In 2007, when Devon Energy set out to redesign its retirement program, management had young employees in mind.
Explains Sue Alberti, vice president for benefits, "Because of layoffs in the industry in the 1980s, there is huge pressure to get young people. What do we need to do to attract that top talent and retain them?"
The result: a 401(k) plan that lets millennial-generation workers control their own finances and keeps them there by scaling up over their years of service to top out at 22% of pay, along with medical coverage.
The system is working -- the number of applicants per job has tripled since the new plan was introduced.
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