Make a 401(k) plan available.

Research finds that employees with access to a retirement plan are more likely to save for retirement, have accumulated more retirement savings, and are more confident they will have a comfortable retirement (Source: March 2016 Retirement Confidence Survey conducted by The Employee Benefit Research Institute). Employers that give their workers access to financial education and retirement plans can make a real difference in their employees' lives.

Automate the enrollment process.

The 2015 Plan Sponsor Defined Contribution Survey reported that almost half (41%) of plans today use automatic enrollment to help make saving easy for workers and help them get better retirement outcomes. It can get workers off the sidelines and into the plan by giving participants' accounts more time to grow and accumulate. An opt-out approach simplifies the process for employees and takes the guesswork out of getting started. Research finds participants are comfortable with higher default savings rates.

Automate savings increases too.

Most participants spend little time on retirement planning and can often lose focus once they are enrolled in the plan. Pairing automatic enrollment with automatic escalation can be an effective way to help employees save more for their retirement.

Using automated savings increases can give participants a systematic approach that can help them reach retirement success, instead of coming up short on retirement savings. The 2015 Retirement Confidence Survey reported that three out of four participants automatically enrolled at a 6 percent deferral say they would increase or continue at the enrolled level, and 24 percent would accept an auto increased deferral up to 14 percent before opting out. More plans are using automatic escalation to help workers get retirement ready — thirty-five percent of plans today escalate deferrals automatically for employees.

Stretch your plan match.

A matching contribution can help your employees reach their retirement savings goals. One match structure is 50 percent on the first 6 percent of a participant's contributions which equates to a 3 percent employer match. Another formula that equals a 3 percent employer match is 30 percent of the first 10 percent of the employees' contribution. The second match formula requires the participant to make a higher contribution rate — and saving at a higher rate may help them reach their retirement savings goals.

Keep workers engaged.

Participants often lose focus on their retirement goals once they have enrolled in the plan — and life changes can affect savings needs too. That's why it's important to keep them engaged in their planning and on track toward getting retirement ready:

• Regularly communicating important information like savings targets, such as through a gap analysis or monthly retirement savings projection, can be a big help. According to the Retirement Confidence Survey from March 2016, less than half (48%) of workers have calculated their retirement savings needs, providing them with this critical information, along with an easy way to take action, can empower them to get more from their retirement plan benefit.
• Mobile tools and targeted communications can also keep participants on top of their planning. Important and helpful reminders and tips can keep retirement in front of mind and help participants stay top of their planning.

Remember, when communicating with participants, be sure to keep it simple, make the information easy to act upon, and use a variety of channels for delivering your message for the biggest impact.

Help build financial wellness

So many workers say they live paycheck to paycheck and struggle with debt and everyday expenses, which can make saving for the future seem impossible. Financial wellness programs can help them learn how to better manage their paycheck and build financial skills that will be critically important throughout their lifetime — from the start of their career through retirement. With access to financial information and tools, employees can meet life's financial challenges and plan for a secure retirement — which can result in lower financial stress for them, and higher productivity and engagement for your business.