The holiday season often brings with it joy and time with family and friends, but sometimes it can also include additional financial considerations. Now is the time for employers to introduce, or continue to support, financial wellness offerings, including retirement and 401(k) options.
Here are a few specific benefits of employee retirement programs:
Support Your Employees With Retirement Plans
Your employees are the backbone of your company, and taking care of them is a must if you hope to continue to grow your organization. Promoting financial wellness throughout your organization can help support your employees by helping them better prepare for their financial future.
Both retirement and 401(k) options, as well as education, can spread awareness about financial wellness, helping your employees save for retirement. You can also assist your employees’ retirement efforts further by matching their contributions.
Strengthen Employee Retention
Losing employees can result in expensive recruitment and hiring costs, lost productivity, and additional training and onboarding. In fact, it often costs far more to hire a new employee than it does to support your current employees.
Adding a retirement plan lets your employees know that you appreciate them, and that appreciation (and retirement security) is key to strengthening retention.
Attract Top Talent
If you need new hires, a competitive compensation package can be extremely helpful in attracting top talent.
Many candidates will often choose a good salary plus benefits, such as retirement plans, vs just a good salary. That said, including a retirement plan will help make your offers more competitive.
Selecting and administering retirement plans can be confusing, expensive, and time-consuming. That's why we're here. With SynchronyHR, you can gain access to retirement offerings and rely on a team of professionals to help you with your organization’s financial wellness initiatives.
Contact us today to start building your retirement and 401(k) offerings.