Retirement savings plans consistently rank among the top employee benefits, but despite their popularity with workers, they have gained a reputation among employers for being costly and complex.

As a result, many small- and midsize-business owners avoid offering a retirement benefit altogether, believing they lack the budget, resources, and expertise to effectively manage a high-quality plan.

This can be a missed opportunity, especially when it comes to attracting and retaining talent. Fortunately, there is a solution that is making retirement plans easier and more affordable for businesses of all sizes: Pooled Employer Plans (PEPs).

Navigating the waters of health insurance plans, flexible spending accounts (FSA), and deductibles can be confusing and present tough choices. Sure, your employer gives you a helpful booklet, the benefit options seem pretty straightforward, and you usually have a few weeks to submit your elections.

Nevertheless, here are some tips to keep in mind…

• Tip 1: Open the benefits packet, read the packet

• Tip 2: Measure your needs

• Tip 3: Explore a flexible spending account

• Tip 4: Think strategically with a health savings account

• Tip 5: Use wellness benefits

Employee retention is critical to a healthy, well-functioning business. That’s because employee turnover costs you — in terms of money, productivity and morale.

So how do you hang on to the good employees? Sure, there are some things that as employers you can’t control. But you have a larger influence than you may think.