Why offer Retirement Benefits to Attract & Retain Talent?
Feb 6, 2023
Did you know 88% of workers say 401(k) is an important benefit and it affects their decision on where to work?
Retention of great talent is a must and prioritizing retirement benefits is one of the boxes that must be checked. We know that a state-sponsored plan is NOT going to attract the talent we need to hit our goals. We also know that for many of the younger team members, robust retirement savings may be the only savings they have at 65.
HireLevel uses recruitment to retirement software called isolved to help us manage this program. isolved has a 401(k)-solution called Premier 401(k) that can provide 401(k) plans to small to mid-size businesses. As the states lower the mandate (minimum 5 employees in Illinois specifically), the following states have passed legislation and have implemented state retirement plans: California, Connecticut, Illinois, Maryland, Massachusetts, Oregon, and Washington.States that have passed legislation with pending implementation:Colorado, Delaware, Hawaii, Maine, New Jersey, New Mexico, New York, Vermont, and Virginia
As many states have passed legislation regarding retirement plans it is imperative to find a cost-effective solution for your team to increase retention and satisfaction. If you would like to learn more connect with one of our certified team members to help keep you in compliance.
As the HireLevel tax team ties out year-end and I am helping verify that all the I’s are dotted and the T’s crossed, I notice that more and more states have enacted mandatory retirement savings programs. These programs can be looked at as a burden or they can be looked at as an opportunity to “Change Lives.” Changing lives is a big piece of the HireLevel mission statement “Bringing people with diverse backgrounds together, creating opportunities, growing communities and business, changing lives.”
When I started HireLevel in 1995, I have been committed to helping my team to save for retirement, home ownership, or a rainy day. We have grown to 10 offices and have several remote team members but the commitment to financial health continues to be a priority.
As we have grown, the need to have a retirement savings plan grew with it. We knew to be a premier employer and to fulfill our commitment to change lives a retirement plan was a priority, whether it was a 401(k) plan or a simple IRA.