Cannabis companies are operating in a highly competitive hiring market and should have the tools necessary to interest quality candidates, including attractive employee benefits. Providing a high- quality 401( k) plan should be one of those tools. Four in five employees indicated they prefer benefits and perks over a pay raise and a 401( k) plan ranks in the top five requested benefits according to a recent Glassdoor survey. Already the largest workforce segment, millennials find benefits particularly appealing: for 90% of employees 18 to 34 years old, benefits are actually valued more than pay.
Top candidates looking for a long- term relationship with a company evaluate a 401(k) plan offering when choosing which companies to apply to or deciding between multiple job offers. Therefore, a high quality 401(k) plan can be a “ tie-breaker” for candidates when determining which job offer to accept.
Contact me if you are interested in discussing implementing a 401(k) for your cannabis business or a suite of other retirement and executive compensation benefits.