Back To Retirement

Pension Matters: Investing in Human Capital

If you run a small business, chances are you’re keenly aware of the value of your team. You know the old adage ‘good people are hard to find’ is more than just something people say. It’s a truth that is just as relevant today as it was when you first heard it. Even with advances in technology and automation, human capital remains one of the most important pillars that micro, small and medium enterprises (MSMEs) are built on. Good people are indeed hard to find and, more importantly, retain.

For top talent, compensation packages are second only to salary when it comes to the reasons they choose a job, then choose to stay. Locally available data indicates that only a small percentage of Jamaicans are enrolled in a retirement scheme, and it’s safe to say that offering a retirement scheme will make your company instantly more attractive to potential hires. They are keenly aware of their options and, thanks to networks like LinkedIn, will have no shortage of offers coming in – even if they’re not actively job hunting.

A retirement scheme will also take care of an important aspect of the future for your existing team. This will give them one less thing to worry about, increasing the amount of focus they’re able to give their work. It will also let them know they work for a company that cares. This can have an immeasurable impact on morale and lead to stronger loyalty and drive.

While MSMEs are hypervigilant about finances, and for good reason, providing a pension package for your employees will likely be more manageable than you think. To get started, reach out to an experienced pensions provider.

You can also choose to start your own company-sponsored scheme or enrol in an existing pooled scheme. A pooled scheme would allow your team members to opt in according to their individual risk appetites and retirement goals.

For MSMEs, offering a retirement plan will help shore up the human capital aspect of the business. And, with this pillar firmly in place, your business will be better able to move from surviving to thriving.

POINTS TO CONSIDER WHEN CHOOSING A PENSION PROVIDER

  • How much are the fees and how are they charged?
  • What has been the performance of the investment returns?
  • Can I select my investment mix based on my risk appetite?
  • Can I make changes to my allocation and how often and is there a fee?
  • How easy is it for me to access my information?

Victoria Mutual Pensions Management Limited can be contacted at: 
876-754-7265 or pensions.info@myvmgroup.com

Related Articles

Retirement Planning

Retirement is the last phase of the Financial Lifecycle. It’s when you leave the formal work force and look to live life on your terms. While your retirement goals may look different from someone else’s, it’s something we must all prepare for.

Pension Matters: Help Employees Maximize the Benefits of Voluntary Contributions

Renowned American architect, Buckminster Fuller, is quoted as saying: “The best way to predict the future is to design it”. As an employer, it is incumbent on you to help your team members design their futures by not just saving in a retirement plan, but by encouraging them to make monthly additional voluntary contributions to their pension account.

Pension Matters: Preparing your Team for successful retirement

Renowned American architect, Buckminster Fuller, is quoted as saying: “The best way to predict the future is to design it”. As an employer, it is incumbent on you to help your team members design their futures by not just saving in a retirement plan, but by encouraging them to make monthly additional voluntary contributions to their pension account.

Find the resources for you

Achieving Financial Goals
Budgeting
Debt and Credit Management
Home Ownership
Investing
Real Estate
Retirement
Saving

Financial
Education
Newsletter

Financial
Education
Newsletter

This website uses cookies to ensure you get the best experience on our website. Read More