HR software can help employees at all levels work toward financial stability upon retirement.
This blog recently discussed the importance of businesses helping their employees properly prepare for retirement. If workers do not understand all of the savings options available to them, it will be even more difficult for them to create financial stability.
With recent research showing that a majority of employees do not find themselves well-prepared for retirement, it is even more critical that a company's human resources software solution is comprehensive and accounts for 401(k) planning.
According to a PNC Financial Services survey, 49 percent of Americans in their prime retirement planning years—ages 35 to 70—believe they will need to work longer than previously planned to establish a strong financial footing. Additionally, 35 percent recognize the need to prepare but keep putting it off, while 23 percent admitted that they were "well behind" on retirement planning.
Celandra Deane-Bess, vice president and senior wealth planner with PNC, said in a press release that the data shows that the age at which individuals retire is not always in their control.
"Economic uncertainty, employer actions and unexpected health issues often force individuals to retire earlier than they planned which puts a premium on sound financial habits early," she said.
One positive aspect of the survey was that 58 percent of those workers who had already retired said that they were able to do so earlier than originally planned.
A comprehensive HR software solution will help ensure that employees at all levels can work toward that latter scenario, and find financial stability sooner than anticipated. No business wants to see its employees fail, even after they leave, which is where the right software system can be of assistance.