The Executive's Desk: Boost employee retention with this no-cost benefit - Albuquerque Journal

The Executive’s Desk: Boost employee retention with this no-cost benefit

Carolyn Fittipaldi

While hiring new employees can pose a challenge in today’s job market, retaining high-quality employees long-term can prove equally difficult for employers.

Many employers are looking for cost-effective ways to make their business a more competitive option for job seekers, while showing their appreciation and dedication to their existing employees.

Today’s workforce is facing countless issues and many families are struggling financially to pay for the escalating costs of higher education for their children. New Mexico employers have the option to add a meaningful employee benefit at no extra cost by offering the state’s 529 college savings plan – The Education Plan®.

Providing employees with an opportunity to easily save for future education expenses for themselves or their children is a thoughtful benefit that has the power to boost employee morale and retention. For employers, employees with robust benefits are often more engaged and work harder.

The Education Plan® can be implemented at no cost to employers and requires no government reporting, making it a quick and easy way to show gratitude to those who keep your business thriving. Contributions can be made directly from payroll, and employees can start saving with as little as a $1. Offering a 529 savings account as part of a competitive employee benefits package is a great way to attract and retain good employees.

For employees, the plan not only helps cover the cost of higher education for themselves or a loved one, but it also offers tax advantages. Contributions are tax deductible from New Mexico income tax, and the funds grow tax-free. Withdrawals are tax-free if used to cover education expenses including tuition, housing, meal plans, books, supplies, computers and fees. Funds can be utilized at any vocational or trade school, professional school, college or university.

Whether an individual is looking to better their own future through higher education or to save for their children’s education, a 529 plan is an invaluable asset to be offered as part of a benefits package. For employers looking to further increase their benefit offerings, matching contributions are an optional add-on.

Student loan debt is a harsh reality for many New Mexico families. By adding The Education Plan® for your employees, you can help to eliminate the stress of saving for education expenses and help to ease the burden of future loans.

The Education Plan® can give businesses a competitive edge for both recruitment and retention, making it a win-win for everyone involved.

The executive’s desk is a guest column providing advice, commentary or information about resources available to the business community in New Mexico. To submit a column for consideration, email gporter@abqjournal.com.

 


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

Nativo Sponsored Content

Ad Tango

taboola desktop

MORE ARTICLES LIKE THIS

1
What does a soil and water conservation district do?
ABQnews Seeker
From arroyo safety to fire prevention, ... From arroyo safety to fire prevention, this grant-funded agency literally covers a lot of ground
2
Half of city voters favor Keller's job performance
2021 city election
60% approval rating a year ago ... 60% approval rating a year ago likely due to pandemic response
3
Book merchant Jim Hoffsis was a pillar of Old ...
ABQnews Seeker
Korean War veteran was an admirer ... Korean War veteran was an admirer of military, supporter of local authors
4
Gonzales' current job approval stands at 34%
2021 city election
Democratic sheriff has little support from ... Democratic sheriff has little support from members of own party
5
NM film and television community honors Halyna Hutchins
ABQnews Seeker
New Mexico's film and television community ... New Mexico's film and television community came together to remember cinematographer Halyna Hutchins at a candlelight vigil at Civic Plaza in Albuquerque on Saturday ...
6
Journal Poll: Keller has large lead over mayoral opponents
2021 city election
Gonzales, Aragon lag behind; runoff may ... Gonzales, Aragon lag behind; runoff may not be needed
7
Hours before showtime, Las Cruces High's band truck is ...
ABQnews Seeker
The Las Cruces High School Showcase ... The Las Cruces High School Showcase band's trip to Albuquerque this weekend started on a sour note. Hours before the Zia Marching Band Fiesta ...
8
Don't forget: 10-digit phone dialing to be required in ...
ABQnews Seeker
Starting Sunday, phone users across New ... Starting Sunday, phone users across New Mexico must include area codes when dialing to make all calls, including local calls that previously only required ...
9
States mostly defer to union guidance for on-set gun ...
ABQnews Seeker
Safety standards developed by film studios ... Safety standards developed by film studios and labor unions are the primary protection for actors and film crews when a scene calls for using ...