GRATEFUL EMPLOYEES

ARE YOUR EMPLOYEES GRATEFUL?

If you have met any member of our team, you know our favorite holiday is Thanksgiving. The simplicity of stepping back to reflect on one’s blessings can be so powerful. It is far too easy to get caught up in the stress of deadlines and the daily grind and to forget about the many privileges we have. Thank goodness we have a national holiday that directs us to take time to reflect with family and friends. Before we get too nostalgic, ask yourself if your employees feel grateful for their work environment, pay and benefits. How do you show them that they are appreciated? If your company’s retirement plan does not have contemporary features — or worse yet, if you don’t have a retirement plan for your employees — you may find yourself in a difficult spot.

A TICKING TIME BOMB?

My college buddies traditionally reunite each fall at a former housemate’s lake home in northern Wisconsin. This year, the group was larger than usual, which only meant that the stories and recollections were even more abundant. I found one new attendee’s life story post-graduation especially poignant, as it relates to the subject of this article. Let’s call him “Mike” to protect his identity. Mike is now 58 years old and splits time between his homes in Florida and Minnesota. He has been semi-retired for 15 years thanks to the success of a company that he and two partners started when he was younger and which has done phenomenally well. We’ll call this company “Widget Distributor B.” What really caught my attention was why the company ever started in the first place. It turns out that Mike was a salesman for “Widget Distributor A.” Mike, another salesman and their manager were hardworking and one day approached the owner to request that a 401(k) plan be established so that they could save for their retirement. When the owner learned that it would cost him $2,000 to establish the plan for his employees, he quickly discarded the request and instructed them to get back to work. This turned out to be a bad decision.

For Mike and his two coworkers, the owner had created a culture where the employees did not feel valued. Nine months later, they left together and started Widget Distributor B with one of their top priorities being to treat their future employees with the same care that they would treat their future customers. Their success has been greater than they could have ever imagined as they grew their company to dwarf their prior employer. Top talent from their industry, including from Widget Distributor A, came knocking on their door as the word was out that Widget Distributor B was the place to be!

One can only imagine the regret and pain that the owner of Widget Distributor A still feels today. How shortsighted he was.

RECRUIT, RETAIN, REWARD.

One of our firm’s niches is working with private business owners, and today one of the biggest concerns we hear is about the challenges they face in recruiting, retaining and rewarding talent. The good news is that workplace retirement plans have become even more featureand cost-competitive! There are also ways to contractually mitigate both your potential fiduciary and administrative liabilities. With the battle for talent intensifying, there has never been a better time to review your current offering or to start a new plan if you have not yet done so. For more detail and insight, you are welcome to contact us. We would be happy to help assure your lifestyle and legacy, as well as your employees’!

Thismaterialisintendedfor informationalpurposesonlyandshouldnot be construedaslegalortax advice andisnot intended to replace theadviceofa qualifiedattorney,tax advisor, or planprovider . FILE# 3869996.1

 Tom McCartney andSharon Pietare teammates atMyAdvisor& Plannerandare Registered Representatives andInvestmentAdviser Representatives withM Securities.Securitiesand InvestmentAdvisoryServices are offeredthrough M HoldingsSecurities,Inc.,a RegisteredBroker/ DealerandInvestmentAdviser, MemberFINRA/SIPC. MyAdvisor& Plannerisindependentlyownedand operated.

Tom andSharon can bereached at info@mapyourfuture.net,at630-457-4068,oryou can visit thematwww.mapyourfuture.net.

Securities and Investment Advisory Services offered through M Holdings Securities, Inc. (Member FINRA/SIPC). My Advisor & Planner is independently owned and operated.