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For small employers, offering a retirement program like MyCTSavings can boost employee retention
Gusto, an HR platform for payroll and benefits, recently conducted research showing the benefits of offering a retirement program to employees. Their analysis showed:
- Among businesses with fewer than 10 employees, only 15% of employees have access to a retirement plan nationwide
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Among businesses with 100+ employees, 65% of employees had access to a retirement plan nationwide
With more than 17 states implementing Auto-IRA programs like MyCTSavings, which is free to employers, it is easier than ever for small employers to offer retirement savings. And giving employees an opportunity to save for the future has upsides for employers as well.
Gusto’s research showed employees who are offered retirement benefits are, on average, 40% less likely to leave in the first year. In sectors like retail, food and beverage, the number can be up to 54%. Gusto’s analysis notes that, “businesses quickly moving to offer retirement benefits have the advantage – they’ll keep top talent, while staying compliant with state regulations. Ultimately this protects their bottom line in an uncertain economy.”
If you are an employer with 5+ full-time and part-time employees, and do not offer a retirement plan, register at www.myctsavings.com. Your employees will have an opportunity to save into a Roth IRA through payroll contributions, and your business may gain a competitive edge in hiring and retaining employees.
Source: One Secret to Retaining Top Talent? Offering Retirement Benefits | Gusto
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