Employee retention is a top benefits strategy for employers. It's important that small businesses consider offering a variety of benefits beyond health, such as retirement plans, so they attract and retain the talent. Building a retirement plan isn't an easy process, but working with a trusted financial advisor who can help you navigate the waters can certainly make the process easier and help you find a solution that works for your company and employees. 

Developing a retirement plan for small businesses falls on the shoulders of the employer, advisor, and anyone else associated with a fiduciary responsibility with a company's retirement plan. A systematic plan should be utilized to review a retirement plan due to changing regulations associated with retirement plans taking into account the dynamics within the company itself including size, revenue, capitalization, ownership, etc. among other factors.

A "Plan Sponsor," usually a company or employer, sets up the retirement plan for the benefit of the organization's employees. Sponsors should have specific goals in mind before the evaluation process is started as many company objectives vary, so what worked for another company may not work for you. The duties of the plan sponsor include deciding on the type of plan, investment choices, and determining the company's participation or contributions. While common goals include the lowering of costs, increased participation, improving returns and protecting fiduciary responsibilities, smaller companies may be focused on increasing the benefits for the owners and/or key employees.