Workers Say Small Businesses "Obligated" to Offer
401(k)s
November 9, 2007 (PLANSPONSOR.com) - The second
annual Small Business Annual Retirement Trends survey (SBART)
commissioned by ShareBuilder Advisors, LLC, found 64% of
employees of small businesses said the 401(k) is an important
benefit that employers should be obligated to
offer.
According to a press release, only half of small
business employers indicated they feel a strong or some
sense of responsibility to offer a retirement plan. The
survey report points out a number of areas where
employees and employers had differing outlooks and
approaches on retirement-related topics.
For one, small business employers are more
confident overall in their retirement savings (53%
very/somewhat confident) than employees (41%).
Employees surveyed are most likely to use 401(k)
accounts to fund their retirement at least in part, but
employers surveyed are most likely to rely on personal
investments in IRAs, stocks and mutual funds, the release
said. In addition, less than 40% of employers said
retirement plans are crucial in attracting and retaining
employees versus nearly 60% of employees.
Less than 20% of employers said they believe a
401(k) plan would prevent their employees from leaving,
however, nearly 40% of employees indicated they would
leave their current job for one that provided a
401(k).
Nearly half of employees surveyed said they believe
Social Security will not be around when they retire,
where two-thirds of employers said they believe it
will.
One thing both employers and employees agreed on is
a lack of overall satisfaction with their retirement
benefits. Only one out of four employers and employees
reported being extremely/very satisfied with the
retirement benefits offered by their company.
Additionally, both groups showed the most interest
in the Roth 401(k) over other features such as Lifecycle
funds, ETFs, and auto enrollment.
Other survey findings, according to the press
release, included:
Only 35% of all small businesses offer
retirement benefits to their employees (about the
same percentage as reported one year ago); 13% of
these benefits are in the form of a 401(k), compared
to 14% in 2006.
Owner-only firms are least likely to have a
401(k) program (8%).
Nearly one quarter of small businesses that do
offer a 401(k) are not actively encouraging their
employees to participate.
47% of small business owners who do not
currently offer a 401(k) said they never intend to
offer one.
The top reason employers gave for not planning
to ever offer a 401(k) was "not enough employees to
make it worthwhile," followed by "can't afford to
offer company match," and "employees not
interested."
The leading reason employers gave for
considering a 401(k) was the incentives provided via
tax breaks (26%).
52% of employers without a 401(k) do not know
what to expect to pay in annual administration
fees.
Female owners are much less likely to offer
retirement benefits at their business versus their
male peers (73% vs. 61%)
Women owners in general are less confident in
retirement preparedness than male owners (39% vs.
58%) and are less likely to have personal investments
like an IRA (44% vs. 55%), stocks (32% vs. 53%), and
mutual funds (32% vs. 49%).
Half of all employers at micro businesses (1 -
25 employees) feel no responsibility to offer
retirement plans while three-quarters of employers of
small businesses (26 - 50 employees) feel they have
either a strong or, at least, some level of
responsibility.
Female employees feel more strongly than male
employees that employers are obligated to provide
retirement benefits (70% vs. 60%).
The survey was conducted online within the United
States by Harris Interactive from July 26 through August
28, 2007 among 519 small business employers (including
owners, partners CEOs, chairmen and presidents with 1-50
employees) and 1,147 full-time small business employees
aged 18 and over.
November 8, 2007 (PLANSPONSOR.com) - Earlier this
week, we covered a survey of workers - who, for the very most
part, said that their work is unaffected by their boss'
presence (or absence).
Well, for a clear plurality – more than 38% of this
week’s respondents – whether the boss was in or out had
no impact at all, though 28.6% got more done when the boss
was out, and only about 3% said they got less done (or got
stuck with more work).
On the other hand, nearly a third chose
“other” – a response category that ran the gamut
– but was mostly comments along the line of “I work harder,
but don’t get more done.”
As one respondent noted,
“I was going to check the box “I get less
done”, but that’s not 100% true…I get less of my
OWN work done. When my boss is either on vacation or out of
town, I am the next in line to contact, so most of my work
gets put on the back burner while I try to stay afloat
handling what she’s got going on.”
Verbatims
My favorites among this week’s verbatims:
“I really try to get more
done so that my boss doesn’t think I’m sloughing
off when she’s out.”
“I get more done when
she’s out and wish she would were out more often.”
“…there are certain things
that require her approval in order to get done. Her peer,
who is responsible for that approval in her absence, sends
everything back with inane questions. So, in that regard, I
get less work done. In fact, our entire team stockpiles
that work for her return so we don’t have to deal with
her peer.”
“I get less done because I
have to cover for my boss who really does work.”
“Even when my boss is
out…she is in…still calls, or emails if needs something
completed.”
“Yes it makes a difference. I
work harder in order to play harder when he is gone.
When he is here I actually think I work slower to continue
looking busy so he won’t come and chat with me.”
“I’m doing the same good
job either way. Most of the time even when my boss is here
he’s not really here…”
“Get more done but have more
to do — have to track down the boss who does not leave his
cell phone on and rarely replies to e-mails. At times, it
is like “Where’s Waldo”?”
“I get more done. But
that’s because when my boss is out, most of my
coworkers somehow seem to be out, too. hmph…”
“In my department we tend to
get more done when the boss is out – until she wakes up and
gets on her blackberry or laptop. The requests that come in
then are awful and knee-jerk reactions to things she is not
well informed about. My supervisor came running out of his
office one day while the boss was out and declared
“The Boss is awake, I had to get out of my
office!”
But this week’s Editor’s Choice goes to the reader who
said,
“I’m my own boss, so I better get work done, even
when I’m not looking :)”
Thanks to
everyone who participated in our survey!
I really try to get
more done so that my boss doesn't think I'm
sluffing off when she's out.
I work from home so
my boss (who is in another state) is never here. It
doesn't matter -- either there is work that has
to be done or there isn't -- and he can put the
pressure on just as well by phone as by being
here.
I get more done when
she's out and wish she would were out more
often.
He sneaks in &
out of the office. Not even his secretary, much
less his wife, knows when he'll be around.
Under these circumstances I guess there is no real
impact. I can sleep through anything.
The only realy
impact is that I get to work on my projects, versus
responding to his requests!
Why? IS he
gone?
I get much more done
in much less time.
No real impact --
Whether she's in the office or traveling (which
she does frequently in spurts), she doesn't
really add value to the team from a management or
mentoring perspective. She makes it known by her
body language and actions that she's
"busy" and has doesn't have a lot of
time to deal with "staff"
questions/issues (but is always available with a
smile for the Big Cheese). When in her office
she'll frequently not turn around to
acknowledge someone and keep typing while
you're asking a question, keep her door closed
even when she's not in meetings, and generally
hinders meeting conversations rather than helps
(can you say "Adult ADD"?). Most of us
only go to her when we absolutely have to because
of the way she confuses the issues. Her recent
promotion to AVP certainly puffed up her ego a few
notches -- we just wish upper management would wake
up and realize just how bad a manager she really
is!
I get more done
because it cuts down on meetings and leaves me with
a more open schedule.
Sometimes I get more
done; sometimes things are delayed because I need
his input.
I'm my own boss,
so I better get work done, even when I'm not
looking 🙂
My boss being here
has no real impact on my daily work - I still
answer phone calls, respond to email, and keep
things moving. However, there are certain things
that require her approval in order to get done. Her
peer, who is responsible for that approval in her
absence, sends everything back with inane
questions. So, in that regard, I get less work
done. In fact, our entire team stockpiles that work
for her return so we don't have to deal with
her peer.
Our 'boss'
is only here about 10 minutes a week (he manages
another office, which we're supposed to merge
into by February), so it doesn't really
matter.
My staff and I get
SOOOOO much more done when the dept. head is gone
it's unbelievable. When my boss is around,
she's constantly interrupting our workflow with
things she feels are crises (but rarely are). When
she's not around, I can focus on the things I
know are truly important -- and make sure my staff
does the same! Unlike my boss, I operate under my
spin on The Incredibles' mantra "if
everything's important, nothing is
important" - so focus on the truly
important!
I get less
information. My boss is really good about sharing
company information.
My boss is in
another state. I get less done when the boss is
visiting then when I am alone. It is great when the
Manager is over 300 miles away and can only visit
once in a great while.
It usually makes no
difference at all. On occasion it can impede
progress. I can't recall when his presence has
helped. The job isn't structured to be
dependant.
I get more to do
because she delegates her authority to me when she
is gone for prolonged periods. That's just fine
with me...I get to see a broader view of issues as
they bubble up...I just have to remember which hat
I'm wearing...mine or hers...when I
review/approve items that come across my
desk.
In my department we
tend to get more done when the boss is out - until
she wakes up and gets on her blackberry or laptop.
The requests that come in then are awful and
knee-jerk reactions to things she is not well
informed about. My supervisor came running out of
his office one day while the boss was out and
declared "The Boss is awake, I had to get out
of my office!"
I get more to do,
but I also get more done because of fewer
interruptions. I'm sure my boss get's more
done while I'm out of town...for the exact same
reason!
He is located in
another office, so his being in or out of the
office has no bearing on me, unless of course he is
out of his office because he is visiting our office
- then "I get less done".
It only makes a
difference if I need approval or his perspective on
something. Otherwise, I am pretty much
autonomous.
I get less done
because I have to cover for my boss who really does
work.
It depends on the
length of time out. If a short time, usually not.
If a week or more, it has an impact since we have a
hierarchal structure. Things can only go so far up
the ladder before his input is required.
Yes. When our boss
is gone, which is thankfully frequently, much more
is accomplished at a much lower stress level. It is
amazing the productivity you can achieve without a
micromanaging supervisor standing over your
shoulder.
Even when my boss is
out...she is in...still calls, or emails if needs
something completed
Who knows. I've
been working here for 10 months and my one-on-one
interaction with my supervisor has totalled maybe
10 days. I've pretty much been plugging along
at what I consider priorities. Good thing I'm
considered the "expert" on retirement
plans.
I was going to check
the box "I get less done", but that's
not 100% true...I get less of my OWN work done.
When my boss is either on vaca or out of town, I am
the next in line to contact, so most of my work
gets put on the back burner while I try to stay
afloat handling what she's got going on. She
travels quite a bit so I dread it when she
leaves!
My boss is in
Allentown, PA and I am in Atlanta, GA. I rarely
know that she's out until I get an "Out of
Office" reply when I copy her on an e-mail.
Her presence or absence has no effect at
all.
Yes-- I get to have
a longer lunch break and leave earlier!
I get more done
because I am not running back and forth to his
office to let him know what is going on. I work
straight thru and give a short report of any
problem area when he is back.
My boss is located
in another state. How cool is that! I'm
definitely more productive now (strangely enough)
than when I had a boss who was in the same location
as me. Probably because of fewer interruptions
(only phone calls and e-mails now).
I'm doing the
same good job either way. Most of the time even
when my boss is here he's not really
here...
I get more done of
the work backlog. I don't get 'special
projects' when my boss is out of the
office.
Get more done but
have more to do -- have to track down the boss who
does not leave his cell phone on and rarely replies
to e-mails. At times, it is like "Where's
Waldo"?
ABSOLUTELY I get
more done cause they aren't hovering over me -
I finally get to work on things that normally are
put on the back burner cause when the boss is here
there is more gasoline added to the fires.
When my boss is out
of the office, there is usually more for me to
do...handling extra phone calls and e-mails, etc -
so I have to manage my time a little more
effectively.
I get more done. But
that's because when my boss is out, most of my
coworkers somehow seem to be out, too.
hmph...
If the "subordinates" were reassuring on the
point - that work proceeds apace whether the boss is there
or not - the bosses responding to this week's survey
were even more assuring.
More than half (
54.4%
) agreed that their subordinates worked at the same pace,
regardless of their presence.
Roughly
8%
thought that the group(s) that reported to them got more
done when they were gone, nearly
9%
said they got less done, and a like number said that
"they leave plenty for me to do when I get back to the
office."
Two percent said they seem to get nothing done.
As with the subordinate group, a strong one in five (
19%
) chose "other" - but here, for the very most part, the
reason was largely a function of one of two perspectives;
either "it depends on the individual" - or "I'm not
sure."
They probably get
the same amount done or more. I try to leave most
everything alone (unless directly asked) so that
they have an opportunity to learn how to fix things
without me. While I expect them to rise to the
occasion, I also secretly hope they balance that
with going out to lunch or an extra little break in
the afternoon.
Have more fun
I think most slow
down the pace somewhat, but they still get an awful
lot done!
Depends. If I'm
traveling with a lot of others, they get more done
because there is less interruption. If I'm on
vacation, they get less done because they are
filling for me to some extent.
The lower the level
of the employee the greater the negative impact of
the boss being gone seems to be; clerical and young
staff tend to take long lunches and leave early
whereas higher level employees do not seem to be
impacted and some try to impress with how much is
accomplished in my absence.
They tend to be on
the internet more, take longer lunches and even
leave early
This is why I have a
senior level partner and no employees!
most of them
don't even realize I'm gone. If my closest
subordinates goof off, I'll find out about it
and they won't last long.
I don't seem to
be doing well with either hiring or training. It
seems too often they come to a stopping point
rather quickly that I have to get them past. The
stopping point often isn't much and they do
have the knowledge and ability to solve. I also
never yell or blame when things do go wrong, I
prefer to fix, discuss the error so it isn't
repeated and move on.
I don't know for
sure but I believe they work at the same
pace.
It depends on the
subordinate. Some are quite self-directed, others
need more outside direction and support. However,
those who need direction usually go to the ones who
are self-directed when I am gone, so the group on
average probably works at about the same pace. It
is nice to have individuals who know what their job
is and are motivated to do it.