Storage Business Owners Alliance
(248) 254-9000
Login  |  Join Now!
Twitter - Follow us on Twitter! Facebook - Look us up on Facebook! LinkedIn - We’re Linked! YouTube -
How You Can Assist Your Employees in Managing Retirement
Posted 5/1/2017
 
print this article print    Email A Friend email    Share with Twitter   Share with Facebook   Share with LinkedIn   Share with del.icio.us   Share with Newsvine   Share with Reddit   Share with StumbleUpon   Share with Technorati  

Retaining your best employees is crucial for the success of your self storage business. As discussed in the April AlphaStaff Corner article, strengthening your hiring process, employee onboarding and culture can help solve many of the issues that cause poor retention. While changes to internal processes are important, you can also improve your employee retention by just offering simple benefits.

Retirement plans, for example, can be a great perk to provide your employees. Employers that actively help their employees plan for a steady and comfortable future will not only look extremely attractive to prospective employees, but will also uplift current employees. The following are suggestions to help design and implement a 401(k) retirement plan for your self storage business:

Offer personalized advice

According to financial investment advisor company Betterment, you should be offering your employees personalized advice with their 401(k) plans. This is especially true for young employees who may not know much about a 401(k) plan. In fact, about 60% of people with these plans are improperly educated and end up missing investment growth opportunities, said the source. Having an expert to consult about these opportunities, or the plan in general, will provide your employees invaluable insight into a steady financial future.

Consider an employer-match plan

According to Practical Money Skills, a very attractive plan feature is to have your company match some of your employee’s contribution to their accounts. The percentage you match depends on your company, but the higher the match, the more attractive the plan.

To be approved for an employer-match plan, many companies make employees go through a waiting-period. Ensuring your employees are invested in the company might not be the answer to attracting top talent, however. Time Money explained that the average worker spends less than five years at each job, so if every job required them to wait to get in on the 401(k) plan, they’d miss out on some serious retirement savings.

Continually educate your employees

Employers need to be proactive not only about designing a plan for their employees, but educating them on the plan as well.

Inc. magazine reported that only 31% of small businesses (100 employees or less) supply their employees with retirement plans. Additionally, it is important to note that for those businesses that do provide a retirement plan, like a 401(k), only about 33% of employees actually take advantage, said CNBC News. If you are investing resources into a retirement plan, be sure that your employees are aware of its benefits.

Do not be afraid to ask for help

You may have broke into the self storage industry to nurture a successful and growing company. Creating retirement plans can certainly seem like an overwhelming undertaking, especially if you have never had to evaluate things like 401(k)s before. You may want to consider turning to a resource, such as an HR outsourcing company, that can help you pick a program that best fits your company and your benefits administration program.

AlphaStaff’s retirement professionals are trained to help you and your employees find the best 401(k) plan. We can offer health benefits, great corporate perks and more. If you would like to learn more, please contact Vice President of Strategic Business Development, Jeniece Carter-Henson, at JHenson@AlphaStaff.com or 727.365.6722.

NOTE: The information contained in this article is not legal advice or a substitute for legal counsel.

Featured Vendors:
Contact us
News - Storage Business Owners Alliance

Storage Business Owners Alliance
30665 Northwestern Highway
Suite 100
Farmington Hills, MI 48334 USA
www.thesboa.com

Phone: (248) 254-9000
Fax: (248) 538-4327
Email: info@thesboa.com