401(k) Plans for Restaurants: The New Way to Retain Workers

Roughly nine in ten employees view a 401(k) as an important benefit, according to a survey by Transamerica. But only 14 percent of small businesses, including many restaurants, offer one.This is primarily because restaurant and other small business owners view 401(k) plans as too complex and expensive. Fortunately, technology is making retirement plans more affordable and accessible for restaurant owners, giving them an opportunity to hold onto good employees in a competitive labor market.

Offering a 401(k) plan to your employees may sound daunting, but they’re not the only ones that would gain from it. Here are three benefits to you as a restaurant owner.

1. Hire Better TalentMore than half of workers joined their company largely because it offered a retirement plan, according to a survey by Willis Towers Watson. Since providing a 401(k) plan in the restaurant industry isn’t common, it could give you a leg up when trying to recruit the best talent. 

2. Improve Employee…