Retire with the Best Employees Possible

If your business wants to retain the best talent possible, then it's time to revamp your retirement offerings.

A solid retirement plan shows your employees how much you appreciate their service, which creates long lasting work relationships.

Here are just a few reasons offering retirement benefits is a wise business decision:

Companies with the Best Retirement Benefits

When it comes time to offer your employees retirement packages, it's nice to know other companies are doing just the same.

In fact, some U.S. companies are redefining what it means to offer their employees retirement benefits. From 401k matches to employer contributions, companies are offering more than you might think.

Genentech, a biotech company based in San Francisco, matches 100 percent of contributions up to 5 percent of their employee's salaries. In addition, the company also makes a 2 percent contribution each quarter regardless of how much employees contribute.

Similarly, Microsoft gives its employees fully vested retirement eligibility upon hiring.

Likewise, Aflac Insurance offers a 50% match in contributions as well as health and life insurance for all company retirees.

Although these are examples from major companies, your business can reap the same benefits from offering retirement packages.

Recruiting Advantages

The article “The Best Retirement Plans: 41 Tips for a Healthy, Wealthy and Happy Retirement” suggests ways your employees can make the most out of their retirement. Your business can make the most out of the retirement package it offers by using it to hire the best recruits available.

That's right, when you offer your employees impressive retirement packages, it helps your business recruit and retain the best of the best for the long haul.

Just make sure you put your business's retirement benefits front and center during the hiring process.

Increased Productivity

Salary is definitely a motivational tool, but retirement packages give workers that extra push to succeed and be even more productive.

Not only that, because most retirement benefits work on a benchmark system, your most productive employees are likely to stay with your business the longest.

Tax Benefits

Although you may already know that contributions to your personal retirement plan are tax deductible, you may not be aware that contributions to your employees' retirement plans are deductible too.

This could result in major tax advantages for your business as well as tax relief for your employees throughout the contributing stage.

Supplemental Salary

Whether your business is just finding its footing or it simply can't offer competitive salaries, a retirement package can be used as a salary supplement.

In the eyes of employees, the benefits of a retirement package oftentimes outweigh higher starting salaries, especially if your business contributes to the plan.

Choose the Right Package

Not all retirement plans are built the same, which is why it's important for your business to choose the right retirement package the first time around.

Whether you choose the traditional 401k, an IRA, 403b, or any of the profit-sharing and pension plans available, just make sure it will benefit both your business and its employees.

If the retirement of your employees is on your mind, don't forget about the business benefits above.