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SOURCE Automatic Data Processing, Inc.
Employers should speak their language, make enrollment options simple and provide interactive information to bolster retirement readiness
ROSELAND, N.J., Oct. 23, 2013 /PRNewswire/ -- In support of National Save for Retirement Week, ADP®, a leading global provider of Human Capital Management (HCM) solutions, offers tips to help small and midsized business owners engage Generation X (employees between ages 30-50) and Generation Y (employees under age 30) to help raise awareness about retirement savings. ADP also shares pointers younger employees can take to get their retirement planning on track for the future.
According to the Employee Benefit Research Institute's (EBRI) 2013 Retirement Confidence Survey, only 13 percent of Americans are "very confident" about their retirement planning. The study also showed that 75 percent of workers between the ages 25-34 have accumulated less than $25,000 in total savings and investments.
"Generation X and Y workers know they need to plan for retirement, but often don't feel confident in their ability to do so," said Chris Augelli, vice president, product marketing and business development at ADP Retirement Services. "These younger generations are looking for assistance in meeting retirement savings challenges. Employers who can provide them with the tools, guidance, and investments to help them successfully plan for their future can significantly boost employee recruitment and retention, and improve overall morale within their businesses."
Tips for Employers: To best engage with Generation X and Y employees, employers should remember these tips when helping with their retirement planning:
Tips for Employees: While Generation X and Y employees may feel that retirement is too far away to consider today, it is prudent to start planning today. Below are three steps to help younger employees get a head start on retirement saving:
To learn more about ADP Retirement Services, please visit: www.adp.com/401k.
With more than $11 billion in revenues and more than 60 years of experience, ADP® (NASDAQ: ADP) serves approximately 620,000 clients in more than 125 countries. As one of the world's largest providers of business outsourcing and human capital management solutions, ADP offers a wide range of human resource, payroll, talent management, tax and benefits administration solutions from a single source, and helps clients comply with regulatory and legislative changes, such as the Affordable Care Act (ACA). ADP's easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP or to contact a local ADP sales office, reach us at 1.800.225.5237 or visit the company's Web site at www.adp.com.
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