NANAIMO – Although the pandemic is far from over, the good news is that the labour market has begun to recover. Now more than ever, small businesses on Vancouver Island need to find ways to attract and keep top talent to compete with the ‘big box’ firms.
Showing that you put your people first will help your company stand out to a potential candidate, especially in these challenging times.
An attractive and flexible benefit package helps send the message that you care for your team. Offering a Group Registered Retirement Savings Plan (RRSP) may help move your company to the top of your candidate’s list—and give your current star performers reasons to stay long term.
After all, saving for the future doesn’t just help your employees’ financial health. Removing worry and stress about finances improves mental health as well, and that’s top of mind for everyone right now. Investing in even a small plan can help you reduce the costs and personnel hours associated with staff turnover.
A comprehensive Group RRSP package is an easy-to administer retirement savings solution. There’s no cost to the employer to set up, it’s payroll compatible and only needs a small minimum of employees.
There are many options to help you choose the right fit for your company. Most offer a low annual con-tribution requirement, so you can decide whether to budget a small flat amount per employee per month, match employees’ contributions or do something in between.
Through the plan, your employees will have access to Retirement Income Planning through a Certified Financial Planner, and that’s a benefit hard to resist. Your team will also appreciate the low investment cost a group plan provides and the reduction of tax-able income they get by contributing to an RRSP.
The result is more disposable income to pay down debt or save for a child’s education. Budgeting is a high priority for Canadians as we move into the “new normal.”
A great first step to explore the Group RRSP options available to you is to connect with a financial expert.
Lindsey Smith, CFP is a Mobile Savings Coach with Coastal Community Private Wealth Group.* For more information on Group RRSP plans, call us at 1.800.806.2332.