Introducing, or continuing to foster, retirement options can be a great way to grow your business. Here’s why:
Employee Retention is Crucial
Employees are one of the most important, if not the greatest, assets within an organization. By promoting personal and financial wellness initiatives, such as offering 401(k) options, employers can go above and beyond in making sure that their employees are taken care of and rewarded for their hard work.
Adding retirement plans can show employees that you appreciate them, and that appreciation is key to building morale and enhancing retention efforts.
Attract Top Talent
When the time arrives to find new hires, a competitive compensation package can be extremely helpful in attracting top talent. When candidates face the choice of a good salary vs a good salary plus great benefits, including a retirement plan, they're likely to choose the option with additional perks.
Benefit from Tax Advantages
Business owners are able to match contributions made by employees, with most matching contributions considered tax deductible. Some employers also receive a credit for retirement plan startup costs.
Selecting retirement plans can be confusing, especially if you have never looked into the process before. With SynchronyHR as your partner, you can gain access to a top 401(k) plan and rely on a team of professionals to help you with your organization’s financial wellness initiatives. Contact us to get started.