Boosting Growth: Incentivizing Benefits for Employees
If you are a small business owner, entrepreneur, or if you run a non-profit organization, chances are, you may or may not be able to use “competitive wages” as a tool to recruit potential employees. Since non-profits typically do not pay large salaries, incentivizing benefits is a good way for non-profits to attract and retain volunteers, and ultimately grow their workers.
At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held at Arizona State University, Founder and CEO Fred Barstein spoke with Plan Sponsor Lourdes Fregoso, a Benefits Manager for a non-profit of about 230 employees. Fregoso recognized that their non-profit organization’s 401(k) plan has emerged as a significant recruitment incentive for potential employees, as they aim to double their workforce.
Read the Full Transcript Here:
Fred Barstein:
This is Fred Barstein, CEO and founder of TPSU in Arizona, today at a TPSU program at ASU. And I am here with Lourdes.
Lourdes:
Correct.
Fred Barstein:
I got that right. Thank you. Okay, if we ask you a few questions?
Lourdes:
Yes.
Fred Barstein:
Thank you. So before we start, tell us a little bit about yourself and your organization.
Lourdes:
Okay, so my name is Lourdes, and I am the benefits manager for a nonprofit of about 230 employees.
Fred Barstein:
Great. So one of the things you said was you’re trying to double the number of workers, hiring, congratulations and good luck.
Lourdes:
Thanks.
Fred Barstein:
How, if at all, are you using your 403b, I think it is, right?
Lourdes:
401k.
Fred Barstein:
Oh, you have a 401k, to help in that recruiting process, and are people asking about that when you do hire them?
Lourdes:
Yes, definitely. As a nonprofit, our wages are not as competitive as some of the for profit companies. So benefits are a real big incentive for people to come work with us. So 401k is definitely one of those benefits that we look into to make available to those candidates.
Fred Barstein:
Right. And so how are you highlighting it? What about your program? Have you made any changes as a result of this big hiring initiative?
Lourdes:
We actually communicate with any applicants in regards to what is available to them. We haven’t made any changes yet, but after going to the program, we’re just looking to see what changes we should be making to make it more attractive to candidates.
Fred Barstein:
And final question, how is the program today? Would you recommend it to others?
Lourdes:
Absolutely. I think I learned a lot and like I said, I took a few key points that I can use going forward to see how we can improve the plan that we have right now.
Fred Barstein:
What are some of the key points you learned?
Lourdes:
Definitely will review the plan more carefully and I-
Fred Barstein:
The plan documents.
Lourdes:
The plan documents to make sure that everything aligns. And the other thing is on our enrollment, learning a little bit more about that and also how to take more advantage of the employer match that we do offer and what changes we can make there.
Fred Barstein:
Maximizing the math.
Lourdes:
Yes, absolutely.
Fred Barstein:
Very good. Well, thank you for your time today.
Lourdes:
Thank you.
Fred Barstein:
And thank you for watching 401kTV. Stay tuned and I look forward to seeing you at a TPSU program near you.
