Today finding quality employees is harder than ever. You and your competitors are all looking for the perfect match, but with so much competition out there, it can be hard to be sure that your business is getting the cream of the crop.
What sets your business apart? Many companies are offering top-tier benefits to attract employees, such as more personal time off, improved insurance benefits, work-from-home options, and more.
However, one of the most overlooked benefits is a high-quality retirement plan.
All business owners know that offering an excellent 401(k) plan is essential for attracting excellent employees. Yet only 42% of small businesses offer retirement benefits.
Further, 4 out of 5 employees said they wanted improved benefits and perks more than a pay raise.
So, how can your business use a retirement plan to attract employees? Keep reading to find out!
If your small business is struggling to find workers, then showing off your retirement benefits may be the answer.
If you are worried about increased competition for talent, then you are not alone. 81% of employers share your concerns.
The two features employees most value is:
Here’s how employers stacked up:
As you can see, many employers understand the value of quality savings and retirement plans, but there is room for your business to demonstrate that it is a cut above.
This is especially important considering less than 50% of Americans feel confident they have enough money to live on through retirement.
Let’s take a look at some fiduciary responsibilities that a company with an excellent retirement plan will offer.
The IRS defines the following fiduciary responsibilities:
In essence, their responsibilities include overseeing investments and service providers, conducting educational resources to help your employees understand their options, and administrative functions, review of plan documents, and documentation of the fiduciary process.
If your company’s retirement benefits are behind where you want them to be, then it is time to make some improvements.
Here are five ways you can take a step forward:
There are steps you can take that will make a big difference.
One of the best ways is by working with SOCA. SOCA has partnered with Newport Group to offer employers an easy and affordable solution to retirement.
Right now, 52% of private-sector workers have no access to a retirement plan. Further 90% of the 5.8 million small businesses in the US do not offer their employees a retirement plan.
In response, SOCA uses a pooled retirement plan called SOCA PEP.
A PEP is a new kind of 401(K) with many advantages for businesses big and small. Employers "pool" together similar to the SOCA Benefit Plan MEWA. Employers can enjoy the benefits typically reserved for larger plans without the hassle of running a plan.
Is your small business taking advantage of the SOCA PEP plan?