Having Trouble Hiring and Keeping Employees? Here’s How a Retirement Plan Management Specialist Can Help
In June of 2020, while the COVID-19 Pandemic was in full swing, unemployment in America jumped to 11.1%. That’s not surprising. Millions of Americans were laid off or furloughed as businesses across the country—and around the world—closed or moved to limited staffing and limited hours.
One year later, widespread vaccine availability has mitigated the pandemic, and businesses have begun to open their doors and bring back their employees. The unemployment rate for June of 2021 is down to 5.9%. That’s great!
A shortage of labor
But there’s another problem that many economists did not foresee: a labor shortage. For a variety of reasons, millions of workers have chosen not to return to work, leaving 9.2 million job openings vacant and many employers desperate for workers.
If you’re a business owner, chances are good that you’re more concerned than ever about finding and keeping employees. That is why employee benefits are more important than ever before.
Staying competitive
It’s an employee’s market. Millions of Americans are shopping for jobs, and they aren’t just looking at wages. After a year of pandemic life, many Americans have re-examined their lives, and they’ve decided that working jobs they don’t love just isn’t worth it.
As an employer, you need to offer competitive wages and an employee-centered work culture. A great way to show your employees that you care about them beyond the bounds of their tenure at your company is to offer a competitive retirement plan.
Offering a retirement plan
If you don’t already have a retirement plan in place, now is the time to implement one. And don’t worry. Setting one up isn’t as hard as you think. You just need to find the right professional to help you.
That’s where a retirement plan management specialist is essential. When you find a great specialist, consultant, or company to walk you through this task, the pay off is unbelievable. But how do you know if a company is good? Here are a couple criteria to look for.
Do they have experience?
If the specialist or company doesn’t have years of experience, they might not be the best choice. That’s not to say they aren’t good at what they do, but they haven’t been around and seen it all. You don’t want to take unnecessary risks, so go with a company with an impressive track record.
Will they cater to your company’s and employees’ needs?
You don’t want a one-size-fits-all retirement plan. Your company and your employees have unique needs. The retirement plan management company you choose must consider that, and design a plan that works for your business.
What kind of support do they offer?
Designing a retirement plan is only part of the service a good retirement plan management company should offer. The best companies will offer to implement your plan and support you with questions and concerns in the future. If those services are not part of the package, it would be worth looking into other, better options.
The right retirement plan alongside an attractive benefits package is key to finding and keeping quality employees because a quality retirement plan is an investment in your employees’ futures. When your employees and candidates see that, they’ll want to stick around.
