The engineering industry is likely to help businesses in other sectors unlock the future of workplace solutions. But increasing efficiencies and improving return on investment for others may require you to embrace the latest trends and technologies, such as artificial intelligence, big data, resilient systems and more. You may also need new talent and skillsets that are sometimes hard to attract. To differentiate your business from competitors, consider these enhancements to your retirement savings plan:

  • Increase savings rates automatically
    Only 66.1% of plan sponsors say the vast majority or all of their participants defer enough income to take full advantage of employer match. Automatic escalations can help more plan participants maximize their saving opportunities.
  • Offer a financial wellness program
    Engineering is a high stress, high time commitment career. Give your employees one less thing to worry about with a support service that helps them improve their financial literacy, manage debt, protect their identity, plan for retirement, save for college and more.
  • Avoid investment funds that pay 12b-1 or sub-TA fees
    Funds with these types of fees may not be in your participants’ best interests and could add to your fiduciary risk. Alternatively, choose plans that offer a selection of low-cost or zero revenue funds.

For an engineering retirement plan report card and information on how ADP can become your retirement ally, download our insight.

Unless otherwise disclosed or agreed to in writing with a client, ADP, Inc. and its affiliates (ADP) do not endorse or recommend specific investment companies or products, financial advisors or service providers; engage or compensate any financial advisors to provide advice to plans or participants; offer financial, investment, tax or legal advice or management services; or serve in a fiduciary capacity with respect to retirement plans. Only registered representatives of ADP Broker Dealer, Inc. (ADP BD), Member FINRA, or, in the case of certain products, a broker-dealer firm that has executed a marketing agreement with ADP, Inc., may offer and sell ADP retirement products or speak to retirement plan features and/or investment options available in such ADP retirement products, and only associated persons of ADP Strategic Plan Services, LLC (SPS) may speak to any investment management or advisory services provided by SPS or any third party in connection with such ADP retirement products. SPS is an SEC Registered Investment Adviser. Registration does not imply a certain level of skill or services.