How many businesses offer a retirement plan in your city?

Providing your employees a 401(k) plan is key to attracting and retaining top talent, making retirement benefits a crucial part of the success of your business.  According to the 2016 Annual Transamerica Center for Retirement Studies Survey, 78% say that retirement benefits offered by a prospective employer will be a major factor in their decision to accept an offer. And 54% would likely switch employers for a nearly identical job with a similar employer that offered retirement benefits or better retirement benefits. Consider this:

  • It costs 30 to 50 percent of a junior staffer’s salary to replace them
  • It costs upwards of 150 percent of a mid-level staffer’s salary to replace them
  • It costs 400 percent of a high-level staffer’s salary to replace them1

Using our research resources2, we’d like to share 20 major cities with the highest and lowest number of businesses that offer their employees a 401(k) plan per capita.

HOW MANY PEOPLE HAVE A 401(K) WHERE YOU LIVE?
 
 

Top 10 Major Cities with Highest Percentage of Business 401(k) Plans per Capita:

1Minneapolis, Minnesota

2Atlanta, Georgia

3Miami, Florida

4Portland, Oregon

5Washington, D.C.

6Seattle, Washington

7Denver, Colorado

8San Francisco, California

9Omaha, Nebraska

10Boston, Massachusetts

If you find your city in this list, do not fear. Instead, consider starting a 401(k) plan or improving your current plan to help keep your business competitive when it comes to attracting and retaining talent.

Top 10 Major Cities with the Lowest Percentage of Business 401(k) Plans per Capita:

1Detroit, Michigan

2Mesa, Arizona

3Los Angeles, California

4Arlington, Texas

5San Antonio, Texas

6Long Beach, California

7New York City, New York

8Jacksonville, Florida

9Philadelphia, Pennsylvania

10Fort Worth, Texas

If you find your city in this list, here’s your chance to easily rise above your competition by offering a retirement plan to attract top talent.

You can find a complete list here:

See Top 50 Major Cities

Top Five Cities with 401(k) Plans

1 Karlyn Borysenko, “What Was Management Thinking? The High Cost of Employee Turnover,” Talent Management and HR, April 22, 2015.

www.eremedia.com/tlnt/what-was-leadership-thinking-the-shockingly-high-cost-of-employee-turnover/

Sources: Fisher Investments, ESRI: Tele Atlas North America; US Census Bureau.

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