Mike Rowland, founder and CEO of Droplet, a startup that provides digital forms and automated workflows, was too busy managing his Lehi, Utah-based business (even raising $2 million earlier this year in a seed round). When one of his employees asked for a company-sponsored 401(k), Rowland was at a loss. Rowland’s employee explained that a company-sponsored plan would allow the staff of 16 to save more than they could on their own. And Rowland wouldn’t have to make any matching contributions. After researching providers, she recommended 401GO, a provider of 401(k) plans for small businesses. It’s been several months since the 401(k) plan is in place, and Rowland believes it’s made a difference in helping to recruit more senior talent as his business grows. “When we try to pull in an industry veteran, they’ll say please send me your benefits package. Now I have something to show them,” he says.
