When it comes to helping your employees save for retirement, more can always be done to help move them from inertia to action. Yet no single magic bullet exists for getting them to save. That's why it's vital for barriers to participating in workplace retirement plans be lowered and that plan features be easy to use.

Here's the good news: according to Deloitte's most recent Defined Contribution Benchmarking Survey, plan sponsors have been taking notice, and their emphasis on ease of use has been paying off. Employee contribution rates and account balances have been on the rise thanks to features like auto-enrollment and auto-escalate contributions, as well as less stringent service requirements for plan entry and immediate matching contributions.

Moving beyond the employer match

According to the Deloitte survey, 93 percent of plan sponsors offer a matching or profit-sharing contribution, and 41 percent cite the match as the primary reason employees participate. But plan sponsors recognize that additional strategies to boost plan health are gaining traction:

The signs are clear: a host of enhancements have fueled positive developments in plan engagement.  But are your employees enjoying a similar upward trajectory?

Regardless of past successes, plan sponsors should continue updating their plan design strategies to help participants meet retirement income objectives. Talk with your service providers periodically to review your plans' features. Be sure that the features offered are in line with your plan goals and workplace demographics.

Q: Our company strives to create an environment that allows our employees to thrive. We know that their personal financial worries carry over into work. What can we do to help them feel more at ease about their financial futures?

A: You're right to think that you, as an employer, can make a difference in reducing your employees' financial stress. As a matter of fact, according to recent research conducted by John Hancock Retirement Services, 69 percent of workers are stressed about their finances-whether it's about credit card debt, student loan repayments, or everyday essential expenses. And 72 percent of the respondents admit to worrying about finances while at work. As you can imagine, that stress affects productivity. In fact, stressed-out employees cost employers about $2,000 per worker per year!

So, what can be done? A solid retirement plan is a great start. Offering a gentle nudge to employees to save early and often for retirement is crucial. But more education is also needed. Indeed, 60 percent of respondents in the John Hancock survey believe that getting financial advice at work would help reduce their stress, and 65 percent said it would help them save more for retirement! Introducing education or advice programs on financial topics-such as debt management, health care planning, social security, and budgeting-could be just what your employees need to alleviate stress in their personal and professional lives.

Not sure where to start? Most 401(k) service providers offer online tools and resources designed to help employees save for retirement and make positive financial choices. Reach out to your service provider today to see what resources it has that could work for you.