In a recent study, 77% of workers said that the benefits package an employer offers is extremely or very important in their decision to accept or reject a job.*
If benefits are that important to your employees, they are critical to your bottom line. You know that attracting and retaining top-notch employees generally translates into growing and retaining business. That’s why your financial professional is an important ally.
The Right Stuff
Benefits don’t fit neatly into a one-size-fits-all approach. The best benefits package is one that meets the needs of workforce force. Your financial professional can help design the right benefits package to fit your budget.
Bring in a Pro
Use the upcoming open enrollment season to showcase your benefits and their value — and to engage your employees so they make informed decisions. Make it a goal to achieve 100% participation in your 401(k) plan, meaning that all employees make all their benefit elections (keep in mind that waiving coverage is an election).
Keep it Simple
One reason employees may not be participating is that they don’t understand their options. You can remove that roadblock by providing easy-to-understand materials in a variety of ways (such as one-on-one and group meetings, benefit fairs, enrollment kits and intranet and online tools). Your financial professional will be happy to help with your communication strategy.
If your benefits package is changing this year, highlight the differences and be candid with your employees about why changes are being made. Be prepared for questions. And allow plenty of time for your employees to consider their options. (Three weeks is generally thought to be a reasonable length of time.)
Plan a 401(k) Day
Yes, there really is a 401(k) Day. Originally, it was observed the Friday following Labor Day. These days, employers decide when and how to celebrate the popular retirement plan. Since open enrollment period is all about benefits, why not publicize the benefits of your 401(k) retirement plan at the same time.
Whether you need individual or business tax advice, give us a call. We’ve got the answers you’re looking for, so don’t wait. Call us today.
Our Irvine, CA CPA firm provides accounting services and bookkeeping for all types of small businesses. Call us at (949) 399-1040 now and tell us about your business or request a free consultation online.