Losing your best employee is like a punch in the gut for a small business owner. But with fierce competition for the best people, how can you compete? Lost productivity and time spent landing a replacement are painful, but the overall cost of losing a good employee may be way more than you think. In a review of 30 individual case studies, the cost of replacing just one teammate was found to range from $3500 to well over $10,000.
What’s a small business owner to do? Get serious about a 401(k) plan.
That’s right. 401(k) plans are not just for big business. Properly structured, a 401(k) can help minimize turnover, while providing you, the owner, with the potential for attractive tax benefits too.
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