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HUMAN RESOURCES

Pumping Up Employee Savings Plans

Benchmark showing percentages of employers who made specific changes to their 401(k) plans.
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Money talks when it comes to boosting participation in employee savings plans: the most effective change cited in a recent survey was an increase in the company match. More than a third of the companies that had tried it reported a 10% or greater rise in participation.

Percentage of employers who made the following changes to their plans in the past two years:
Added investment options 63%

Increased employee communication 45%

Increased employer match 23%

Added loan feature 17%

Eased eligibility restrictions 9%

Removed investment options 6%

Accelerated vesting schedule 5%

Source: "Employee Savings Plans," Foster Higgins, New York City, 1993.

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