Attracting employees has never been easy – but the current times and economic environment has employers reviewing their own onboarding processes. Many small businesses with fewer than 500 employees are viewing the qualified retirement plans as a key component of attracting new employees. According to a recently released study conducted by the ADP Research Institute, approximately 75% of employers with 50 to 499 employees feel that retirement plans are highly valued when seeking to attract employees. WealthManagement.com’s contributing editor, Fred Barstein, selected ADP Study’s findings as one of the week’s Top 5 Stories. Check out the other top stories here.
Small employers are struggling with attracting qualified candidates and lists it as a top challenge. For companies with fewer than 50 employees, 41% view the retirement plan as either extremely important, or very important in recruiting. With that cohort, health insurance and flexible work hours seemed to carry greater importance. When looking at small employers, those with over 50 employees 64% feel that attracting talent is a business concern.
The ADP small business client pulse study in this case surveyed 1,493 employers who are staffed with less than 500 employees from January 19, 2023 to February 6, 2023. It may be an excellent source and reference for any small firms seeking to improve their onboarding process.