There are many different reasons why people choose to work at small businesses rather than large corporations. Employees develop more personal relations with one another, there is more opportunity to influence major decisions and even daily operations can be more relaxed. However, if you are working with a smaller company that has a limited amount of capital, it can sometimes be hard to secure the expansive employee benefits offered by larger establishments. But small business workers need not worry – recent trends are showing that employers are more willing to address these retirement issues.
For example, a new survey from Nationwide Financial showed African American small business owners are quite concerned with their employees’ current retirement plans. The struggling economy of the past few years has been the main challenge, but these managers are remaining optimistic and are willing to invest more in employee benefits as the economy continues to improve.
"It’s clear that African American small business owners are deeply concerned about the lack of preparation for retirement in our country," said Eric Stevenson, vice president of sales for Nationwide Retirement Solutions. "Despite the alarming level of concern, it’s encouraging to see they are trying to do something about it by investing in their employees."
This is not limited to this specific demographic either. The Hyattsville Patch reported the city council just passed legislation designed to overhaul the municipal employee benefits program. This includes changes to healthcare plans and retirement fund contributions.
If you are working for a small business, you should speak with your internal benefits department or outside HR consulting service to determine which plans your company offers. This way, you can be assured of pension options that may not have been revealed in your initial assessment.
