Nationwide announces $160M Future of Work investment

The five-year investment includes programs to reskill and upskill the workforce, increase bonus targets and deliver enhanced benefits.

Nationwide announced a $160 million investment to reskill and upskill its workforce, as well as incentive increases and the option to have Fridays off twice per month during the summer. (Photo: Nationwide)

Talent dynamics are changing. As baby boomers retire, millennials move up the ranks, and Gen Z enters the workplace, companies have to become nimble to adapt to the current job environment and maintain a competitive edge.

To address these workforce nuances, Nationwide recently announced a new five-year, $160 million investment to reskill and upskill its workforce and increase bonus incentive targets. Also, the company, which employs 28,000 associates across the country, is enhancing benefits and introducing a Summer Fridays pilot in 2020.

“We are constantly evaluating the marketplace and reviewing internal employment trends,” Gale King, Nationwide’s chief administrative officer, told PC360. “As we look to our 100-year anniversary in 2026, we have been assessing how our strategy and talent need to evolve to deliver on changing customer expectations and the significant role automation and technology will play in meeting those expectations.”

The Future of Work investment

As one of the largest insurance and financial services organizations in the U.S., Nationwide understands the importance of attracting, developing, and retaining the best talent. The Future of Work program aims to achieve just that.

The five-year investment includes the launch of an online Future of Work Center next month that will support associates in digital literacy and future capabilities training.

Additionally, every associate will be provided a personalized learning curriculum every year that will focus on the skills for the future. Applied learning opportunities will assist associates with their development and offer exposure to other career opportunities, while reskilling opportunities provide business-unit specific and targeted career paths.

Other enhancements of the program include increased bonus incentive targets for all front-line associates.

“As part of our talent strategy, we gathered diverse perspectives and expertise from external firms that are directly engaged to prepare people for the future of work,” said King. “At the same time, we gathered input from our executive leadership team to hear their perspectives on the capability shifts essential to our success. We combined our data on shifting job needs within the company with these internal and external insights to develop our future of work strategy.”

More benefits

This year, Nationwide is piloting a new Summer Friday program. From Memorial Day through Labor Day, associates who choose to participate will have the option to condense five standard workdays into four twice per month, giving them two Fridays off each month during the summer.

In addition to the newly-announced programs, Nationwide offers a comprehensive benefits, including 401(k) company match, pension plan, $17 per hour minimum wage, Maternity Assistance Program, and paternity, maternity and adoption leave benefits, which recently increased to 14 weeks of paid time off for new moms and 30 days of bonding time for fathers, domestic partners, and adoptive parents.

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