Business leaders continue to focus on employee engagement to combat worker turnover and productivity loss. This includes offering various benefits, including retirement plans and tools to assist in financial planning.
Big Solutions for Small Businesses
Today’s employees expect their employer, regardless of size, to offer a retirement plan. Most large companies offer 401(k) plans and have an advantage in recruiting and retaining high-quality talent. In contrast, over half of small businesses do not offer retirement plans for their employees.
Many business owners falsely believe that their company is too small, 401(k) plans are too expensive, or they don’t have the capacity or knowledge to administer a plan.
PT Business Solutions can help any business implement an employee retirement plan. Our thorough and consultative planning process aligns your 401(k) and other qualified plans with your business goals. We are experts in ever-changing regulations and administer your plan to avoid penalties and reduce liability. We have several options for retirement services and carry out the plan responsibilities for employers.
Good Benefits is Good Business
Employee retirement plans are an important part of a comprehensive benefits package, especially if you are trying to maintain top talent and scale your business. Offering a retirement plan allows your employees to save for retirement effortlessly by using payroll deductions. Employees value this convenience, which increases the likelihood of trying to save money.
For 2023, 401(k) contribution limits for individuals are $22,500 or $30,000 if you are 50 or older. The high contribution limits make retirement plans more attractive to serious savers.
Just making these benefits available can help you attract and keep skilled employees. You are not required to offer employer contributions or matching dollars, but doing so will make the benefits more attractive to your employees. If you have a small company or are just getting started, you can launch your employee retirement plans without employer contributions and amend the policy in the future.
Fear, Focus and Finance
From Covid to stock market whiplash to escalating inflation, the past few years created plenty for your employees to worry about, including their finances. We have learned that our workforce cannot “keep calm and carry on” indefinitely.
Research shows that half (54%) of full-time U.S. employees say financial anxiety makes it difficult for them to focus at work, and the availability of a 401(k) is mentioned most often among desirable financial wellness benefits.
Increasing base pay across your staff is not a realistic solution, but providing key benefits across your organization can quell fears and retain talent. Contact PT Business Solutions today.