2 minutes
Explore how personalized executive benefits can attract diverse talent by aligning with individual retirement goals and values.
One person’s vision of retirement may be quite different from another’s. As credit union leaders design executive benefits packages to attract and retain diverse talent, it’s important to keep this in mind.
Gone are the days of one-size-fits-all retirement plans that fail to recognize the distinctive needs and preferences of individual executives. Modern retirement plans must be flexible and personalized, catering to the unique goals and aspirations of each leader.
How a professional dreams of spending their sunset years is not the only variance we see across individuals. So, too, is the notion of how much money will be enough—for not only retirement, but also for leaving a legacy. Whereas one credit union CEO may visualize leaving a windfall to a set of heirs, another may hold the financial values of a “Die with Zero” enthusiast.
End Goals Aren’t the Only Area of Difference.
A recent TruStageTM survey highlighted some key nuances in the way different multicultural groups address distinctive values and priorities through their investments. For instance, a greater number of Hispanic people were investing as a means to save for retirement, whereas a greater number of Black consumers said leaving an inheritance was the most important factor to their investing.1
It’s important to consider that end goals aren’t the only area of difference across executives, particularly those with lower socio-economic backgrounds. Indeed, starting blocks on the financial journey are set differently for traditionally marginalized groups. Female executives, for example, may come to a leadership position with fewer earning years under their belts. Their 35 biggest-income years, therefore, may not be as high as their male counterparts, reducing their expected Social Security payouts.
Executives Want Customized Benefits that Fit Their Values and Needs.
Understanding the emotional drivers for investing, as well as milestones reached along the savings journey, may help credit unions collaborate more closely with their executives on designing the best benefits package.
By offering a variety of options and allowing for personalized planning, credit unions can ensure their benefits packages are both attractive and effective in retaining top talent.
To learn more about designing executive benefits packages for multicultural leaders, download the ebook “Galvanize C-suite commitment with inclusive executive benefits.”
Opal Tomashevska is director of multicultural business strategy for TruStage. Kwame Smith is executive benefits specialist for Cuna Mutual Group Executive Benefit Solutions. They can be reached at Opal.Tomashevska@trustage.com and Kwame.Smith@cunamutual.com.
