As an owner or decision-maker at your company, you don’t need to be reminded how challenging it is to sustain growth and scale success. Often it comes down to having the right people. But attracting, hiring and keeping top talent can be difficult, especially when the competition is offering comprehensive benefits. By adding a benefit like a 401(k) retirement plan, you may be able to sharpen your competitive edge in a tough job market.
Workers Want Support From Their Employers
Concerns over economic uncertainty are adding to financial stress for American employees. As a result, more workers are leaning on their employers for financial and saving support from employment benefits like a 401(k) retirement solution.
Currently, only a little over half of private sector workers in the United States are covered by an employer 401(k) retirement plan.1 As workers continue to understand the importance of retirement savings, this is a great time for employers to reevaluate employee benefits and find a retirement solution to help fill this need. In fact, a survey of 1,000 U.S. employees and 600 HR company executives showed that 99% of HR leaders say providing retirement planning assistance is a priority in retaining current employees and 92% of employees view retirement planning assistance as a priority when choosing where to work.2 The costs and resources required to manage a retirement plan can be offset with savings in employee turnover and increased productivity from existing employees.
