Worker Financial Wellness: How Corporations Can Build Quality Jobs

One year past the start of the COVID-19 pandemic, about half of non-retired adults say the lingering consequences will make it harder for them to meet their financial needs and goals. Unfortunately, this situation is not new. For years prior to last year’s recession, too many American families – particularly Black, Hispanic, and other nonwhite families – constantly struggled to stretch paychecks to cover life’s essentials. But these struggles were too often overlooked.  Now, however, as the US economy emerges from COVID-19, business leaders are considering an array of solutions to shape an equitable and inclusive recovery and take action for racial equity. One path: making worker financial wellness a corporate priority. Research shows that improving workers' financial wellness benefits not only workers themselves, but also business outcomes such as productivity, innovation, customer satisfaction, and employee turnover and engagement.  This event focuses on what companies can accomplish when they pursue improving the financial health and resilience of workers. Senior executives from companies who have tackled a range of issues as they work to build employee financial wellness discuss how they came to prioritize the issue, some of the surprises and challenges encountered, and lessons that others can build on. Tune in to this engaging, timely, and important discussion on how we can work together to build worker financial health and resilience.  Speakers include Marissa Andrada (Chief Diversity, Inclusion and People Officer, Chipotle), Sarah Keh (Vice President, Inclusive Solutions, Prudential Financial), Franz Paasche (Chief Corporate Affairs Officer, PayPal), and moderator Lauren Weber (Reporter, The Wall Street Journal). The companies on the panel are part of the Worker Financial Wellness Initiative launched in October 2020 by PayPal and JUST Capital in collaboration with the Financial Health Network and Good Jobs Institute. WFWI’s goal is to raise workers’ financial security to be a C-suite and investor priority. Companies commit to conducting assessments to gauge the financial vulnerability of their workforce, and they join a community of practice to identify opportunities to improve their long-term resilience. The first cohort reaches over 260,000 American workers and includes Chobani, Chipotle, Prudential, Verizon, and Even.  The Economic Opportunities Program’s Opportunity in America discussion series has moved to an all-virtual format as we all do what we can to slow the spread of COVID-19. But the conversations about the changing landscape of economic opportunity in the US and implications for individuals, families, and communities across the country remain vitally important. We hope you will participate as we bring our discussions to you in virtual formats, and we look forward to your feedback. We are grateful to the Ford Foundation, Prudential Financial, Walmart.org, the Mastercard Center for Inclusive Growth, and the Surdna Foundation for their support of this series.