So my company does not currently offer a 401(k). They state that they used to but participation was too low.
Since then, we've gone through a significant hiring ramp and have nearly tripled our headcount but are experiencing a crippling problem with attrition — it's a contact center. Normally, we'd expect no more than 5% employee loss week-to-week, but we are struggling to not exceed 10%.
Obviously there are some structural management issues and paying more would help, but my intention is to make a case that offering a 401(k) will reduce attrition with the longer term employees.
The biggest push-back I'm expecting is of course cost — we are known in our industry as rather cheap.
What research should I be doing to make a solid case? I imagine I'd need to know cost, I'm currently conducting a site-wide poll to anticipate participation, but I'm unsure what else I should be looking for or if there have been any studies on the longer term impact of a 401(k) on employee retention.
I need help guys, is this a good idea? Could the retention of employees offset the cost of implementing a plan, even if no matching were offered?