Nine out of 10 millennials say a retirement plan is a key consideration for staying with a current employer, and 91 percent said it is an important consideration for considering a new employer. But only 23 percent of employers "strongly agree" that a retirement plan helps them attract and retain workers.
The Center for Retirement Research at Boston College recently published a new study entitled "Small Business Retirement Plans: How Firms Perceive Benefits & Costs." The study focuses on small businesses and why they might or might not offer a retirement plan for their employees.
|Factors that make a firm more likely to offer a retirement plan
The study cited several situations that tend to make a small business more likely to offer their employees a retirement plan. These include:
|- Having at least 50-100 employees.
- Firms that offer higher than average salaries.
- Companies in the professional, technical and scientific services sectors.
Another factor that was cited was the firm's belief that offering a retirement plan was an important factor in employee retention and in the ability to hire the type of new employees they are seeking.
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Roger Wohlner
Roger is a financial writer who brings his extensive experience as a financial advisor to his writing. Fluent on a wide range of financial topics, his work has been featured in MarketWatch, TheStreet, Investopedia, Morningstar Magazine, GOBankingRates, US News & World Report, Yahoo! Finance, The Motley Fool and a number of other sites. Roger ghostwrites extensively for financial advisors, financial services providers and investment managers. In addition to his work as a financial writer, Roger has over 20 years of experience as a financial advisor. Roger earned his bachelor’s degree in finance from the University of Wisconsin-Oshkosh and his MBA from Marquette University. Check out Roger’s LinkedIn profile.
