design, adding features like auto-enrollment and auto-escalation are important steps to help employees save (and save more). But plan sponsors should also consider how loans and withdrawals may cause plan leakage – when faced with financial difficulties, if employees can easily pull money back out of the plan, they probably will. However, simply focusing on increasing savings in the company retirement plan as the only financial goal could also be part of a two-fold problem – first, employees may have a variety of more pressing financial needs; second, improving financial well-being must begin with driving actual behavioral change. This involves communication, education, guidance, and resources that are customized for your employees.

Using plan and participant data (ages, current deferral rates, loan balances, etc.) can help dictate relevant strategies for your company. These targeted strategies can have a significant impact on long-term financial security. But keep in mind that creating financial literacy is not a one-time event. Instead, it must be developed over time – for example, learning how to set and achieve personal goals can positively change attitudes toward saving and spending, which can in turn help build a better budget that will actually be followed. It’s also important to engage with employees in ways that matter to them, perhaps by utilizing technology, gamifying financial behaviors, offering rewards, and incorporating overall wellness into the company culture at large.

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