Good workers are hard to find — and keep — during what has been dubbed the “Great Resignation.”
Millions of workers are quitting their jobs, and others are getting ever choosier about the employment they are willing to consider. As a result, companies are pulling out the stops to get and retain talent.
For many companies, that means hiking wages. But others are sweetening their 401(k) plans to try to convince good workers to stay put.
Following are four companies that are trying to make their 401(k) plans more attractive to workers.
Beginning this year, Facebook’s parent company, Meta Platform Inc., began matching employee contributions at a much higher rate. The company now offers a dollar-for-dollar match of up to $10,250, or $13,500 if you are age 50 or older, the Wall Street Journal reports.
Previously, the match was 50% of contributions up to 7% of pay.
Rather than matching 401(k) contributions, accounting firm KPMG U.S. is upping the ante.
Employees who work for the accounting firm will now get automatic contributions to their 401(k) plans in an amount equal to 6% to 8% of their pay, according to a LinkedIn post from Paul Knopp, chair and CEO. Knopp writes:
“The new plan will feature market-leading flexibility as all employees will receive the contribution without any requirement to contribute their own money.”
The world’s largest aerospace company is going big on its retirement match.
Starting this year, Boeing is offering a dollar-for-dollar match on the first 10% of base and incentive pay for nonunion employees who contribute to their retirement plan. Those who are active nonunion employees as of Dec. 31, 2022, and 2023, also get an additional 2% contribution from Boeing.
The company offers immediate 100% vesting which means workers are guaranteed to keep those matching contributions regardless of how long their employment lasts.
In the past, digital ad agency Booyah Advertising contributed 2.5% of an employee’s salary to a 401(k) account, or 50% of an employee’s contributions up to 5% of the individual’s salary.
Now, the company will match 50% of an employee’s contributions up to 10% of their pay, the Wall Street Journal reports.