Benefits and Retirement Contributions Vary at Small Financial Service Firms
We recently surveyed 150 owners and managers of small U.S. financial service firms and learned that many employers (32%) contribute 100% to their employees’ benefits and retirement programs. Although an additional 30% said they offer the bare minimum, and a further 25% perceive that their company is contributing about the same as similar companies. Employee participation levels vary.
What is your contribution strategy?
- 100% for employees – 32%
- Minimum – 30%
- Café style – 21%
- Separate by classes – 14%
- Management carve-out – 10%
What is your participation?
- None – 28%
- Less than 60% – 10%
- 61% to 75% – 10%
- 76% to 90% – 7%
- 91% to 100% – 45%
- How competitive is your health benefits on offer to employees?
- Can you compete with much larger companies?
- Are you staying on top of changes in healthcare regulation?
A full-scale, Fortune500-worthy benefits package can provide the edge you need to attract and retain top finance minds. Using the services of a knowledgeable PEO can allow you to compete with much larger employers by tapping expertise in employee benefits, health insurance, 401(k)s and much more.
Let’s face it, HR administration is a time-consuming burden that takes away resources by having to focus on nonrevenue-producing tasks. The survey results indicate that many small financial service firms would benefit from the assistance of a Professional Employer Organization (PEO).
Companies like Oasis provide comprehensive, customized HR solutions for Financial Service companies to manage these duties on your behalf and handle the administrative headaches that can distract from your priorities. Payroll, benefits, HR, tax administration, and regulatory compliance assistance are some of the most frequent services we provide. Such a partnership means you will also be able to offer world-class benefits at an affordable price to enable you to attract new employees and also keep the ones you’ve got. Also, the Oasis team is up to speed on the ever-changing regulations to make sure that you will always stay in compliance.
Businesses that work with companies like Oasis have reported growth of 7% to 9% faster than those who do not use such a partnership. They also have employee turnover that is 10% to 14% lower and are 50% less likely to go out of business. Such a partnership would deliver you streamlined processes, cost efficiencies and specialized resources that allow you to focus on attracting and retaining talented personnel, generating revenue for your bottom line, and protecting your business from risk.
Oasis is here to help you. If you think your firm would benefit from partnering with a Professional Employer Organization (PEO) like Oasis, we would welcome the chance to talk with you. Call us at (866) 318-5496 or visit www.OasisAdvantage.com to learn more.
Or download a complimentary copy of the complete survey results here.
Professional employer organization (PEO) services provided by Oasis Outsourcing, Inc. (Florida employee leasing license GL42) and its affiliates, which are licensed or registered to provide PEO services where required by law.