Small business owners often struggle to offer the kind of benefits that larger businesses have easy access to. A lack of competitive benefits makes recruiting and retaining top talent difficult. There are some other ways small business can attract top talent, but benefits are just one of those things that are really important to employees.
Most employees, especially the highly talented and productive, expect basic benefits like health insurance and 401(k) plans. Small businesses can still compete for the top talent.
We were delighted to find this article by Employee Benefits News because it mentions one of the greatest benefits to small businesses partnering with a PEO. That is, access to healthcare and 401(k) plans. You can read the full article at the link below.
The article says that 60% of employees value a 401(k) or similar plan as very important and 29% of employees valued the same as somewhat important. Clearly, employees want it and employers need to find a way to provide it.
You have options, small businesses can participate in multiple employer plans which can be obtained through a Professional Employer Organization (PEO). Currently, through the multiple employer plan arrangement, there is a risk of a bad apple spoiling the plan for all if they are not compliant. That is why it’s so important to find a PEO that prioritizes compliance and will make sure all businesses involved in the arrangement are informed and compliant.
If you’re interested in learning more about the Employers Resource 401(k) retirement plan click here, or the link below.