As a business owner, you know how difficult it can be to retain talented employees in an increasingly complex market. According to an article from Harvard Business Review, employers in 2022 saw exceptionally high rates of turnover and employee burnout, and there may still be plenty of challenges to come in 2023.
Offering benefits has been considered an essential way to attract and retain talent for your business, which can make it an appropriate method to address employee turnover. However, they are not always simple to implement effectively. When deciding to develop or improve upon an employee benefit program for your Schererville business, you may wish to consult a financial advisor to better understand how these expenses work into your overall financial plan.
There are a number of types of employee benefits that you can offer, some which will cost you more than others. For instance, offering paid time off is important to many employees, and it is typically considered a lower cost benefit. However, when deciding which policies to implement and how, it’s also worth thinking about which benefits employees tend to prioritize. Healthcare policies, for instance, can be somewhat costly but are also rated highly as a benefit that employees consider before taking a job offer.
Another benefit to prioritize for your employees is retirement plans. There are several types of retirement plans available, but a 401(k) is among the most common choices. A 401(k) provides the employee ways to set aside a portion of their pay each month to be put into an investment account. You, as the employer, may match part of that contribution. A financial advisor can discuss the available options with you to see which plans may be suitable for your business.
When it comes to managing a business, there can be a lot to consider not only in terms of daily operations but also in consideration of finances. The writers at U.S. News and World Report recommend consulting a financial advisor as another way to delegate important parts of the operation, so you can focus your efforts on the finer details of running your business.
At Prosper Financial, our team will work with you to discuss plans that address a variety of concerns, from wealth protection strategies for today to an exit plan for tomorrow. Our advising services for businesses are intended to help you as you develop a plan that strives for accomplishing your financial goals and preparing your business for the future.
As you look to develop an employee benefit program for your business in Schererville, you may find it helpful to discuss the process with a financial advisor. The team at Prosper Financial will work with you to discuss strategies that address a variety of your business needs. Contact us today to schedule an appointment or to learn more about how our advisors can assist in developing benefits programs that aim at attracting and retaining talented employees.