The Smallest Company Can Easily Add The 401K Benefit

In these times of perilous staff retention, adding an employee benefit at little added company cost should be examined closely by every manager.
Those same managers know already there are specific things that need to be in place to keep a healthy workforce and set the company up for success.
According to Jared Porter, CCO and co-founder of 401go, first, paying employees is crucial. A competitive wage can entice top talent to the business, and also help retain those good workers.
The next thing that should be mentioned is company culture. Start building a distinct culture within the business, whether there is just one or one hundred employees.
Lastly, employers should look for ways to help employees by providing benefits, such as a 401(k) plan.
Though there is still the stigma of a 401(k) plan being expensive, antiquated, and time-consuming that has changed in the last five years. The accessibility has changed. The cost has changed.
The "new way to 401(k)" includes same-day setup with no or low-cost startup fees, and a  full-service and fully-featured platform driven by cutting edge technology that essentially does all the heavy-lifting for small businesses.
Today’s 401(k)s are a necessity for small businesses and here are three reasons why:
1. Retention: Employees are 15 times more likely to save for retirement when offered a company-sponsored 401(k) plan. When employees begin saving for retirement they are more engaged with the business and their future there.
2. Tax Savings: The tax savings and incentives offered through a 401(k) plan are available to a small business owner immediately. In 2020, the government passed the SECURE Act, which essentially opened up three years worth of tax credits to small businesses with 401(k) plans. Business owners can claim credits up to $5,500 if they offer a 401(k) plan.
3. Recruiting: A business may not realize how many good hires pass them over when a 401(k) plan is unavailable. It makes all the difference in finding the right employee needed for a successful business.
In conclusion, a 401(k) plan is not just beneficial for employees, but can also bring a strong company culture.. Now, more than ever, it is crucial to take care of the people that make a business successful.