Created in partnership with PNC Bank.
What do employees want? Financial education and counseling resources. And when do they want them? About 60 percent of employees say now. Unfortunately, only 30 percent of employers offer them, according to a 2023 Financial Wellness in the Workplace Report from PNC.
This statistic was one result that sticks out to Amanda Gerhart, who serves as vice president and market leader for PNC Organizational Financial Wellness in Indiana.
“This survey is really helping us drive those critical conversations by focusing both on the employer side but also on the employee side of financial stress and really helping us focus in on that commitment to make a positive difference and really help any person move forward financially,” she says.
Earlier this year, PNC conducted large-scale surveys of American workers and employers as part of a study to better understand financial health perspectives. Gerhart hopes the information provided can enable PNC to offer the best support possible.
“It’s so important that we continue to look at ways to support our clients, both employers and employees, our own teams, the people around us, by identifying the right benefits and resources and then executing as a strong partner every single day,” Gerhart says.
Gerhart’s team is dedicated to reducing financial stress, which can be tied to a more productive workforce. According to the survey, 7 in 10 employees report being under financial pressure, which negatively affects their work. And 75 percent of employers say employees’ financial stress impacts operations.
“PNC Organizational Financial Wellness is a fully holistic, comprehensive look at financial wellness across the board,” she shares. “We really touch on anything that has to do with financial wellness for the employees out in the workforce.”
The program offers resources including bank-at-work, health savings accounts, student debt assistance, retirement plan services, and more.
“It is coming up with solutions to really benefit the employees in the workforce, to really promote and move everybody forward financially,” she says.
Gerhart is passionate about upward financial mobility and has worked with PNC for the last 28 years, 19 of which have been in the organizational financial wellness area.
She partners with her team members to work with employers and employees in communities, meeting people where they are to help them move forward financially, she says.
“I’ve been a working mom for more years than I’d probably like to admit some days, and actually now have become part of the sandwich generation – taking care of kids and also taking care of aging parents at the same time,” she says. “Financially, you have to be really in tune to where you can actually support and where you might need to step back.”
With the upcoming holiday season, resumed student loan payments, and open enrollment, Gerhart says it’s particularly important to be in tune with finances at home and at work.
“These are really factors that are affecting both employees and employers, and we need to be there to support both,” she says.
Jenna Williams is an Indy Maven contributor.
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