If you plan to offer a small business 401k to offer to your employees, they'll love you for it. According to a survey in 2015, Glassdor,found 31 percent of employees would like to have a retirement plan at work, and 79 percent want additional benefits, rather than more money. Previous online surveys have also reported that a number of workers would leave for one with a 401k, if their current job does not offer one. While adding a retirement plan might help you retain good current employees and attract new ones, because many companies do not offer a retirement benefit anymore, you don't want a cookie cutter or one-size-fits-all plan. Here's why and how a professional 401K company can help.
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The U.S. unemployment rate just dropped to 3.9%, a level not seen since the year 2000. While this is definitely good news, it also creates small business hiring challenges. Attracting top talent is hard enough, but it is even tougher in this kind of a marketplace, where nearly everyone who wants a job has one. So as a small business owner, you have to come up with innovative ways to recruit talented people. One way to do this is by offering a robust 401k retirement plan from a 401k company.
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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.
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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?