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Recruiting and retaining high-quality people is the lifeblood of any business, and the data shows employee benefits is one of the most crucial ways executives can attract, keep and reward talented individuals. With employee turnover a chief concern for many business owners, offering a competitive, comprehensive benefits package is paramount.
Omnia Executive can assist you in building out these offerings for the different age demographics of your workforce. No cookie-cutter, one-size-fits-all model here. We also provide executive compensation and key employee benefit design as a full-service shop for our clients.
Employee Well-Being
According to a study by Stanford University, only about half of U.S. households are offered work-based retirement plans at their jobs. And those who do have access to company-sponsored retirement plans rely solely on these offerings as their source of financial education. With many Americans possessing little to no retirement savings — and guessing as to how much money they need for this stage of life — financial stress can invade the workplace and cause productivity to plummet.
As a client-centric firm, we understand the importance of your employees’ well-being to your organization’s success. Beyond the day-to-day servicing of participant accounts, Omnia’s CERTIFIED FINANCIAL PLANNERS™ and accounting team are here to assist your employees. We provide tools and resources for your workforce to secure overall financial wellness now and for retirement. So your workers can stop guessing and start feeling good about their financial future. See more about investing for your future here.
Omnia Can Help
Offering a retirement plan to your employees doesn’t have to be expensive, complicated or time-consuming. The process begins with us collecting some information about you. We analyze this to provide you a custom pricing proposal and perform an assessment on plan design options. We schedule a time to learn more about what you’d like to gain from the retirement plan.
Once you’re ready to move forward, we lead you through implementation to ensure the process goes smoothly. When your new plan is up and running, our team of experts continue to assist you in the servicing and management of your plan. With our customized support, we ensure your employees understand the plan’s offerings and make a well-educated decision. You can count on us from start-up through succession.
Additionally, Omnia Executive offers key person executive compensation and benefit design as a sweetener to retain and reward top talent. If you have identified a potential successor and want to ensure he/she remains with your business, this is a tremendous option many of Omnia’s competitors don’t offer. Get in touch with us to see how we can help incentivize your best and brightest with this creative solution. See more on succession planning here.
Summary
Closely held businesses can offer employees of all ages a competitive benefits package without breaking the bank. By doing so, your business will be better suited to recruit and retain individuals while simultaneously positioning them to achieve their financial goals.
Benefits for the company include potentially receiving more cash from the business while reducing the tax bill each year, higher company morale (and thus improved productivity) and a tax-efficient buyout vehicle for owners exiting the company. Underfunded retirement accounts can also result in delayed retirements, meaning higher wages, paid absences and healthcare costs. We’d love to learn more about your company to understand what you value and how we can be of assistance. We look forward to hearing from you.
