However, Wood noted that while this presents a challenge, it also offers an opportunity for institutions to take a look at their benefits offerings and make changes to help them stand out. Voya highlighted three areas of opportunity:

Retirement plan: The survey found that defined contribution plans are the most important benefit for attracting talent; 90% of respondents said a DC retirement plan is important to attract talent and 87% said it helps retain high-quality employees. About half of the institutions said they have added or increased their employer match in response to staffing pressures. Prospective employees were also interested in paid leave benefits and defined benefit retirement plans.
Nontraditional benefits: Plan sponsors agree that employees face several challenges saving for retirement because of caregiver responsibilities, student loan debt and the impacts of inflation. Some are addressing these challenges through wellness programs such as assistance with student loan repayment (49%) and planning for caregivers and employees with special needs and disabilities (42%). In addition, 83% consider the idea of matching student loan payments with a retirement plan contribution as more important today than it was pre-pandemic.
Guidance: Nearly all of respondents to the survey said offering financial guidance and advisory services through the workplace is highly valuable in benefits offerings. As the retirement plan rises in importance, the role of the advisor is also growing in support. According to Voya's research, two out of three (67%) of higher ed organizations rely on the services of a plan advisor or consultant. Of those who do not, nearly all plan to hire one in the next year.

Voya's research found that many colleges and universities include a description of their retirement plan in their offers to prospective job candidates, with some noting that the value of their retirement plan and their health insurance plan is more important to staff and prospective staff than other employee benefits, including nontraditional benefits.

Instant Insights /

Staffing pinch? Universities say retirement plan is top benefit in attracting talent

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