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?

Type City Name...

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

1Minneapolis, Minnesota 2Atlanta, Georgia 3Cleveland, Ohio 4Miami, Florida 5Portland, Oregon 6Washington, Washington D.C. 7Seattle, Washington 8Denver, Colorado 9San Francisco, California 10Omaha, Nebraska 11Boston, Massachusetts 12Tulsa, Oklahoma 13Louisville, Kentucky 14Houston, Texas 15Milwaukee, Wisconsin 16Kansas City, Missouri 17Sacramento, California 18Raleigh, North Carolina 19Indianapolis, Indiana 20Dallas, Texas 21Wichita, Kansas 22Austin, Texas 23Columbus, Ohio 24Charlotte, North Carolina 25New Orleans, Louisiana 26Oklahoma City, Oklahoma 27Nashville, Tennessee 28San Diego, California 29Fresno, California 30Albuquerque, New Mexico 31Memphis, Tennessee 32Oakland, California 33Chicago, Illinois 34Raleigh, North Carolina 35Baltimore, Maryland 36Virginia Beach, Virginia 37Las Vegas, Nevada 38San Jose, California 39Colorado Springs, Colorado 40Phoenix, Arizona 41Fort Worth, Texas 42Philadelphia, Pennsylvania 43Jacksonville, Florida 44New York City, New York 45Long Beach, California 46San Antonio, Texas 47Arlington, Texas 48Los Angeles, California 49Mesa, Arizona 50Detroit, Michigan

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/

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