What do you like best?
At my organization we use Paychex Flex for a retirement service. It is convenient to be able to manage retirement online, and easy to login, make rollovers, requests loans etc.
What do you dislike?
The platform itself is not very user intuitive. At my last job we used the Principal Financial and the online platform and quarterly statements were so easy to use and understand. I've been using Paychex for nearly 3 years and when new staff members come on board I usually volunteer to help them get set up and navigate the platform. It's hard to tell how much the automated service is costing, how much you are putting in vs. return on investments. I wish we would switch to a different system.
Recommendations to others considering the product
Perhaps for other features Paychex Flex is a good system, however for using it for retirement, it is sorely lacking in user friendliness, ease of understanding where and how your money is doing and tools to help you make good financial decisions.
What business problems are you solving with the product? What benefits have you realized?
We use Paychex as a platform for managing retirement, it gets the job done but isn't very user friendly. There could be other aspects of Paychex that work really well, but the retirement portion is cumbersome and difficult to navigate. I also don't get quarterly statements (emailed or in the mail) about how my retirement is doing, or help offered as to if my funds are on track. At the Principal, these were normal features that I took for granted and really miss.