So the last two organizations I was at, we needed a 401k provider. We both were using a PEO in both instances. And so because of the PEO, it wasn't exactly easy for us to set something up to provide 401 Ks for the team. So Human Interest was our basically provider of choice in both cases. And so it really provided us that ease of both matching for our users with the 401k match that we offered, but also setting them up to easily conduct however they wanted.
Pros
So as a user of it, since I was being paid by these companies, being able to manage my level of risk, being able to manage how much I was putting in from a percentage standpoint was always super easy. Even in a situation where my last company was acquired, we had to go through transferring over to different solutions was super useful. The team was always very open, honest about, Hey, what can we do? How can we work with them? And accommodating in that way. I think as a provider it was so easy to get team members set up. I never had any complaints. I never had anybody worry. I never had somebody come to me and go like, I don't understand Human Interest.
Cons
I think I would call this out for basically any provider in this space that 401k transfers as jobs end and move are always difficult. And so any company that I think figures out how to make that as seamless as possible is winning. That's when I think people need understanding the most is when they're trying to transfer, they're trying to move funds, whether it's too human interest or away from it. And so that's always a place that I think there's room for improvement.
Likelihood to Recommend
I think it's definitely well suited for teams that are looking for a 401k solution. That's the main use case that I've had. So I think that would be the one place I could really recommend it. Whether you're a small organization or a lot of organization that's looking to really have a managed service there, it's going to be beneficial to you but also to your individual team members. Great solution.
So we've had this tool for about two years. It's our first 401k program actually in retirement program that we ever rolled out
Pros
It does well. I love the user interface. I love the integration piece with our HRIS, which has been really great. I know our employees like it as well. It's very easy to edit your selections, adjust your contributions. So overall, very user friendly.
Cons
That's a great question. I actually don't have any recommendations. I've used a lot of different softwares throughout my career and I would say for me, not speaking for my company, but for me this is the best. So I don't have any recommendations.
Likelihood to Recommend
I think it's well suited for a lot of organizations. Whether or not you're a startup or enterprise, I think it's got a little bit of spark or it's got a little bit of personality. So I think you have to find the right client and that's where I think the match was made, but also we're very partnership focused and so the ability to work through that partnership the way that we were onboarded as well. So I think that that was really great. On the verse of that, I don't really have anything on the other side of that.
VU
Verified User
Director in Human Resources (Computer Software company, 201-500 employees)
Human Interest is our 401(k) provider - our employees use it to save money for retirement. We provide a 401(k) option as a retention/recruiting benefit, as 401(k) options are relatively standard within the tech/startup industry. While we, unfortunately, do not provide 401(k) matching for our employees (due to budget constraints, for now), Human Interest lets employees contribute a portion of their paycheck toward retirement; if we did begin offering matching in the future, Human Interest would facilitate that as well.
Pros
401k Management
401k Customization
401k Matching
Cons
End-User Communication
Customer Support
Basic Services Explanation
Likelihood to Recommend
Human Interest has been a solid 401(k) provider for our small company. We don't have the capacity to manage a heavyweight benefits solution, and Human Interest is sufficiently easy for us to work with. Setting up our 401(k) benefit for the first time was relatively easy. I'd recommend Human Interest for other small companies/startups looking to provide a 401(k) program to their employees.
VU
Verified User
C-Level Executive in Corporate (Computer Software company, 11-50 employees)
We use Human Interest for our 401K plan. I administer this plan
Pros
Has an online presence
Ease to schedule meetings with CSM
Cons
In my experience, integration was a complete failure
lack of responsiveness in getting contributions into plan
No way to escalate issues other than scheduling call
in my opinion, lack of timely problem resolution
Client needs to manage the plan because no one at Human Interest seems to be aware or concerned when contributions are not made into employees plans
High turnover
Likelihood to Recommend
I could not recommend Human Interest based on this experience. I recognize that errors happen however what I find egregious is the lack of responsiveness and non-answers to client's questions.
VU
Verified User
Professional in Corporate (Computer Software company, 11-50 employees)
Human Interest is an easy-to-use 401k system for smaller organizations. We needed a 401k, which allows us to match and give this benefit to employees. It integrates with our HR system and is pretty easy. I like that it emails employees how much they contributed and how much is in their account each time it hits their account.
Pros
Updating amounts in 401k
Integrating with HRIS system
Setting up account
Cons
Fees are high
Rollovers are a bit complicated
Setting up where money should go in custom allocations
Likelihood to Recommend
It is nice to allow a smaller organization to have a 401k system for employees. It allows easily for setup and integration with an HRIS system. It updates employees each week with how much money is in their account, and a lot of employees like the updates. It is not appropriate for a larger org or for equity allocations.
VU
Verified User
Director in Human Resources (Computer Software company, 51-200 employees)
I was looking for a simple retirement plan for a small business when I found Human Interest.
Pros
Simplicity of fees and options
Responsive customer service that solves problems
Logical fund choices
Cons
Transaction dates --- transactions are made on random dates
Transparency on when transactions will occur
Cannot find dates of buy/sell
What is shown as allocation within account is incorrect - showed 100% cash as allocation, but actual allocation was 60/40 with only new funds in cash.
Likelihood to Recommend
High cash flow businesses are looking to maximize tax savings without employing a fleet of accountants and attorneys. The sweet spot is companies with employees who can max out, but would pay too much in fees for a custom provider.
VU
Verified User
C-Level Executive in Corporate (Information Services company, 1-10 employees)
Our company is a B2B subscription technology company with less than 50 employees who are geographically distributed. It was important to our culture as well as our recruitment and retention strategy to add a retirement plan to our benefits offering in 2022. We evaluated several 401k providers, including local more traditional providers and other SAAS offerings. Ultimately, we selected Human Interest because of its ease of integration with our HRIS (Rippling) and the best-in-class experience we believed it would offer our employees. Today, the company automatically contributes to employees' plans and intends to scale the contribution with time as we grow. I'm pleased that we can offer our employees such an incredible personal investment experience even as a relatively small startup.
Pros
Provides an easy, seamless onboarding experience
Enables users to make real-time adjustments to contribution and portfolio without administrative burden
Offers a great dashboarding experience
Integrates with leading payroll providers
Cons
Better communication with administrators (People Ops / Finance Ops) while preparing to rollout the solution to employees
Likelihood to Recommend
This is a great retirement plan solution for companies with a tech-savvy employee base who want a low-touch, self-service 401k retirement plan. This solution would be less ideal for companies looking for a more traditional experience (though those often come with a higher price tag). The onboarding experience and UI for employees is excellent. The onboarding and integration experience for administrators is good. Administrators should confirm Human Interest fully integrates with their payroll solution / HRIS to get the most out of the offering.
We use Human Interest to provide a simple, easy to use, digital first 401(k) to all of our employees. Our scope spans ~20 US employees, across 10+ states.
Pros
Simplicity
Speed of Service
Digital Focus
Cons
Integrations with HRIS and PEOs
Automation of Processing
Manual administration in platform (e.g., onboarding)
Likelihood to Recommend
Human Interest is best for small to mid-sized employers. Less appropriate for custom plans and larger employers.
VU
Verified User
Manager in Finance and Accounting (Computer Software company, 11-50 employees)
