A 401(k) benefits packages gives employees peace of mind and a solid foundation for their retirement plan. It’s good business for them, and it can be good business for employers — even if you’re a small-to-medium size company.
So, why does offering a 401(k) package make sense for your company? And why does it make even more sense to integrate your 401(k) offering with your payroll and HR management?
Your small-to-mid-size business will stand out. A 401(k) might be a standard part of the benefits package for larger companies, but if your business is small-to-medium sized — anywhere from a few dozen to a few hundred employees — offering a 401(k) is a rarity. When you add a 401(k) plan to your retirement benefits package, it sends a signal to your employees (and to potential employees) that you’re a serious business, you have a solid financial foundation and you’re interested in being more than than their employer — you want to be their partner.
Accurate record keeping and compliance. 401(k) record keeping and compliance is heavily regulated by federal agencies. That can sound intimidating, but by partnering with an established, nationally recognized payroll and HR provider, you can ensure your company is in compliance.
Reduce paperwork. Again, it almost sounds counter-intuitive — how can adding 401(k) plans to your retirement benefit offerings actually reduce your paperwork & recordkeeping? By partnering with a payroll and HR administration service, you will have a partner whose role is to take care of the paperwork for you. And with a trusted partner, you can integrate even more of your payroll and HR needs, from the onboarding process to ongoing benefits management.
Paycor simplifies benefits management. In order to remain competitive, companies must find ways to simplify their day-to-day processes and minimize time-consuming, manual tasks. Paycor’s 360-degree 401(k) service gives clients time back in their day by streamlining an additional, important aspect of benefits management.
How Paycor Can Help
Data preparation and pre-formatted files make 401(k) benefits management easy to use and easy to integrate with existing HR and payroll solutions. Our comprehensive file availability, quick set-up and consistent support means your employees can access and make changes to their plans without wading through hard-to-understand paperwork.
Sources: Forbes & LinkedIn
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