Company Doubling Down on Contingent Talent Benefits During Recession
Aquent, the world’s largest marketing and creative staffing firm, today announced it is introducing an employer match to its 401(k) plan in the United States and RRSP in Canada for all its hourly talent. This makes Aquent the first major staffing or gig economy company to offer a retirement plan that features employer matching and immediate vesting to talent within a month of starting an assignment. Additionally, the company will further diversify its 401(k) plan by introducing new socially conscious funds (ESG funds).
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“For over 25 years, Aquent has been investing in talent by providing them with the best workplace benefits the staffing industry has to offer,” said Aquent CEO John H. Chuang. “By expanding our retirement plan offerings, we are not only helping companies attract and retain the best talent so they can grow their business, but also helping workers prepare for a financially secure future.”
Effective today, Aquent will match 10% up to the first 10% of pay for all of the company’s hourly talent enrolled in the Aquent retirement plan in the U.S. and Canada. While most staffing companies have restrictive eligibility requirements for participating, Aquent talent can contribute and will be immediately vested in their entire account balance starting on the 1st of the month following their date of hire. All talent can contribute, no matter how many hours they work. This summer, the company will also add three new socially conscious funds (ESG funds) to its 401(k) plan so talent can pursue an investment strategy that is consistent with their personal values.
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This is another step towards the goal of leveling the benefits playing field. Aquent has also taken the following proactive measures:
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Sick Pay for All: In March, Aquent became the first staffing or gig company to offer sick pay to all of its hourly talent in the U.S. and Canada. This critical benefit is needed because the federal government, 37 U.S. states, and the Canadian government do not have sick pay laws.
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Equal Benefits for Contingent Workers: Last December, Aquent launched Square Deal, a new service that enables companies to offer their contingent workforce equal benefits by allowing them to seamlessly implement comprehensive, highly customized benefits for their extended workforce.
“In our current economic crisis, many companies are looking for ways to cut costs. But we believe that benefits are so critical to companies’ success that we are investing more in our talent at this time,” added Chuang.