Are Pensions the Answer to the Public-Sector Worker Shortage?

State and local governments in the United States are facing a shortage of workers, with thousands of job postings remaining unfilled. To address this issue, the public sector can leverage its advantage over the private sector by offering pensions as a highly attractive benefit. Participation in defined benefit plans has declined over the years, making retirement security more difficult to attain for the average American. Research shows that pensions play a crucial role in worker retention in the public sector, with many millennials citing their pension benefits as the reason for staying in their jobs. By quantifying and demonstrating the value of pension benefits, public-sector employers can attract job applicants and retain skilled employees. Cutting pension benefits can have negative consequences, as seen in cases where municipalities closed their defined benefit plans and struggled to recruit and retain employees. Overall, the public sector can capitalize on its pension benefits to address the worker shortage through effective messaging and education about total compensation packages. [Extracted from the article]