New RRSP platform aims to help businesses attract employeesBy The IJ Staff | October 03 2018 11:30AM
Nest Wealth has developed Nest Wealth at Work, a fully digital, group RRSP platform for small-to-medium-sized businesses to help them attract, retain and motivate employees by offering a group RRSP plan that is low cost, easy to use and easy to administer.
A study by Nest Wealth, entitled Strengthening Productivity: How to Relieve Employee Stress and Grow Your Business, indicates that offering employees a way to save for their future at work can make a significant difference to their overall happiness, confidence in their financial future and consequently, their work performance.
The study found that 42 per cent of Canadian employees rank money as their greatest stress, ahead of work (23 per cent), personal health (19 per cent) and relationships (17 per cent).
To build a more secure financial future, 82 per cent of Canadians believe it is important to have a group savings plan through work, but many Canadians, especially those who work in small- and medium-sized businesses, lack access to a group RRSP or some other form of savings mechanism offered through an employer, according to the study.
Employees will move to a company with a group savings plan
The study indicates that 69 per cent of Canadians say they would choose a new job with a plan over a current one without it to become better informed about savings and learn how much they need to save for retirement.
“We know that happy employees collaborate better, make stronger leaders, think more creatively, are willing to take on new challenges and are less absent,” said Randy Cass, founder and CEO of Nest Wealth.
“Our study found that the simple act of offering a Group RRSP Plan can significantly increase an employee’s confidence and sense of security both in the workplace and at home. By helping to alleviate the stress related to financial security, Canadian companies have a greater chance to attract and retain talented employees, play a positive role in their employees’ lives and create a healthier company culture and a stronger Canadian workforce.”