As a small business owner you know that hiring and retaining talented employees is key to your company's success. One way to attract top people is by offering a small business 401(k) retirement plan. Not only does doing so make your company more attractive to prospective employees, it builds trust with your current workers by telling them that you are interested helping them secure their future.
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If you own a small business, you want it to be successful. Naturally, you need good employees to work for you to make that happen. To attract the best talent for your company, you need to provide more than just good salaries and bonuses. It is critical that you also offer a 401(k)-retirement plan, if you want the best potential employees to consider your company, rather than a competitor.
As a small business owner, your goal is to make your company successful, and every good business leader knows that his success is directly related to the quality of the talent in the company. The business of attracting quality employees is more than just about salary and bonuses, a 401(k)-retirement plan is a critical component that attracts employees.
Small business owners often find themselves in a difficult position when it comes to offering employee retirement plans. Lack of information and assumption can cost them the opportunity to give their employees the chance to have a valuable benefit that could end up serving the needs of the business quite well.
Critics of the new tax law believed that the reduction of corporate rates wouldn't actually benefit those of the working classes. The early returns on the new bill indicate they were wrong. Corporations are lining up to share the benefits of the new bill with their employees, according to this article in the Washington Examiner. The list of companies offering increased participation in retirement programs, wage increases, and bonuses is long and staggering. They include Alaska Airlines, American Airlines, American Bank, Aquesta Financial, Delaware Supermarkets, JetBlue, Jordan Winery, Nationwide Insurance, Flood Insurance, Turning Point Brands, and many, many more. Some of these companies have announced increased charitable giving as well. Also mentioned is that participation in 401(k) programs is on the rise.
If you are considering a 401k plan for your business, or you are already in the process of getting one started, then you are already ahead of many small businesses. However, as you begin the process of providing for the future financial security of you and your employees, you should take a moment to consider consulting a retirement plan advisor to help you establish and maintain your company's 401k. While many business owners may be tempted to oversee their company's 401k alone, there are many benefits to bringing in outside help. Here are just a few of the reasons to hire an advisor for your company's 401k plan.
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Employees like 401k retirement plans, so much so that they represent the kind of benefit which can help small business owners attract new workers. That said, more than 70% of small businesses don't offer these plans. Why are these plans so popular, and why are so many small companies reticent to offer them?
With people living longer than they used to, it is more important than ever that people start saving for retirement as early as possible. However, many people who work at small businesses do not have access to a 401k plan, as only 15% of businesses with 100 employees or less offer their employees retirement plans, and only 50% of Americans overall have access to a workplace retirement plan. Generally, small business owners do not want to offer a 401k plan due to the time and money they would have to invest to offer these benefits. While this is a valid concern, the fact is that the pros outweigh the cons of offering your employees a 401k plan. Here are just a few of the benefits you could gain by offering a 401k plan to your employees.
Retirement plans come in all shapes and sizes: DC Plans, DB Plans, Non-Qual, 401(k), 403(b), 401(a), 457, SEP IRA, Simple IRA, Roth IRA, Cash Balance, HSA… and any other number letter combinations that you can think of.