We all know saving for retirement is critical, and a 401(k) plan is a foundational part of that. According to the Department of Labor, however, only 51% of the workforce contributed to an employer-sponsored 401(k) in 2021, despite 68% of private workers having access to a plan. So, why is it hard to convince employees to contribute to their own futures?
Many HR company leaders are busy training employees to do their jobs and making sure they have all the tools necessary to succeed. So, they often lean on benefits brokers or advisors to provide 401(k) resources. However, 401(k) providers might be sending employees confusing pamphlets with no explanation, and their websites and data might be intimidating to many employees.
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