The 401(k) Plan: The Competitive Advantage You Need in a Tight Labor Market

Is your organization struggling to attract and retain talent in today’s hyper competitive environment? One way to stand apart from your competition is by offering best-in-class benefits like retirement plans, which are critical for businesses of all structures and sizes.

2022: The Next Evolution of DC Plans Survey, a March report from consultancy WTW (formerly Willis Towers Watson), analyzed results from 363 U.S. employers surveyed earlier this year. “More than half of WTW’s survey respondents (55%) expect to have attraction and retention issues over the next two years.”

The need for eye-catching incentives, including competitive compensation, a comprehensive benefits package and flexible work options have become more important as organizations compete for candidates from the same pool of high-quality workers.

Creating incentives for prospective and existing employees

Offering a comprehensive and competitive employer-sponsored retirement plan as part of the benefits package increases businesses’ potential to recruit employees and keep them in the fold – benefits that are increasingly important to employees. *A study by Accenture found that two-thirds (68%) of workers with pensions or retirement plans said those benefits were a critical factor in deciding whether or not to accept a job, and 62% said they were a critical factor in staying with a job.

Sponsoring a 401(k) also paves the way for business owners to reduce personal tax liability, enjoy available tax credits and increase the business tax deduction.

Evaluating your existing retirement plan

So how does your organization’s retirement plan stack up? Are you satisfied with its features, fees, investment lineup and its ability to provide your organization with the competitive advantage it needs to attract and retain the best talent? What types of education are your employees receiving to improve their financial lives?

Do you have any idea what your various plan fees are? When was the last time these retirement plan fees were plainly explained to you or your fees were actually reduced? Can you honestly say that you are thoroughly acquainted with your plan statistics, fee structure, or participant rates? Does your Advisor analyze these statistics on a regular basis and provide guidance on improving plan outcomes?

We didn’t think so!

That’s why you need Advisory services from Fortune Financial.

Working with the plan sponsor as an ERISA 3(21) co-fiduciary, Fortune Financial’s Plan Design process begins with listening to the unique needs and goals of your organization, including a study of your company culture. We then conduct a comprehensive review of plan statistics and demographics to create the design that best meets your requirements. Fortune is here to provide expert guidance at all stages of the process, from the IPS design to monitoring the investments, to developing timely education for employees.
Fortune provides our Retirement Plans with regular updates, conducts ongoing financial workshops, and meets personally with plan participants designing solutions that address their financial issues.
As our clients’ Trusted Advisors, Fortune provides leadership teams with pertinent information about their plans and how they compare to peers on a regular basis. We customize our financial workshops around your firm’s ongoing requirements to provide your associates with the information they need to make the best financial decisions for their lives.

That’s why you need Advisory services from Fortune Financial.

Working with the plan sponsor as an ERISA 3(21) co-fiduciary, Fortune Financial’s Plan Design process begins with listening to the unique needs and goals of your organization, including a study of your company culture. We then conduct a comprehensive review of plan statistics and demographics to create the design that best meets your requirements. Fortune is here to provide expert guidance at all stages of the process, from the IPS design to monitoring the investments, to developing timely education for employees.
Fortune provides our Retirement Plans with regular updates, conducts ongoing financial workshops, and meets personally with plan participants designing solutions that address their financial issues.
As our clients’ Trusted Advisors, Fortune provides leadership teams with pertinent information about their plans and how they compare to peers on a regular basis. We customize our financial workshops around your firm’s ongoing requirements to provide your associates with the information they need to make the best financial decisions for their lives.

The Fortune Financial “difference” can translate into the solution your organization needs to attract superior talent and surpass competitors.

 

The Five Interlocking Pieces of a Great Retirement Plan

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