Retirement plans can be a great benefit for small business owners looking to attract and retain employees. But between IRAs and 401(k)s, it can be challenging to decide which is the best plan suited for your organizational needs. For greater ease, some employers might prefer the SIMPLE IRA. For flexibility, though, the variety of choices available in a 401(k) can make this retirement plan a more attractive option.
Choosing a retirement plan is often one of the most important financial decisions a business owner can make. To help with your decision, we explained the differences between a SIMPLE IRA and a 401(k) as well as the pros and cons of each retirement savings plan.
Changes in healthcare are prompting many small business owners to rethink the role of employee benefits like health insurance at their companies. According to PricewaterhouseCoopers, health insurance premiums are expected to rise by 6 percent in 2020, which can weigh heavily on your bottom line. Below, we explored some of the top health insurance trends that will impact small businesses and how you can adapt in the ever-changing benefits landscape.
Managing the operations of a small business is costly and requires time away from more valuable projects. That’s why many small and mid-size businesses outsource human resources, payroll, employee benefits, and risk management services. A PEO (Professional Employer Organization) can help take these responsibilities off the plate of business owners, so they can focus on the growth and success of their business.
We’ve put together a guide to understand what PEO services entail and how to choose the right PEO for your business.
Whether you’re basing your budget on last year’s expenditures or planning every budget item from scratch, it’s important to review different HR needs so that you don’t come up short in the places where you need extra funds. Here are some key HR items that you should consider when planning a yearly budget.
Why did you start your business? Maybe because you are good at doing something. Maybe because you can offer a service that not many others can.
You worked hard to grow your business, to show everyone why they should use your company for their needs. You are a professional, and nobody knows your business better than you do. So why would you ever consider outsourcing back office tasks to a PEO if you can do them yourself?
At the end of the day, we all want the same thing: to be successful. Sometimes, to succeed we need to embrace the fact that we can’t always do everything ourselves.
Good businesses need good employees, and good employees look for good opportunities. A competitive benefits package plays a major part in attracting quality talent to your company, as well as retaining current workers.
Employee benefit administration can be a time-consuming and costly endeavor for a small- to mid-size company, especially one that wants to offer a complex benefits package. Instead of just accepting the hassle as a necessity, you should consider the possibility of teaming up with a Professional Employer Organization (PEO) like Group Management Services (GMS) to benefit your benefits.
According to a Wells Fargo study, 37% of people expect to work until they die. That’s an alarming number, but one that you can use to your advantage.
Most people would rather spend their later years comfortably enjoying their retirement, so by offering a quality 401k plan, you give your business a step up in attracting and retaining quality employees.
Avoid Financial Confusion: Educate Your Group
Before we give you the key elements to a great 401k plan, it’s worth taking a moment to remind you that financial choices can be intimidating and confusing for many employees. One way you can help is by making an effort to ensure employees are educated about their choices. These resources will help make sure everyone is on the same page.