Three big challenges for franchise owners
Sponsored content by Human Interest.
As we're closing out 2022 and ringing in 2023, let’s celebrate the wins, learn from the past, and prepare for the future. Three big challenges face franchise owners today: attracting talent, retaining talent, and balancing multiple responsibilities.
Good talent is hard to find! In today’s competitive landscape, the unemployment rate is trending downward.1 Modern companies, especially in the tech industry, are boosting benefits in the post-COVID era. Hourly workers now have many more options, not just fast food and retail.2
Almost 57 million people left jobs—many more than once—between January 2021 and February 2022. Yet the overwhelming majority of these job quitters had other jobs lined up or quickly found work elsewhere.3 Employee turnover can cause low employee morale, decreased productivity, and impacts on customer service. Talent shortage requires investments in hiring and benefits.4
Balancing many responsibilities
Franchise owners find themselves balancing HR, finances, operations, marketing, and more with limited time in the day. In addition, offering retirement benefits is becoming a legal requirement. As of December 2022, 16 states and two cities have already passed legislation requiring certain employers to provide retirement benefits to their employees or opt-in to a state run program. Six states have active programs where employers may be subject to penalties for non-compliance.5
We can help.
Human Interest’s affordable, modern solution can help address your biggest concerns and allow you to focus on running your business. How?
- Streamline employee onboarding
- Automate 401(k) contributions
- Track eligibility & sync employee data
COMPLIANCE & RECORDKEEPING6
- Annual nondiscrimination testing
- IRS Form 5500 preparation,signing, and filing
- Plan document preparation
- Year-end data collection & review
We can do the heavy lifting for you. Contact one of our 401(k) specialists today.
1 Bureau of Labor Statistics, 2022
2 TechCrunch, 2022
3 Harvard Business Review, 2022
4 QSR, In-N-Out Scores Top Marks in Fast Food’s ‘War for Talent,’ August 2022
Some services are only available with Complete and Concierge plans. Visit our pricing page for more information.
Human Interest is an affordable, full-service 401(k) and 403(b) provider that seeks to make it easy for small and medium-sized businesses to assist their employees with investing for retirement. Investment Advisory services provided through Human Interest Advisors, a Registered Investment Adviser. For more information, please visit humaninterest.com.