Experienced Retirement Platform - Good management, cumbersome platform
Andraya Yousfi | TrustRadius Reviewer
November 29, 2018

Experienced Retirement Platform - Good management, cumbersome platform

Score 4 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Paychex Flex

We used Paychex to manage our retirement account and switched to a different company in January 2018. I thought the automatic management component in Paychex was awesome, I got a great return on my 401k. The loan process was also super easy to manage. The online management platform was horrible. Other companies (as well as our new one) have lots of planning tools - graphs, charts/visual dashboards to help you plan your retirement and see if you are on track. The Paychex platform may have had those tools but it was cumbersome and not user friendly
  • The automatic 401k management tool- I got a great return and the fees were minimal
  • Simple process to access your funds or get a loan
  • The ability to log in online and manage your account
  • It would be great if there was an online financial planning components, questionnaires that help you set targets and goals and a dashboard that showed you if you were on trqck
  • A lot of paperwork needed to be completed by hand, it would have been great to have online forms so you don’t have to print, scan and email
  • The overall online platform is cumbersome. It’s not easy to navigate and not at all intuitive
  • I didn’t purchase Paychex so I’m unsure
It’s great that Paychex is one place for all things, however workday in combination with a financial institution for managing 401ks is a cleaner and easier to use system. That being said, we didn’t utilize all the components of Paychex
Paychex does a lot of things other companies do (manage 401k, work hours, vacation days etc) and even though the actual work is done well- other companies do it in a cleaner, more user-friendly way. When I was using Paychex it felt very dated and I was glad to switch systems.

Paychex Flex Feature Ratings

Employee demographic data
Not Rated
Employment history
Not Rated
Job profiles and administration
Not Rated
Workflow for transfers, promotions, pay raises, etc.
Not Rated
Organization and location management
Not Rated
Compliance data (COBRA, OSHA, etc.)
Not Rated
Pay calculation
10
Benefit plan administration
10
Direct deposit files
Not Rated
Salary revision and increment management
Not Rated
Reimbursement management
Not Rated
Approval workflow
Not Rated
Balance details
Not Rated
Annual carry-forward and encashment
Not Rated
View and generate pay and benefit information
Not Rated
Update personal information
Not Rated
View job history
Not Rated
View company policy documentation
Not Rated
Tracking of all physical assets
Not Rated
Report builder
Not Rated
Pre-built reports
Not Rated
Ability to combine HR data with external data
Not Rated
New hire portal
Not Rated
Manager tracking tools
Not Rated
Job Requisition Management
Not Rated
Company Website Posting
Not Rated
Publish to Social Media
Not Rated
Job Search Site Posting
Not Rated
Duplicate Candidate Prevention
Not Rated
Applicant Tracking
Not Rated
Notifications and Alerts
Not Rated