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Fact of the matter is, many small businesses suffer from not having a group retirement plan for their employees, despite the obvious benefits of having one. Furthermore, it’s been shown in studies that employee attraction, retention and engagement are positively correlated to a company’s benefits. While the lack of a group retirement plan is a problem business owners can easily notice, they’re usually unable to find the proper plan package for their employees on their own, and often find themselves without the time to address it.
These are the some of the main reasons small businesses have a hard time finding the right retirement plan for their employees:
The ones who normally take charge of determining and attaining these benefits for the company have their time consumed by everyday tasks and their usual responsibilities in the business. As is common in most small businesses, a single person might be in charge of more than one department, hence they can't be bothered to add another time-consuming task, even if it is doable and important.
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However, getting your small business the right group retirement plan isn’t hard, especially with the wealth of new tools, technologies, and services available.
The most common factor preventing small businesses from getting a group retirement plan is the overall cost. Many providers might offer group plans that are about the same price as an individual contributing to an RRSP at their own financial institution.
By making the right calls and choices, you can hook your business up with a low-cost and effective group plan, with approachable investment options. We at BP Consulting know how important that is for you, so you can trust us to provide you with various great options that’ll benefit your company and employees.
If you aren’t experienced or don’t know how, administering the plan can be some tedious work. Coupled with the fact that business owners rarely have the time to administer the plan themselves, administering the plan already looks like a dead-end task.
There are group retirement plans that provide an “auto-pilot” solution to the administration of the plan. With the proper help setting up the plan and good use of online tools, BP Consulting can easily ensure you only spend 20 min or less on each pay period on your group retirement plan.
While the reasons for not having a group retirement plan are certainly valid, this shouldn’t stop business owners from giving their employees the benefits they deserve with the plan that suits them and the company best.
Connect with us at BP Consulting as your employee benefits consulting group to find the best group retirement plan options and a service that ensures all headaches are removed from the process.
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