In order to stay competitive in today’s tight labor market, organizations are increasingly looking to offer employees more sophisticated assistance with their financial wellness, including data-driven retirement planning. It is a real-time solution that helps them go beyond basic reporting, understand the bigger picture, while providing more precise guidance towards retirement plan health.” “With this offering, we seek to provide our customers with a holistic solution that helps plan sponsors be more proactive and strategic in their roles. “Based on research we commissioned to better understand employee retirement preparations and outlook in January, retirement readiness remains a significant challenge, with nearly half of employees saving less than $5,000 annually,” said Kristin Andreski, senior vice president and general manager, Retirement Services at ADP. With benchmarking, organizations can gain a deeper, broader perspective on retirement planning and optimize their plan to be more competitive. It also stands out due to its simplified, easy-to-understand snapshot of the health analytics of a retirement plan and the ability to easily stack this data up against industry benchmarks. The dashboard is unique in the market as it is based on a proprietary plan health scoring methodology. In response, organizations are meeting this demand by delivering more actionable financial technology tools. According to ADP’s Evolution of Pay study, 79% of employees want to work for an employer that cares about their financial wellness. They can measure plan progress using key plan indicators to determine if their plan is on track or if they need to take action on performance improvement.Įmployees are staying in the workforce longer, dealing with financial stress due to numerous factors, and increasingly looking to their employers for help. Using the dashboard allows VPs, CFOs, financial advisors, benefits managers, and payroll managers to quickly assess the health of the retirement plan for a company’s workforce. This red arrow does not mean that the KPI does not fulfill the SLA.To design a more people-centric approach to retirement readiness and drive better retirement outcomes, ADP Retirement Services recently launched an analytics-driven dashboard for easier and more effective management of retirement plan health. The red arrow indicates that the percentage of the number of countries that are on time (for timeliness KPIs) or that are within target (for accuracy KPIs) decreased compared to the previous month.Īs the targets are stricter in the dashboard compared to the targets in the SLA, it is possible that small issues in some countries, whose results are within the parameters of the SLA, can result in a red arrow in an indicator. The targets in the dashboard are defined to point out any issues before they significantly affect the service level, thus the targets defined in the dashboard are usually stricter than he ones in the SLA. The targets defined in the dashboard are the same for all clients and are usually different from the targets in the SLA.
The targets in the SLA are defined so that an adequate service level is provided. The targets and measurement methodology defined is usually different among clients. The SLA is the Service-Level Agreement that you signed with ADP.
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