401(k) participation: Show me the money!

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in Compensation and Benefits,Human Resources

Curt Lansbery, CEO of North American Tool, couldn’t understand why his employees weren’t maxing out their 401(k) contributions, even though the company kicked in.

So, according to a Fast Company report, Lansbery brought a bag holding $9,832—employees’ unclaimed money from the year before—to the 401(k) enrollment meeting. He poured the cash on the table, saying, “This is your money. It should be in your pocket. Next year, do you want it on the table or in your pocket?” After a stunned silence, employees started funding their 401(k)s.

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