The SHRM Annual Conference & Expo is one of the premiere events for HR professionals. This year, the conference is taking place at the Las Vegas Convention Center from Sunday, June 11 to Wednesday, June 14.
SHRM23 boasts a wide variety of education sessions, so teams can customize their schedules and attend panels that address individual challenges and business goals. With over 15,000 attendees and 650+ solutions providers, we’re excited for the chance to network with all of you and demonstrate Finch’s full capabilities in-person.
We’ll be set up at Booth 2330. Come say hello, and grab some limited-edition, light-up memo boards while you’re there!
Finch focuses on accessing the employment data that's housed in HR, payroll, and benefits systems.
Our universal API integrates with 200+ HR, payroll, and benefits systems to help employers streamline onboarding, optimize employee benefits, and unlock tax savings—amongst many other use cases.
With more than five million API calls every day and tens of thousands of employer connections, Finch is the #1 API for unlocking the vast potential of employment data.
When we’re not at Booth 2330, we’ll be checking out all the conference has to offer. We’ve looked through the SHRM23 content tracks and are happy to share the ones we’re most excited to attend:
Of course, we’re also excited for the recently announced moderated Q&A conversation with 42nd U.S. President Bill Clinton on the Main Stage.
Finch allows you to securely access your customers’ employment data across hundreds of HRIS and payroll systems with a single integration.
Employment data includes:
We recently raised $40 million in our Series B round, co-led by General Catalyst and Menlo Ventures with additional investments from QED, PruVen, and Altman Capital.
Finch is putting this capital to work by investing in both new and existing products—like our Data Refresh endpoint and recent upgrades to Finch Connect—and expanding our team to support customers and partners across HR, fintech, and benefits verticals.
We were named one of 2023’s Best Places to Work by Built In and recently included on GGV Capital’s API-First Index.
Follow us on Twitter and LinkedIn for our latest takes on the future of work.
Now in its fourth year, the HR Tech Awards program highlights HR technology companies that serve employers and employees with entries from North America, Europe, and Asia Pacific. The program has a rigorous judging component with a panel of independent practitioners, consultants, and educators who assess each submission.
Today, employment data is hosted across thousands of disparate systems and employers increasingly expect the tools they use to service their workforce to talk to each other with little friction. Given the fragmentation and rising expectations, employment applications are faced with the costly dilemma of either building 1:1 integrations in-house or losing business to competitors that offer compatibility. Finch helps solve the fragmentation challenge with a unified employment API, allowing businesses to cut costs and time spent on integrations, freeing them up to focus on value-added services that differentiate these applications instead.
Ben Eubanks, Chief Research Officer, Lighthouse Research & Advisory has this to say about Finch:
"Integration of systems and data is one of the most common complaints for HR software today. Finch is helping to turn complicated and technical into the possible, enabling the seamless passing of employee data among 200+ different systems via a single powerful integration.”
According to Lighthouse Research & Advisory data, more than 5,000 providers exist across the HR technology landscape, with more startups and innovators entering the industry every single day. This year, the HR Tech Awards recognizes approximately 1% of those firms for creating solutions that solve problems their customers care about.
The world is moving towards more standardized, open, and interconnected data systems. However, employment data infrastructure remains complex, closed, and fragmented. Finch is dedicated to bringing forth a connected future of employment and is honored to have its technology recognized.
To get a free consultation regarding what Finch can do for your business, talk to our sales team, or if you’d like to test it out on your own, you can sign up for a free account today.
Transform 2023, the premiere HR conference for business and people leaders, entrepreneurs, and investors, is running from Monday, March 27 to Wednesday, March 29 at the MGM Grand in Las Vegas, Nevada.
Previously known as HR Transform, this year, the conference has expanded the experience to include global leadership, entrepreneurs, and investors. Transform 2023 will offer opportunities to foster more in-depth relationship building, inform modern enterprise policies and programs from a broader perspective, and increase the scale of tech innovation and business transformation. Their goal is to “transform the workforce, workplace, and work of the future.”
We’ll be set up at Booth 501. Come say hello, and grab some limited-edition swag while you’re there!
Our universal API integrates with hundreds of HR, payroll, and benefits systems to help employers streamline onboarding, optimize employee benefits, and unlock tax savings, among many other use cases.
With more than five million API calls every day and tens of thousands of employer connections, Finch is the #1 employment data API.
We’ve browsed through all the inspired offerings on the Transform 2023 Agenda and highlighted events the Finch team is most excited about below:
We recently raised $40 million in our Series B round, co-led by General Catalyst and Menlo Ventures with additional investments from QED, PruVen, and Altman Capital.
Finch is putting this capital to work by investing in both new and existing products, and expanding our team to support customers and partners across HR, fintech, and benefits verticals. Follow us on Twitter and LinkedIn for our latest takes on the future of work.
We’re excited to announce Built In has named Finch to its 2023 Best Places To Work! Finch earned 12th place among Built In’s 50 Best Startups To Work for in San Francisco 2023.
The annual awards program includes companies of all sizes — from startups to those in enterprise markets — and honors both remote-first employers as well as companies in large tech markets across the U.S.
“At Finch, we put employee wellbeing first because we believe life and work should fit together. That’s what sets us apart and what has earned us this recognition,” said Jeremy Zhang, CEO at Finch. “We’re proud to have built a culture founded on empathy, meaningful work and opportunities for growth, creating a workplace that allows our employees to show up as their best, most authentic selves — inside and outside of the office.”
Being recognized as one of the Best Places to Work in San Francisco is a clear demonstration of Finch’s people-first culture. Here’s how we help our people do their best work:
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits. To reflect the benefits candidates are searching for more frequently on Built In, the program also weighs criteria like remote and flexible work opportunities, programs for DEI and other people-first cultural offerings.
“It’s my honor to congratulate this year’s Best Places to Work winners,” said Sheridan Orr, Chief Marketing Officer at Built In. “These exemplary companies understand their people are their most valuable asset, and they’ve stepped up to meet the modern professional’s new expectations, including the desire to work for companies that deliver purpose, growth and inclusion. These winners set the stage for a human-centered future of work, and we can’t wait to see that future unfold.”
Find out what Finch’s award-winning culture is all about. Apply to one of our open positions!
With the passage of the SECURE Act 2.0, automatically enrolling employees in sponsored retirement plans—and automatically increasing their contributions—is now a legal imperative. In response, retirement plan providers are implementing API technology to quickly and easily auto-enroll 401(k) and 403(b)participants and meet the new requirements.
In December 2022, the Securing a Strong Retirement Act (SECURE Act 2.0) was signed into law. Among the provisions outlined by SECURE 2.0 are new requirements for automatic plan enrollment and contribution escalation. Effective for plan years after December 31, 2024, they compel retirement plan providers to automatically enroll employees upon eligibility in new 401(k) and 403(b) plans and automatically increase the contributions of enrolled employees to that plan every year.
While these updates are exciting from a participation standpoint, the new requirements also come with the potential to create incredible administrative burdens especially in cases where employers are rapidly growing their workforce. In response, innovative retirement plan providers are implementing API solutions that integrate with employers’ HR information systems and payroll systems to ensure seamless SECURE 2.0 compliance. In this article, we explore the SECURE Act 2.0’s auto-enrollment and auto-escalation requirements plus the API technology that retirement plan providers are turning to make true automation a reality.
Building on the work of the Setting Every Community Up for Retirement Enhancement Act of 2019, SECURE Act 2.0 lays out widespread changes to the U.S. retirement system. The act is intended to make it more affordable for employers to sponsor retirement savings plans, and easier and more attractive for employees to participate.
The provisions of SECURE Act 2.0 include but aren’t limited to:
In total, the plan details dozens of new rules and regulations. Retirement plan providers as well as employers should consult qualified legal counsel to understand the full extent of the impact of the law on their operations.
One of the most broadly impactful provisions of SECURE 2.0 is detailed under Section 101 of the law, which stipulates that new 401(k) and 403(b) plans must now automatically enroll employees upon eligibility. According to a summary issued by the Senate Committee on Finance, the decision to require auto-enrollment a matter of financial equity:
“One of the main reasons many Americans reach retirement age with little or no savings is that too few workers are offered an opportunity to save for retirement through their employers. However, even for those employees who are offered a retirement plan at work, many do not participate. But automatic enrollment in 401(k) plans…significantly increases participation. Since first defined and approved by the Treasury Department in 1998, automatic enrollment has boosted participation by eligible employees generally, and particularly for Black, Latinx, and lower-wage employees.”
Per SECURE 2.0, employees must be initially enrolled at a minimum of 3% of their gross pay but not more than 10%. Plans are also required to increase the distribution of enrolled employees each year by 1% until contribution reaches at least 10%, but not more than 15%.
Exceptions to the provisions include all current 401(k) and 403(b) plans, which are grandfathered into pre-SECURE 2.0 rules, as well as businesses with 10 or fewer employees, businesses under 3 years old, church plans, and government plans. Employees also have the right to opt out of enrollment or distribution escalation at any time.
Automatically enrolling all employees to a retirement plan upon eligibility is a significant undertaking. By SECURE 2.0’s definition, “automated” enrollment simply means enrolling those employees on an opt-out rather than an opt-in basis.
But that definition of automated doesn’t necessarily translate to a simpler, less manual process. A plan still needs to be notified of newly eligible employees and provided with the employee census data and payroll authorization it needs to process enrollment and manage recurring plan deductions. Without the right technology in place, employers and plans are forced to communicate all of this information by email, phone, spreadsheet, or secure file transfer. Not only is the back-and-forth time consuming, it increases the risk of error and noncompliance with SECURE 2.0’s provisions, and the potential of penalties and fine.. The hassle and risk only compounds in cases where employers are rapidly adding new employees.
To avoid this drain of resources and to eliminate the risk of SECURE 2.0 noncompliance, true automation is critical. Retirement plan providers are now turning to API integrations with employers’ HR information and payroll systems to eliminate the manual steps historically needed to enroll employees and manage their deductions on an ongoing basis.
With an API integration, retirement plan providers have a direct, permissioned data connection to employment systems of record. This allows plans and employers to quickly and seamlessly exchange the data needed to enroll employees in 401(k) and 403(b) plans and manage their retirement deductions. What’s more, these data exchanges can be triggered by events without manual intervention, which means no person has to shoulder the responsibility of ensuring newly eligible employees get enrolled. The API integration takes care of it automatically in the truest sense of the word.
Consider this example:
As a result, both the employer and the retirement plan provider save hours of administrative work and avoid delays to plan enrollment.
Retirement plan providers looking to enable HRIS and payroll system connectivity have a couple of options: build one-to-one integrations with all of the HRIS and payroll systems their customers use or partner with a turnkey, universal API that integrates with hundreds of HRIS and payroll systems at once.
Learn more about both approaches to HRIS and payroll integrations in our build vs. buy report.
The first approach offers plan providers ultimate control over their integration strategy but requires niche payroll expertise and a significant, ongoing investment of development resources. The second option turns over some of that control to a integrations partner but also comes with distinct advantages:
Finch makes it easy for retirement plan providers to integrate with 200+ HRIS and payroll systems with a single integration. Not only does our universal API enable the instant retrieval of real-time employee census data needed to automate 401(k) and 403(b) enrollment, it also allows plan providers to push changes directly to payroll. Using Finch’s Benefits endpoint, plan providers can initiate and manage pre-tax, post-tax, recurring, and one-time payroll deductions as a dollar amount or percentage of employees’ gross pay, ensuring easy compliance with the SECURE Act 2.0’s auto-escalation clause.
Meanwhile, the employer sponsoring the plan doesn’t have to lift a finger to upload deduction files or manually enter changes, saving them from hours of ongoing administrative work and avoiding countless potential human errors and potential fines.
Learn more about how retirement plan providers use Finch to build best-in-class customer experiences.
The auto-enrollment and auto-escalation provisions of the SECURE Act 2.0 will drive retirement plan participation, but not without potential challenges and hurdles. Luckily, retirement plan providers who want to stay compliant while avoiding hassles and potential fines can leverage Finch’s universal HRIS and payroll system API to make true auto-enrollment and contributions management simple and secure. Register for a free test account to explore how to leverage Finch’s HRIS and payroll integrations today.