Michelle Brennan Hall is a member of the executive team at Brennan Financial Services, a financial advisory firm in Addison, Texas. She spoke with the Dallas Morning News about ways to use financial education to retain employees.

Michelle Brennan Hall is a member of the executive team at Brennan Financial Services, a financial advisory firm in Addison, Texas. She spoke with the Dallas Morning News about ways to use financial education to retain employees.

—Develop a mentorship program: A mentoring program is a low-cost/no-cost benefit. It has the ability to foster a transfer of knowledge between older and younger employees. It also can be seen as a perk for the younger generation that is seeking more than a paycheck.

—Sponsor regular “wealth health” events: You can develop workshops to address employees’ top money issues, such as reducing debt and how to save for college. Presenters should include industry experts that are not the 401(k) provider.

—Improve 401(k) statements: Focus on transparency. Include information such as costs of a 401(k), personal return, projections for retirement accumulation, a description of the level of risk, and top holdings in the funds.

—Give employees a say: As much as possible, include employees in the future planning of your company, including financial decision-making. When employees feel financially responsible, there is a sense of commitment. It can also foster fiscal control that can affect the bottom line and increase a sense of purpose and loyalty among employees.

—Provide end-of-year summary of benefits for employees: You can include salary, bonus, stock options, health insurance, 401(k) and other compensation. This illustrates the employers’ financial commitment and helps workers understand the full 360-degree view of their benefits and what it means to their overall compensation.

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