Young professionals are less likely to stay at their jobs for decades as did generations before them. According to ERC and Crain’s Cleveland’s 2017 Workplace Practices Survey, 50% of companies polled said their biggest challenges revolve around hiring and retaining talent while at the same time 27% say their greatest strength is their employees. 2
The fact that retirement is at the end of the employee engagement lifecycle makes it no less important than attraction or retention. Unfortunately, for most businesses – small businesses – unpredictable revenues make it difficult to commit to matching 401k contributions each year and knowing how to best administer the plan. Currently, companies with fewer than 100 workers employ 36% of the US workforce, which equates to about 42 million people.