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.
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.
Tweet Sept 15 at 1 pm ET: “Worker Financial Wellness: How Corporations Can Build Quality Jobs.” Feat Marissa Andrada (@ChipotleTweets), @sarah_keh (@Prudential), Franz Paasche (@PayPal), and moderator @laurenweberWSJ. Hosted by @AspenWorkforce.
Tweet Even before the pandemic, many families struggled to cover life’s essentials. Now, some businesses are working to shape an equitable and inclusive recovery. On Sept 15, #talkopportunity with @ChipotleTweets, @Prudential, @PayPal, and more.
Tweet Improving workers’ financial wellness is good for both workers AND businesses. See how companies like @ChipotleTweets, @Prudential, and @PayPal are making their employees’ wellbeing a corporate priority.
Tweet I’m excited to #talkopportunity about worker financial wellness with Marissa Andrada (@ChipotleTweets), @sarah_keh (@Prudential), Franz Paasche (@PayPal), and @laurenweberWSJ. Wed, Sep 15, at 1 pm ET.
Chief Diversity, Inclusion and People Officer, Chipotle @ChipotleTweets
Marissa Andrada joined Chipotle Mexican Grill in April 2018 as the brand’s first Chief People Officer. The role has since been formalized and evolved into the Chief Diversity, Inclusion and People Officer for Chipotle, bringing the brand’s purpose, To Cultivate a Better World, to life through its people. Ms. Andrada’s initiatives and passion points include driving a diversity strategy across all levels of the company and fostering a culture of well-being to inspire mutual learning, development, personal, and career growth. Ms. Andrada has been instrumental in redefining Chipotle’s benefits, launching a new tuition assistance program including the option to earn a debt free college degree, access to mental healthcare, and a quarterly bonus option open to all Chipotle employees. Prior to joining Chipotle, she was the senior vice president of human resources and chief resources officer at Kate Spade & Company and senior vice president of partner resources for Starbucks Coffee Company. Prior to Starbucks, she served as senior vice president of human resources at GameStop Corporation and head of human resources at Red Bull North America. Ms. Andrada has an MBA from Pepperdine University and completed her undergraduate education at California State Polytechnic University at Pomona. Ms. Andrada is a founding member of the CNBC Workforce Executive Council and a 2020 American Business Award Gold Stevie® winner in the HR Executive of the Year category. Ms. Andrada has been named to the HRD Global 100 list (2021), Business Insider’s HR Innovators list (2021) and Nation’s Restaurant News’ The Power List, Women of Influence (2021).
Sarah S. Keh is a vice president of Inclusive Solutions at Prudential Financial. In her current role, she leads strategic philanthropy and partnerships to help advance the company’s commitment to inclusive economic growth. She oversees strategies to expand work and wealth opportunities, strengthen communities, improve services for veterans and military families, and support disaster response and recovery efforts through philanthropic grants, shared value partnerships, and skills-based volunteering programs.
Sarah currently serves on the board of JerseyCAN and the Asset Funders Network and chairs the Council for Innovative Funding for Career Outcomes for Social Finance. She holds a bachelor’s degree in psychology from Wellesley College and a master’s degree in education from the Harvard Graduate School of Education.
Chief Corporate Affairs Officer, PayPal @PayPal
Franz Paasche serves as PayPal’s Senior Vice President, Chief Corporate Affairs Officer. In this role, Franz is responsible for leading PayPal’s global communications, employee engagement, reputation management, government relations and public policy functions. He also oversees PayPal’s social innovation efforts, working to leverage the company’s core capabilities to deliver meaningful impact at scale for global employees, customers and communities.
Franz brings more than 30 years of cross-sector expertise in corporate, government, legal and public affairs domains to his role at PayPal leading stakeholder engagement and building the company’s reputation globally. Before joining PayPal, Franz served as Head of External Relations for North America for McKinsey & Company providing strategic counsel to the firm’s senior leadership and practice leaders. Prior to this, he was a Senior Partner managing the leadership communications practice at Communications Consulting Worldwide, Fleishman Hillard’s multi-disciplinary strategic communications firm. Earlier in his career, Franz held the roles of Managing Director for strategic communications firm Clark & Weinstock; General Counsel and Executive Vice President at the real-time financial information and technology company, Market Data Corporation; and served as a litigator with the international law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.
He has served on the board of the Brennan Center for Justice at New York University Law School since 2018.
Franz earned his JD from the Columbia University School of Law, where he was a Harlan Fiske Stone Scholar and an editor of the Columbia Journal of Transnational Law. He graduated from Swarthmore College with High Honors in Political Science, English Literature and American Economic History. Franz is a member of the New York State and New York City Bars.
Lauren Weber writes about management and workplace issues for The Wall Street Journal, with a special interest in stories relating to workforce development and skills, compensation, contingent work, the relationships between employers and workers, and the intersection between economic trends and the on-the-ground practices of employers. She arrived at The Wall Street Journal in 2011 after a stint as a private investigator and has also been a staff reporter at Reuters and Newsday. Her freelance work has appeared in The New York Times, Los Angeles Times, Chicago Tribune, and other newspapers. She is the author of In Cheap We Trust: The Story of a Misunderstood American Virtue (2009), a cultural history of frugality and cheapness in the United States. Lauren holds a bachelor’s degree from Wesleyan University and a master’s degree in business journalism from Baruch College/City University of New York.
Opportunity in America
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.
The Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy. Follow us on social media and join our mailing list to stay up-to-date on publications, blog posts, events, and other announcements.