No business can thrive without a reliable and competent team. If you can attract and retain talented, committed professionals, this may be the one quality that sets you apart from the competition. However, this also means that you need to woo prospective employees with attractive offers.
Offering your team an advantageous benefits package, such as a 401(k) plan, can be your company’s strongest asset. With careful marijuana business retirement administration, you can take great care of your staff and also access many benefits yourself. Read on to find out more.
A 401(k) is a retirement plan that enables employees to deposit their pre-tax earnings into their retirement account. Their employer can then match this with a deposit of their own. The amount the employer contributes is a percentage of the employee’s deposit.
While most employees clearly see the perks of 401(k) and consider it a highly attractive option, employers may be apprehensive about adopting it. You may worry about the costs and how this expenditure may reflect on your business. However, 401(k) is actually a beneficial option for employers too, and not nearly as expensive as you may initially think.
Here’s what you can expect as a company offering this solution to employees.
Employers who sponsor 401(k) plans have several tax advantages:
With the cannabis industry becoming more and more competitive, it’s getting harder to get the best workers to join your team. To enhance your chances of attracting quality workers, it’s up to you to offer a favorable benefits package and general conditions of employment that spark their interest. When you have a greater pool of available talent, you’ll have an easier time selecting cream of the crop employees for your company.
Most businesses, especially if they’re small, can’t spare to train employees only to lose them to another company soon after. High employee turnover can prove to be disastrous for a company. Selecting, onboarding, and training new hires takes up a lot of your resources and prevents you from directing that time and energy elsewhere. If you make your staff happy, you’ll improve retention rates and have more consistency, which is great for business.
Regulations in some states, like California, require companies above a certain size to either adopt a state retirement plan or set up a retirement program of their choosing. As more and more states potentially adopt this rule, more and more companies will have to adhere to it. Since 401(k) is a reliable and advantageous option for employers, it’s something definitely worth considering.
Cannabis companies didn’t have access to 401(k) plans. However, Green Leaf Business Solutions now offers a revolutionary solution enabling operators’ to offer employees this retirement program. We give operators access to 401(k) plans across all 50 states, allowing you to save for retirement and enjoy perks like tax benefits and greater employee satisfaction.
We have an extensive background in providing targeted payroll processing, comprehensive HR management, and streamlined banking for cannabis operators. Our dependable 401(k) solutions take our offer of cannabis-friendly services to the next level and bring you added convenience. Contact us today!