Retirement plans for the restaurant industry
Restaurants have always had a hard time retaining their employees, but today they are having a hard time attracting them. Companies in other sectors offer more flexibility, higher salaries and better benefits. To compete for talent, you may need to consider not only increasing salaries, but also sponsoring a retirement savings plan or improving your existing plan. Here are a few tips :
- Allow employees to participate immediately
Immediate participation in the plan can give you the recruiting edge you need in a tough industry and tight labor market.
- Automatically enroll employees
Remember that restaurants are service-oriented businesses and your employees are consumers too. Make signing up for the plan as easy as possible for them and that can go a long way in building loyalty.
- Provide financial wellness programs
Food service can be a very stressful and low paying career. But by providing a strong financial wellness program, you can help your employees improve their financial literacy, manage debt, protect their identity, plan for retirement, save for college, and more.
For a restaurant pension plan report card and information on how ADP can be your retirement ally, download our overview.