As a business grows, leaders tend to realize that a retirement plan helps them attract and retain top talent, especially if competitors offer great benefits. According to a recent study, retirement benefits are a top consideration when choosing a job, second only to a good health plan. But choosing the right retirement plan can be tricky, even for CFOs who have years of financial expertise. For that reason, top CFOs are now looking to partner with a retirement plan consultant, who can help businesses locate a plan with dynamic benefits for the lowest rate.
Perhaps the most apparent benefit to partnering with a retirement plan consultant is cost savings. In addition to finding a comprehensive plan at an affordable cost, this type of partnership has also been found to save on labor costs long term. By offering such a great perk, businesses can keep salaries at more manageable rates, since benefits are factored in when a candidate is weighing career options.
Improve Work Culture
When an employer invests in its staff’s future, it sends the clear message that the company cares about its employees. Those workers will then have more of a personal investment in the work they’re doing, leading to an increase in productivity. Most importantly, though, a happy workforce leads to a positive work culture, which has been proven to increase employee retention, eventually reducing the cost of replacing departing workers.
Sites like Glassdoor have made it more important than ever that businesses take care of their employees. Customers, potential workers, and colleagues can easily access this review information, usually seeing it as a result when searching for information on the company. A retirement consultant can help an employer choose the customized plan for the type of professionals it employs. As a result, a business will be seen as one that takes care of its employees, improving its overall brand reputation.
A retirement plan consultant specializes in studying retirement options and presenting them to employers. CFOs can combine knowledge of their own workplace culture with the financial advice provided by these consultants to choose a plan that provides the best value to their business’s workforce.
FiduciaryFirst is a retirement plan consultant based in Maitland, Florida that provides independent retirement plan fiduciary support with a holistic approach. Our comprehensive Prudent Fiduciary ProcessSM (PFP) enables employer groups to address fiduciary standards. For more information call us at 866-625-4611 or contact us online.
Tracking Number: 1-662148
This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.