Retirement reporting is one of the latest methods to help your employees stay on track for their post-retirement plans. Surprisingly, up to 55 million American workers don’t have access to a retirement savings plan at work, which can effectively derail their financial future.
It’s important to put your employees first and invest in their financial futures. A better trained and more valued workforce results in higher work satisfaction, productivity, and a boost in health and wellness. Here are 5 reasons you should consider investing in retirement reporting today:
1. 401k plans integrate with payroll
That’s right. We all know it’s such a pain to have to hop back and forth between employee payroll and 401k accounts, manually calculating contributions. Instead, why not have the process completely automated so you can sit back, relax, and focus on other, more pressing tasks?
It’s essential that employees have direct insight into how their 401k accounts are growing. If they can see how much they’re contributing from each paycheck, they’re more likely to keep investing.
2. Reporting is a breeze
Reporting is the messiest part of retirement plans. It can be difficult to pinpoint what money went where. The process becomes even more complicated when pensions, social security, and Medicare are involved.
If your employees have access to the right financial documents, they can plan for retirement starting at age 35 instead of waiting until they’re 55. Those 20 years make a huge difference when it comes to saving and investing!
3. Employee retention
When you invest in retirement reporting, there’s more transparency between the company and your employees. When an employee can see how much money will be available when he or she turns 65, they’re more likely to stick around. After all, switching companies for a higher salary might sound good at the moment, but does the other company offer a 401k match? Or, reporting transparency for that matter? Bottom line – employees typically stay where their families’ future is the most stable and secure.
At Payroll Office of America, we offer powerful retirement reporting software that will change the way you do business. We also offer a variety of other services around onboarding, time management, and payroll. As an outsourced service, our goal is to become an extension of your team and always bring value to your business. Please visit our website to learn more.