'Communication Gap' Thwarts Benefits
Employers and employees are experiencing a communication gap with regard to compensation in general—and retirement benefits in particular—according to the results of the eighth annual Transamerica Retirement Survey.
The survey found that employers continue to overlook the high value that employees place on retirement benefits when compared with salary.
For example, 56 percent of employers surveyed believed employees would choose a higher salary over excellent retirement benefits, while only 34 percent of employees agreed with that statement.
The survey, sponsored by Transamerica Retirement Services in Los Angeles, also found that among employees whose company does not offer a retirement plan, 62 percent said they would leave their job for a similar position with an employer that offers a retirement plan.
Meanwhile, communication continues to be a stumbling block, preventing greater participation in the plans that are available to employees.
According to the survey, 26 percent of employees are not participating in their employee-sponsored retirement plans.