Note: Image used is not that of the actual customer.
Company Name: PSI Pharma Support America, INC
Industry: Healthcare
For 25 years, PSI has conducted some of the world’s most complex clinical research in pharmaceutical treatments for cancer, blood disorders and rare diseases. With a diverse team across 60+ countries, PSI employs 500 people in the U.S. and has a reputation for delivering high- quality studies on time and within budget. Ninety percent of its customers are repeats and referrals.
Need
PSI is committed to maintaining a strong leadership pipeline and promoting talent from within. To support this approach, the company hires many employees who are recent college graduates or in early stages of their careers. However, competition for talent among clinical research organizations (CROs) is extremely competitive. In the U.S., PSI experienced turnover similar to the industry average, with some employees leaving after one or two years of service.
PSI’s human resources team also has two unique financial challenges among its employees. First, many recent graduates need help managing a budget to balance student loan repayment with other goals like saving for a house and investing into their 401(k). Second, PSI often hires and relocates talent to the U.S. from other countries who need support to better understand and integrate into the U.S. financial system.
Solution
Enter PNC Organizational Financial Wellness, which helped to enhance PSI's overall employee benefits program through PNC WorkPlace Banking®. This bank-at-work program offers PSI employees convenient access to competitive banking products and services, as well as digital financial wellness learning tools. PNC bank-at-work options are integrated into PSI’s bi-weekly new hire orientation, so employees are aware of the resources available to them from day one.
To accommodate remote workers and teams located across multiple locations, PNC offers virtual and in-person financial education webinars on topics like budgeting and considering homeownership. PSI employees have recurring opportunities to participate in sessions that address common financial wellness priorities based on career stages. Finally, PNC Financial Wellness Consultants work with PSI’s human resources team to schedule in-person financial education and one-on-one sessions at facilities with large local teams. During these sessions, PSI employees can work directly with the consultants and get answers to their financial questions.
Results
PSI’s U.S.-based team has grown by 200 people in the last four years, with 35 relocating from overseas in just the last two years. Offerings through the PNC Organizational Financial Wellness program have contributed to increased retention during the same time period. Today, more U.S.-based team members have between three to nine years of service compared to tenure before financial wellness benefits were implemented.
In addition, relocated employees are more confident in their financial decision-making and planning. One team member who moved from Russia three years ago was unfamiliar with how the U.S. banking system worked. Today, he has purchased a home, actively budgets to build savings and is interested in investing in the stock market.
If we can help someone effectively manage the money they do have, they’re more likely to stay instead of pursuing another job that might promise more pay. More money won’t solve their financial problems if they aren’t good with money. PNC takes the complicated and makes it simple. Our employees know PNC is here to help.
