Owners of small and mid-sized businesses are constantly wearing different hats throughout the day to keep their companies operating smoothly. From handling paperwork and employees to meeting customers' expectations, there's a lot to manage just on a day-by-day basis.
While balancing daily operations with cost-saving efforts to improve the business's bottom line, retirement planning often gets overlooked. In fact, SCORE found that only 28% of businesses with fewer than 10 employees offer retirement plans.
This not only affects their employees, but it also means that 40% of small-business owners are not confident they'll be able to retire before age 65. Offering a retirement program is one of the best ways to attract and retain top talent, and implementing one has never been easier with an Exectras Membership.
Benefits of offering a savings program
Since so few small businesses offer a retirement program, doing so can differentiate yourself from the competition. Employees will be drawn to the benefit and it can also be used to retain employees. When you show you're invested in your employees' future, they will stay with your business instead of seeking out better benefits elsewhere.
Having a retirement plan also helps employees make better decisions. According to Charles Schwab, employees with written financial plans are more confident, more engaged with their wealth and demonstrate more positive saving behaviors. Employees can bring this improved attitude to their positions and improve their productivity and engagement with your business. A happier, financially secure employee is a more motivated employee who can help improve your business's bottom line.
Why are small businesses not offering retirement plans for employees?
With the clear benefits of offering retirement programs, why are so many small businesses not offering them? According to Human Interest Inc., it's all about time and money. Most small-business owners are under the impression that retirement programs are only attainable for large companies with extensive budgets.
There is also the issue with set up; many owners and managers simply don't have the time to handle the paperwork and planning that come with setting up the program. Business owners need to understand the benefits of offering a retirement program and ensure their employees will engage with it to make it worthwhile.
Retirement services through Exectras
At Exectras, we understand that many business owners believe offering a retirement plan is too costly and resource intensive. With discounted access to EZ IRA with an Exectras Membership, you can offer a cost-effective program that's priceless for your employees.
EZ IRA allows business owners to provide retirement programs for employees without impacting their budget or resources. Employees can build and manage their retirement portfolios through an online portal. There are no minimum participation requirements and no employer contributions necessary – participants' accounts are simply funded through payroll deduction.
When you become an Exectras Member, you gain access to Fortune 500 business services like EZ IRA at discounted rates and a unique menu of perks for your employees at no extra cost.
Offering a retirement program has never been easier with an Exectras Membership. Contact us today to learn more about how you can benefit from an Exectras Membership.