COVER STORY | LOCAL PROFILE
First National Bank (FNB) provides a full range of banking solutions for employers and their employees. Shown here are Matt Turk, regional executive of FNB’s First National Insurance Agency; Ben Elliott, market executive of F.N.B. Wealth Management; Alison Samuels, market manager for FNB; and Jeff Tebaldi, market manager and regional manager of Commercial Banking.
INSURANCE. WEALTH MANAGEMENT. COMMERCIAL BANKING. Creating a Cross-Generational Benefits Plan for Employees
Millennials are now the largest members of the workforce and are close to surpassing Baby Boomers as the largest living adult generation. On their heels is Generation Z, which now outnumbers the Greatest Generation in the workforce. Approximately 35 percent of the U.S. workforce are Millennials, according to Pew Research Center analysis of U.S. Census Bureau data. Although Baby Boomers still represent a quarter of the workforce, retirements will continue to reduce their presence. Even so, Millennials are not expected to reach the Baby Boomers’ labor force peak (66 million in 1997). These shifting demographics combined with rising healthcare costs and a tight job market pose a challenge for employers seeking to develop a competitive benefits plan that satisfies a generationally diverse workforce and contains costs. Indeed, with unemployment at historical lows, benefits are a key part of companies’ ability to attract and retain employees. Northwestern Pennsylvania business owners and leaders know this firsthand. Yet, the time-consuming complexities of benefit planning and administration can lead to frustration and delayed action, creating plans that negatively impact workforce satisfaction and productivity.
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NOVEMBER 2019 • mbabizmag.com
“Benefits are more than a budget line item for health-care insurance,” explains James Fawcett, director of Employee Benefit Sales for First National Insurance Agency (FNIA), a subsidiary of First National Bank (FNB), and one of the largest, independent insurance agencies in the region. “Done right they are a diverse collection of offerings that empower employees’ success, from insurance to financial education to retirement planning and even workplace banking. This direct link to employees’ financial success is one of the keys to building rewarding careers and long-term success.” Industry research supports this thinking. While health-care benefits are the most important benefit to the workforce, nearly 60 percent of employers offer retirement investment advice, according to the Society for Human Resource Management (SHRM) 2019 Employee Benefits report. One in three employers now offer non-retirement financial advice to employees as part of their benefits package, according to SHRM.
FNB offers a strong branch presence, an intuitive mobile app and online banking, which can give employees much-needed flexibility.