Nationwide announces five-year, $160M Future of Work investment
Also introducing benefits and rewards enhancements and a Summer Friday pilot program in 2020
Columbus, OH - In a rapidly-changing business environment and competitive job market, businesses are looking to attract and retain talent to help them deliver on their mission, and workers are looking for a company that is values-based and values them. Workers are also seeking employers who will partner with them in preparing for their futures.
To address these dynamics, Nationwide is investing in its people and announcing a new five-year, $160 million investment to reskill and upskill its workforce and increase bonus incentive targets. In addition, the company is enhancing benefits and introducing a Summer Fridays pilot in 2020. Nationwide employs 28,000 associates across the country.
“We must attract, develop and retain the best and brightest talent to deliver on our mission of protecting people, businesses and futures with extraordinary care,” said Nationwide Chief Executive Officer Kirt Walker. “I’m proud that we are able to make key investments in our associates, try some new things to elevate Nationwide as the desired destination for top talent and prepare our workforce for the future. In so doing we will have talent that will deliver extraordinary care to our members and will innovate for our future.”
With major employment hubs in Columbus, Ohio, Des Moines, Iowa, and Scottsdale, Ariz., Nationwide is one of the largest insurance and financial services organizations in the United States.
“Our people are our competitive advantage. We have and will continue to invest in them,” said Gale King, Nationwide’s Chief Administrative Officer. “Our commitment to them has to be holistic and must include helping them prepare for the future. The advancements in technology, the speed of change, competitive forces and the resulting impact of automation requires that we be proactive in preparing our associates for a very different future of work – one that is heavily technology enabled.”
Future of Work investment
The Future of Work program is a five-year program to reskill and upskill associates. The investment will equip associates in digital literacy and future capabilities training. It includes the launch of an online Future of Work Center next month.
Annually, every associate will be provided a personalized learning curriculum focused on the skills for the future. Associates will have applied learning opportunities that assist with their development and provide additional exposure to other career opportunities. Reskilling opportunities will be business-unit specific and will include targeted career paths.
“We’ve already had great success in reskilling within our IT organization through our partnership with Columbus State Community College in central Ohio,” said King. “We’ve also had success through apprenticeship programs across our business unit functions. We are aware of the roles in our organization that will be impacted by automation and the ones that are evolving and growing. We feel a strong obligation to equip our associates for these changes.”
"Nationwide's leadership team has demonstrated great forethought and long-term vision to prepare its workers with future-ready skills and quality resources,” said Dr. David Harrison, president of Columbus State. “Columbus State has successfully partnered with Nationwide and other employers to offer workers the resources they will need as technology and consumer needs quickly evolve. We look forward to continuing to collaborate with Nationwide as they plan additional investments in their workforce."
Future of Work Associate incentive enhancements
All front-line associates will receive an increase in their incentive targets in response to market data.
Summer Friday pilot
Nationwide has robust, flexible work options and recognizes the importance of flexibility for its people. In 2020, the company is piloting a new program that provides summer flexibility.
From Memorial Day through Labor Day, Nationwide associates who choose to participate will have the ability twice per month to condense five standard work days into four twice per month, giving them two Fridays off each month during the summer.
Nationwide offers comprehensive benefits and makes enhancements in response to associate feedback and competitive data. This includes competitive compensation and benefits at all levels, including a $17 per-hour minimum wage across the company, a 401(k) company match of 50% on the first 8% of personal contributions and a pension plan.
The company also offers robust development opportunities, flextime and educational assistance, all making Nationwide an attractive career destination for the best talent.
Through Nationwide’s Maternity Assistance Program, associates are assigned a professional nurse who can provide guidance through each trimester of pregnancy as well as post-pregnancy support. Additionally, for nursing mothers who travel we provide an overnight delivery service.
The company recently added two weeks to the paternity, maternity and adoption leave benefit, bringing it to up to 14 weeks of paid time off for new moms and 30 days of bonding time for fathers, domestic partners and adoptive parents.
The company consistently ranks on top workplace award lists.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.