Pension Plans: Many companies have opted out of pension plans, which is unfortunate in my opinion.
Many people used to stay at their employment because of the pension, so it used to help in the longevity of keeping your employees.
There are different options when providing a pension. Some companies can match the percentage that the employee puts in, others opted to put in the full amount. Either way it is a very good way to appreciate your employees.
If you don’t offer a pension currently, think seriously about the benefits of having one.
You could use it as an incentive. You could offer a pension after 5 years of service where the company matches the percentage that the employee puts in. After 10 years of service, the company could contribute a higher percentage and then after 15 years of service, the company will put in the whole amount. Something like that might be worth looking into.
Providing a pension for your employees creates a better atmosphere for people’s futures as it can be hard for people to save enough for their future. A pension plan assists in the retirement of the employee and their quality of life.
Questions to Ponder:
How much would providing a pension plan cost?
How many employees would take the offer of the pension plan?
What are the pros and cons for your business?
