Dossier
401(k) plan
Coverage of 401(k) plan in the Nexus archive.
- Small businesses are using a classic benefit to stay competitive in attracting and keeping workers
Small businesses are increasingly using 401(k) plans—a benefit often associated with larger employers—to maintain competitiveness in attracting and keeping workers. Offering a 401(k) can act as an alternative to more expensive benefits and has been found to translate to roughly 8% fewer quits during the first year of employment.