Restaurants have always had difficulty retaining employees, but today they are extremely challenged to even attract them. Businesses in other industries offer more flexibility, higher pay and better benefits. To compete for talent, you may need to consider not only increasing wages, but also sponsoring a retirement savings plan or improving your existing plan. Here are a few tips:
- Allow employees to participate immediately
Immediate plan participation can give you the recruitment edge you need in a challenging industry and tight job market.
- Automatically enroll employees
Remember that restaurants are service-focused businesses and your employees are consumers, too. Make plan enrollment as easy as possible for them and it can go a long way to building loyalty.
- Offer financial wellness programs
Food service can be a very high stress and low paying career. But by offering a robust 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 retirement plan report card and information on how ADP can become your retirement ally, download our insight.