You have to start thinking like your employer! Think cost and effort.
The first thing that comes to your employer’s mind is: How much is going to cost me?
Besides mentioning the advantages of having a 401k such as employee retention and low-employee turnover, Your employer wants to know the following:
- Cost involved?
- IRS requirements?
- Set up fees?
Remember, your employer runs a business for a living, you need to be prepared to answer all these questions! That’s why you need to be prepared.
Start by setting up a meeting with management or your boss so that you can bring the 401K issue to the table. Keep in mind the following during your conversation:
- Don’t assume they know the process. Thus, make it easy for them to understand
- Mention the plans and the options available
- If there is one plan in specific that you think will be the most beneficial, then mention it.
- BRING SOLUTIONS TO THE TABLE!
- Tell them the steps they will need to follow to open a 401K
If your employer doesn’t want to match, then negotiate for them to just set up the plan.
Something is better than nothing.
- Do your research
- Be prepared
- And Negotiate
- Everyone is approachable!