Item: Human Interest
Rating: 10
Author: Rebecca Nedrow

Overall Satisfaction with Human Interest

Use Cases and Deployment Scope

So we switched over to Human Interest for our 401k benefit at the end of 2023, beginning of 2024. And what we were looking for was a way to automate a lot of the processes of getting people enrolled and then allowing users to manage their own account. One of the problems that we had with our previous provider was that there was an intermediary broker basically, and he really wasn't doing the job and he wasn't available to answer questions, he wasn't getting people signed up on time and it was creating a lot of problems for us. So we wanted to find a solution that was going to be more streamlined and allow our employees to take more control over their benefit.

Pros and Cons

Pros

First of all, communication. 10 out of 10. If we have a question or we need support, we know who we need to go to, we get pretty rapid support. We can always schedule a meeting and our rep is really great at answering the questions, reviewing the questions, making sure everything got handled, and then also sending us a summary. I like that, having that record. Another thing that Human Interest does really well, they handle all of our ERISA filing for us and all of the end of year reporting and everything that we do. We also do profit share for our employees. So they take care of all that for us. Really the only thing we have to do is tell them a dollar amount and they take care of the rest.

Cons

So one thing that is sometimes tricky as an admin, logging in to the portal and then being able to distinguish between me as an admin versus me as an employee. Sometimes that's a little bit tricky. That could be a little bit more streamlined I think. Do they even have an app? They have an app? Maybe I don't use the app. Maybe that's the problem.

Return on Investment

I think for our employees, the impact has been higher participation rates, which for us means higher retention rates. The happier they are, the more benefit they see in keeping us as their employer, the better it is for us. So with that, I mean the return there is less hiring, less training, all of those expenses are saved, plus we get to keep and retain awesome talent that are happy to be here. I would say just the ease of use for them.

Support Rating

I'm going to give it a 9.5. Like I said earlier, we are able to get ahold of somebody when we need to. We get really good answers people and if the person we're talking to doesn't know the answer, they're really great saying, Hey, I don't know the answer, let me get back to you on that. It's never instantaneous, so maybe that's a half a point deduction for that, but we're really happy with it.

Transparency

N/A

Usability

It's really easy to get, well, first of all, they get enrolled automatically so they get added to the platform automatically. They get removed from the platform automatically and everything is really easy to understand for someone who doesn't have a lot of experience. And that's actually a lot of our employees have never had a retirement benefit before. They don't know anything about it. They really don't understand how it works. There's also a little bit of a fear factor with deducting money from their paycheck to be able to contribute to this. And so how easy it is for them to get it set up and then the information that Human Interest gives them about what the benefit is, how it works, all that, it's great

Key Insights

Do you think Human Interest delivers good value for the price?

Yes

Are you happy with Human Interest's feature set?

Yes

Did Human Interest live up to sales and marketing promises?

Yes

Did implementation of Human Interest go as expected?

Yes

Would you buy Human Interest again?

Yes

Likelihood to Recommend

Well growing companies for one very well suited the automation process. They integrate with other payroll softwares and things like that, so it's really easy to get employees in and out based on their status. I think any company that's growing the name of the game is time and the less time you're spending on managing that kind of stuff, the more time you have to grow and scale your business. So I really think it's great for that. I guess if you're a boss that likes to micromanage everything, it may not be the best for that. They really do handle it. I don't know when Human Interest wouldn't be a good fit.

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Human Interest Review