The difference between a superstar employee and one that’s skating by is like the difference between having Lebron James and a child on your team. Who’d you put your money on?
Of course every business owner wants to attract the best talent, and that, by nature, means not every employer will win the superstars.
Here’s what you need to attract superstar talent to your business and hold onto them.
Culture
Superstars want to be appreciated for their work. It can come in the form of compensation, praise, benefits, or something else, but what’s important is a culture that acknowledges and rewards high achievement.
Structures and strategies that demonstrate your commitment to the team and that reward high achievers inspire others in the team to do better. This can create a positive feedback loop that boosts your bottom line and your employee satisfaction.
Use the Right Tools
One tool that can foster this kind of enthusiasm is your company’s retirement plan.
A properly designed plan benefits you and your employees and lets them know that you value their work and that you have their best interests at heart.
The best part is that a well-designed plan can also save your company money by helping you cut your total payroll costs.
In 2023, a 401k allows tax-deferred and after-tax employee contributions of up to $22,500 per year, and up to $30,000 per year for those over 50 years old. With cash balance plans, contribution limits are now $265,000 per year or higher depending on age.
Create a plan like this correctly and you can save on payroll taxes, or even receive tax credits or deductions for the plan.
You’ll also attract superstars to your business when they see a profitable company with a culture that rewards success and the benefits to prove it.
Create a culture that fosters loyalty and rewards high achievement, and saves money doing it.
Conclusion
At Confidence Wealth Management, we work with employers, trustees and human resources on properly designing employer-sponsored plans that can benefit you as much as it can also benefit your employees.
If you’re an employer who is considering offering a retirement plan, or if you already have a plan but would like to review and potentially improve it, we can help.
We specialize in designing custom-made plans and implementing retirement plan services that move you toward your goals and the best results for the company, the plan, and the participants while also helping you avoid the most common mistakes that may trigger an audit.
We create winning strategies and solutions for our clients. Click below to set up a consultation or contact us for more information.
