Using 401K Savings Strategies
Help Employees Manage Retirement Using 401K Savings Strategies
A 401K savings plan can prove a powerful resource to help your employees manage their retirement. However, simply implementing a plan and hoping that your staff will maximize its value is not enough; in order to help your employees optimize savings strategies offered with a 401K plan, it’s critical to customize some of the services and options offered through your company’s retirement solution.
When putting together a savings strategy for your organization, consider implementing other key services such as:
Determining the right investment portfolio can overwhelm your staff members. Even your more experienced employees may struggle to put together a viable savings plan for their retirement. A qualified provider will offer professional consultations to your employees as part of their service capabilities. Your team will have access to financial investment advice whenever they need it so they feel confident when making the choices that will impact their future.
Contributing to an employer-match plan can provide a major incentive for your employees to start planning for their retirement. As an employer, you have the ability to determine the right percentage match based on your company and your comfort level. Even a small contribution to your employees can have a major impact on them feeling valued and appreciated. Many organizations can even use employer-match benefits as a recruiting tool when hiring new candidates.
Reduce Eligibility Restrictions
Some companies enforce mandatory waiting-periods before employees are eligible for employer-match benefits. As an employer, this can often work against you, particularly if you do decide to offer match contributions as part of your hiring benefits. Many prospective candidates won’t want to wait before being eligible for additional retirement savings, especially if they are already receiving this benefit at their existing job. It can feel like a step back financially when they consider the money they won’t be receiving toward retirement while they wait to become eligible.
Partner With The Payroll Company Today For Your 401K Savings Plan
Contact The Payroll Company today to hear more about our customized retirement savings plans and services. The Payroll Company is equipped to assist your company with any human resource management need.