Your challenge:
It’s difficult to engage a multidimensional workforce

Your challenge:
It’s difficult to engage a multidimensional workforce

Health systems like yours employ one of the most diverse workforces in the United States—and also one of the busiest. Your medical professionals are largely deskless and working around the clock, so it’s hard for them to read benefits emails or attend workshops like your administrative staff.

Did you know?

of respondents said they have put off saving for retirement or other investments as a direct result of the need to pay down their student loan debt.5

So what?

Most people are struggling to even think about—let alone fund—their retirement goals, which can jeopardize employee enrollment in and engagement with your benefits plans. This can also have a long-term impact on their ability to achieve financial security in retirement.

This diversity also means employees are earning a wide range of salaries. For instance, newer medical professionals carrying extraordinary student debt may put off saving for the long term. This can affect morale and productivity, not to mention recruitment, retention and engagement. On top of all that, you’re trying to manage different communication preferences across these groups.

This diversity also means employees are earning a wide range of salaries. For instance, newer medical professionals carrying extraordinary student debt may put off saving for the long term. This can affect morale and productivity, not to mention recruitment, retention and engagement. On top of all that, you’re trying to manage different communication preferences across these groups.

Which aspect of this challenge are you struggling with the most?

Connecting with a diverse range of people

Connecting with a diverse range of people

With TIAA’s research-based engagement strategies, which blend industry and proprietary findings from the TIAA Institute and other sources, you can communicate with different employee segments and demographics in a way that’s proven to resonate. For example, you can target social determinants like education alongside behavioral aspects, such as current savings rates. You could also compare by role. Then you can work with us to design strategies and materials to support plan enrollment and ongoing education. By boosting your employees’ knowledge, you may also boost their financial well-being and engagement.

High earners with complex financial needs

High earners with complex financial needs

With TIAA’s individual advisory services, you can pair your medical professionals and executives with a dedicated, long-term wealth management advisor who offers personalized advice that goes beyond retirement planning. For example, doctors in the midst of residencies might work with their advisor to create a plan for education debt payoff. Senior executives might focus on estate planning and retirement strategies. By offering this personalized support, you’ll make your benefits package more appealing to key recruits.6

Younger workers’ reluctance to invest

Younger workers’ reluctance to invest

With TIAA, you can offer personalized, in-plan asset allocation advice from financial consultants at no additional cost to every employee, regardless of wealth. No matter how your employees like to connect—in person, over the phone or online—you’ll help everyone find asset allocation and savings rates that fit their unique situations. Your employees can also consult us about financial goals at any life stage. You can be confident your employees are receiving impartial advice because our financial consultants use independently developed Morningstar models.

5. Retirement Delayed: The Impact of Student Debt on the Daily Lives of Older Americans, American Student Assistance, 2017.

6. Individual Advisory Services may not be available to all participants. TIAA and its employees do not offer tax or legal advice, or create and prepare legal documents associated with estate plans. Advisory services have a fee for services charge to the employee and are provided by Advice & Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment adviser.

 

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You should consider the investment objectives, principal strategies, principal risks, portfolio turnover rate, performance data, and fee and expense information of each underlying investment carefully before directing an investment based on the model. For a free copy of the program description and the prospectus or other offering documents for each of the underlying investments (containing this and other information), call TIAA at 877-518-9161. Please read the program description and the prospectuses or other offering documents for the underlying investments carefully before investing.

IMPORTANT INFORMATION
 

Intended for Institutional Investor Use Only. Not Intended for Use with or Distribution to the Public.
 

This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

 

©2020 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017