When deciding to accept a job offer or stay with an employer, candidates and employees take a company’s retirement benefits into account. That means 401(k) plans are more than a way for employees to save for retirement. They can be an important recruitment and retention tool for employers, including small businesses.
A small business 401(k) can help your company stand out and compete for talent with larger organizations. In fact, without a 401(k) benefit, your business may be losing out on good workers. This can end up costing you more than retirement plan benefits.
If you’re thinking about adding a 401(k) for employees, you may be wondering what features will appeal to them. Here’s a look at some of the qualities that make 401(k)s attractive to your staff and increase participation rates.
1. Matching Contributions
Although employers don’t have to match workers’ contributions, many do as an incentive. For employees, matching contributions are essentially free money. These contributions can provide a boost to their salaries and entice them to stay.
Companies typically match anywhere between 1% and 7% of employees’ contributions. Workers’ 401(k) contributions usually make up a percentage of their salaries or hourly wages. For instance, a business may offer to match 100% of employees’ contributions up to 3% of their income. The employer may also match 50% of contributions that represent up to an additional 2% of workers’ salaries.
Rather than a tiered match, as in the example above, some employers may elect to make a flat-rate contribution. Let’s say the average staff member earns $50,000 a year. You decide to match 100% of 401(k) contributions up to 5% of their annual salary. If the employee contributes 5% (or $2,500), your contributions will also equal $2,500.
As you can imagine, the costs to a company of 401(k) contributions are substantially less than those associated with turnover. Gallup estimates that turnover costs a business between one-half to two times a worker’s yearly salary. For an employee making $50,000 a year, that’s $25,000 to $100,000 you could potentially save through retention.
2. Financial Education Tools
Access to financial wellness education and online tools is becoming increasingly important for workers. When employees experience financial stress, they’re more likely to call out sick or arrive late to work late. Distress over money issues can increase absences and tardiness by as much as 34%.
By including money management courses and online tools as part of your 401(k), your staff can learn best financial practices. Topics may include budgeting, how much to save for retirement, and guidelines for emergency savings.
Some 401(k) plans have web-based interactive tools that let employees calculate how much they need to save. These tools can also provide concrete information on how different investment options can impact their 401(k) earnings.
3. Automatic Enrollment
The 401(k) enrollment process for workers can be confusing and lead to frustration. It’s also easy for eligible employees to forget to enroll or put it off. Automatic enrollment simplifies the process. It also removes the pain point of having to remember to go online or fill out paperwork to enroll.
Automated processes can be set to deduct minimum contribution percentages and increase these with age or tenure if employees choose. For example, an employee who reaches the age of 50 may want to start making catch-up contributions. Others might begin with contributions representing 1% of their salaries then increase to 5% after they become eligible for an employer’s match.
With automatic enrollment options, the IRS requires that employers give their staff a way to opt out. Workers should be able to opt out of contributing to or participating in the plan. They will also need a way to reduce their contribution percentage if automatic enrollment sets it at a predetermined rate.
4. Immediate or Shorter Vesting Terms
Some 401(k) plans require that employees complete so many years of service before they become vested. With vesting, your staff can keep all of their contributions if they leave before the tenure requirement is up. However, they will lose any matching contributions.
While vesting requirements can make businesses feel more secure, workers may find them restrictive. They might look at long tenure stipulations as a means of control or a reason not to participate. Immediate vesting or 401(k) plans that contain shorter tenure requirements can prevent these negative perceptions. Even though immediate vesting may be riskier, you could see a bump in job satisfaction and engagement.
Another option to shorter tenure requirements is to use a graded scale. As your staff logs more years on the job, the percentage of vested contributions gradually increases. For example, the percentage could increase by 2% with each year of service.
5. A Variety of Investment Funds
Your staff will have different retirement goals, needs, and risk tolerances. Younger employees may want to invest in a range of stocks and money market funds. This includes funds with higher risk and growth percentages. More mature staff members might want to gravitate toward stable and low-risk options like bonds.
Providing a wide range of options, such as international, large-cap, mid-market, and small-cap funds can help satisfy all employees’ expectations. Some 401(k) plans also provide age-based funds that make investing easier.
These funds are curated and automatically adjust their portfolio mix according to the age of the investor. When an employee is further away from retirement, the fund invests in options with more growth. As the person gets closer to retirement, stable funds make up an increased proportion of the mix.
Offering lifestyle funds, which work in a similar way to age-based funds, can also diversify your 401(k) plan. These funds adjust their portfolio mixes based on how much risk the employee is willing to take. Index funds with low administrative costs and fees can increase the attractiveness of your company’s plan.
As the war for talent escalates, businesses that provide a well-rounded 401(k) plan give themselves an advantage. Attractive plans go beyond a decent company match. They include a range of options that put control in the employee’s hands. Without these as part of your 401(k), you may be leaving skilled workers with no option but to look elsewhere.
Benefits of Online Business Listings
Depending on when you were born, you may vividly remember flipping through the Yellow Pages of the phonebook to find the number to a local establishment so you could give them a call. It sounds old-school now, of course, but this was one of the most predominant ways companies were able to connect with local customers back when landlines were the predominant mode of communication.
The idea of centralized hubs containing important information about businesses is still as important as ever, but it has changed form to keep up with the technology of the times. Nowadays people are often trying to conduct quick, convenient searches on their mobile devices. So, having your business listed online can mean the difference between getting traffic to your website, calls to your customer service team or visits to your brick-and-mortar location — or missing out on these key opportunities to connect.
Here are some of the leading benefits of participating in online business listings.
Make It Easier to Find Your Company
It’s hard to attract clients to a company if they don’t even know it exists, right? The main function of business listings online is to help companies get their name out there across the World Wide Web in the hope of connecting with potential customers. A classic example here is local food and drink service establishments. While people undoubtedly have their favorite spots, sometimes they may be in the mood to try something new… in which case they’ll probably search a certain cuisine — like “Italian” or “coffee shop” or “vegetarian friendly” — and choose the most appealing listing they encounter.
Visibility is a key part of customer acquisition. Getting your listing in front of the right person at the right time can mean earning a conversion — and hopefully a loyal customer for the long-term.
Manage Customer Ratings & Reviews
Business listings can also help you keep your finger on the pulse of what people are saying about your company and why. Many customers will go to Yelp or Google Reviews to share their experiences, but there are many other places people may be posting ratings or reviews about your business. Managing your reputation well means providing these platforms for customers to offer feedback and perhaps even responding to it directly.
Optimize Your Search Rankings
As Search Engine Journal explains, search engines like Google factor in “citations,” like listings in online directories, when ranking local search engine optimization (SEO). This is how publishing high-quality listings in trustworthy directories can help your company rank better in local search results. It’s important to realize the flip side of this is that low-quality listings in irreputable directories can hurt your rankings.
Give Customers Up-to-Date, Accurate Info
As customers, we all know how frustrating it is to look up a company’s hours online and make the journey to the establishment only to find the lights off and door locked. This represents a communication failure between the company and the potential customer — and shows us how online listings offer a prime opportunity to always make sure you’re providing people with the most accurate and up-to-date information you have.
Besides basics like hours and pricing, you can also use listings to convey a wide variety of information — like which payment methods you accept, which channels people can use to get in touch with you and how to access your website with a tap.
From their potential to positively affect your search rankings to their ability to boost your company’s visibility and reputation around town, online business listings offer many benefits to all kinds of companies. It’s in your best interest to take advantage of these information hubs.
Essentials to Not Overlook When Designing Your Outdoor Kitchen
The thought of having an outdoor kitchen in your backyard, with the sun shining and fresh ribs roasting on the grill, is enticing. You will finally be able to host your friends and family for a summer barbeque. Planning an outdoor kitchen can be exciting at the same time, overwhelming. After all, this is where you will be living and looking to create memories with your friends and family. It is essential to think about all aspects of your design before getting started on the project. One primary concern homeowners have is what exactly they should put in their outdoor kitchen. Worry no more! Here is an overview of some of the essential kitchen items you must have in your outdoor kitchen.
A grill will most likely be the centerpiece of your outdoor kitchen, so why not invest in a quality built-in grill? A built-in grill is an excellent use of space in your outdoor kitchen and slides easily into the work surface area. They might be expensive but a worthy investment since they are durable and built for all weather. With a vast range of built-in grills to choose from, you can always find what you love.
If you are going to cook outside, consider creating a kitchen countertop. Choose the right material for your food prep space and create an outdoor kitchen layout to fit both cooking and non-cooking appliances such as a sink.
If you are planning on cooking various meals, then a side burner should be on your list of must-have outdoor kitchen essentials. When hosting friends and family for an afternoon barbeque, you will need to cook tasty dishes simultaneously, and the last thing you would want is running back and forth to your indoor kitchen. A two-side burner makes it easy to cook anything and add to the convenience of your outdoor kitchen.
A nice shade can spice up a hot barbeque afternoon, and what better way than with a pergola. While they are not designed to block the sun, a pergola provides relief from direct sunlight and allows air to circulate freely. It is a great way to make a part of your backyard space a chilling spot by allowing outdoor furniture and grilling equipment to be placed underneath. If you have a patio or deck, having a roof-like structure will extend the time you spend outdoors relaxing, not to mention increasing your home’s value.
Now that you will be cooking, preparing food and drinks in your outdoor kitchen, you will need adequate lighting to finish up these tasks. Ambient lighting is also good for setting up the mood for a perfect evening soiree. You can install task lighting which illuminates your work area without having to brighten up your entire patio.
Suppose your primary use for your outdoor kitchen is to prepare occasional meals for your family. In that case, amenities such as grill, counter space, refrigerator, and sink are some of the basics you might need. However, if you are hosting larger gatherings, pizza ovens, ice makers, and features that add function might work for you as well.
Business Development -Tactics and Strategies
Business development involves processes and jobs to develop and implement sustainable growth opportunities in between and within companies. It is a smaller subset of the disciplines of organizational theory, business, and commerce. It studies how people, organizations, and markets interact and what actions produce the results desired. Developing businesses requires that organizations develop the ability to identify, plan, and control how they develop their aptitude for growth. It also requires understanding that markets do not, as they so often are painted, respond rapidly to external stimuli and that flexibility, adaptability, and the ability to “read and act” are an integral part of business development. Your business app is also an important part of your business plan. App development and app prototyping are something you keep in your business plan for better growth.
Strategic partnerships are emerging as strategic business development strategies. The term was first used by Robert Kaplan and David Norton in their famous book, “The Economic Strategy Decision Model: A Guide for Creating Business Models That Matter.” Strategic partnerships emerged as the “third way out” for companies seeking to create lasting competitive advantage. The authors describe these partnerships as follows, “strategic partnership, multilateral cooperation, international venture, or bilateral collaboration.”
A multilateral cooperation partnership occurs when two or more organizations cooperate to pursue common goals. Examples include the United States-European Union; the European Union with the European Investment Program (EUROP), Japan with the Japan Exchange and Policy (JETP), and the European Central Bank (ECB). These types of agreements allow for increased cooperation across borders and can lead to increased productivity and market share. A bilateral collaboration refers to a relationship where two organizations with divergent goals work together to achieve a common objective. A new market refers to a large group of potential customers. The goal for each strategy is the same – to expand the business development team’s reach.
Strategies need to be developed and implemented. A business development manager develops a number of strategic partnerships and describes the strategies in an executive summary. Marketing strategies refer to the activities undertaken to promote the business development team’s domestic and global objectives. A marketing strategy should integrate internal and external business development activities and be aligned with company objectives. International collaboration refers to the sharing of information on strategies and practices that will make the company more globally competitive.
The business development strategy and marketing strategy are used to obtain visibility for the firm by other firms. Visibility is achieved by firms that want to do business with a firm that has knowledge and experience in creating new market sectors. In this case, the firm uses its position in an industry to create a new market sector. Many new ventures require funding. Visibility helps these venture firms get the funding they need.
Another example of strategy and tactics is the implementation of a networking strategy. The business development manager conducts seminars and workshops to educate networking partners on the strategies and tactics used to enlarge their businesses. The development strategy is not used to build customer loyalty, but rather to build partnerships. The tactics and strategies do not include advertising but focus more on the generation of new potential partners. These partners then become potential customers when they can use the products and services of the networked firm.
Other tactics and strategies include sales promotion, which is a mix of tactics and strategies. Sales promotion is used to attract new prospects and also to maintain the interest of existing customers. This can be done through creating awareness, conducting surveys, and other means. Other business development strategies include event sponsorship, trade shows, and trade association membership drives. The marketing strategy refers to the activities undertaken to promote the domestic and global objectives of a firm. Sales and networking are important elements in any business development strategy. Sales promotion is a tactic to attract new sales. Networking is an aspect of marketing that includes communicating with potential partners, suppliers, and other prospects.
Why entrepreneurs should hire an accountant?
General accounting is significantly important to learn about everyday business transactions. The transaction includes numerous aspects like sales, earnings, acquisition, and also payments of an organization. The bookkeepers give these services. The accountants excel enough in producing the monetary records, which the bookkeepers tape-record.
General accounting for local business solutions helps in keeping business financial deals very smooth. They help in boosting business efficiency. The primary function of having accountants services is to have a record of the business’s earnings and expenditure. Thus it becomes rather very easy to evaluate the business performance. This assists the entrepreneurs in checking out the development of the company and keeping its growth at a regular speed.
The business owners need basic accounting for 3 primary important factors:
- To prepare predictions about the business future.
- To make reliable business dedications.
- To measure as well as evaluate the business development.
Administrative assistants understand the fact that business preparation is not as very easy as establishing an item. They have to make good forecasts about the future and should likewise influence others to share their business vision. A passionate group having an excellent view concerning the future can most definitely satisfy the clients.
Forecasts depend upon three fundamental projections:
- Operating expense
- Future incomes
- Assets needed for the future
This is where small company accounting is quite essential for business. Specifically, throughout the first stage of the business, those projections can clarify the future vision of the business to make it extra actionable and measurable.
During the middle stage of the business, the economic statements will certainly inform whether the earlier forecasts are exact or not. And throughout the later stages of the company, the monetary declarations can minimize the complicated indications right into an easy one.
Dedications refer to establishing the capability to provide future demand and buy possessions, which will certainly reduce operational expenses. Commitments vary, and so do time, power, and money, along with a shipment procedure. The major four dedications of the entrepreneurs –
- Investing in the long-term as well as fixed assets.
- Obtaining money to increase the business.
- Working capital investments will be either offered or recouped.
Effectively, successful business owners just as well and should use accounting tools to keep an eye on the development of the business. Determining the actual progression of the company and also the forecasted growth will certainly maintain your straightforward.
Business owners must make certain that they choose reputable and trustworthy bookkeeping services as they are very delicate. Also, a tiny of small blunders hereof can bring about a huge loss to the business company. So, it would help if you made sure that accountant london you work with are professional in the field and capable adequate to collaborate with you for your demands.
The Most Unusual And Creative Business Signs
Businesses are constantly looking for new ways to attract customers’ attention. They use different kinds of promotional offers, give the customers some extra bonuses and make their shop windows really attractive. Some of them even use very unusual things to promote themselves or to draw attention to their shops. A business sign is the first thing that customers see when they are interested in your company. It’s important to get it right, but this article will show you some of the most creative signs out there to help inspire your next one! Business signs tell the story of the brand and what the business is about. These days, most business owners and marketing teams understand that a great sign can help with customer recognition and drive more customers into their shops. A business sign should be eye-catching and unique enough to draw in potential customers.
Businesses have been using signs for years. The purpose of a sign is to convey information, but more importantly, it can also be used to catch the eye of potential customers, direct them inside your business, and entice them to do business with you. There are several types of signs that are used in businesses today. Business Signs are a great way to let others know where your business is located. Whether you are looking for an address sign, monument sign, or directional sign, our great selection will help you find what you need. They have many different types of business signs to suit your needs. ACE Signs is a family-owned business with over 20 years of experience in the industry. They are dedicated to providing their clients with professional customer service, quality workmanship, and superior materials. As a full-service sign company, we offer design, fabrication, and installation services to their customers.
If there is a need for a business that will be placed in a prominent location, then it would be better to have a signboard. The signboards are not only useful for the businesses but also help in promoting it to the public. There are different types of signage styles that you can choose from when making your own signage. Signage is a key part of any business’s marketing strategy. Whether you’re looking for signage design, or signage installation services in signage Melbourne.
Ace Sign Company was founded in 1986 by graphic designer, Mark Weiler. Mark dreamed of changing the world by helping businesses achieve their goals through better design. His vision for Ace Sign was to cater to both small and large companies, providing comprehensive yet affordable signage solutions.
ACE Sign offers the best way to get your business noticed by customers or clients, which means you can improve your sales. This company has provided signs for major companies like Mercedes Benz and Nissan. The team at ACE signs is dedicated to creating an incredible experience through sign design and production. They have certified in all things signage, but they also provide services like decorative wall murals, wraps for vehicles, 3D cutouts, fabrications of metal signage, window graphics solutions, and more.
While the business owners may have a unique idea to promote their company, it’s important that you take a look at your customer’s needs before coming up with a campaign. By focusing your marketing efforts on these aspects, you’ll be able to create a campaign that works for everyone involved.
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