Dive Brief:
- Mobile apps have come to make workplace retirement planning easier, according to Employee Benefits News.
- The EBN article explores how increasingly sophisticated apps and stronger industry partnerships are making it easier to access 401(k) plan information, while helping plan members make smarter retirement planning decisions and managers more adept at their jobs.
- Companies including Transamerica, Charles Schwab and Ubiquity Retirement + Savings are featured in the article, as each offered apps that can help take 401(k) self-management to a new level.
Dive Insight:
As with so many other benefits-related processes, mobile platforms are helping to transform HR-related processes, what might be considered the next iteration of the more traditional idea of employee self-serve.
For example, an app from Transamerica offers "augmented reality" through which employees can hold their mobile device up against a poster (or other visual) in a break room with a code that instantly launches a video encouraging action, like increasing their deferral rate.
Charles Schwab's mobile apps suite includes a new transaction capability and one-click-enrollment option, and users have access to streaming videos and articles delivered in small bites. Comparing it to Yelp, plan participants also can rate content to help peers find the most helpful materials.
Among other advantages outlined in the article, these types of tools also offer easier entry for small businesses. In the end, the article notes that the focus has moved from merely checking on account balances to creating plans to better meet a person's specific retirement needs.
