Note: Image used is not that of the actual customer.
Company Name: Wisconsin Aluminum Foundry
Industry: Manufacturing
Founded in 1909, Wisconsin Aluminum Foundry (WAFCO) designs and manufactures castings used to produce essential agriculture, defense, medical and transportation equipment. The company employs 780 people and is considered a premier workplace in northeast Wisconsin due to its growth, stability, culture and strong compensation and benefits. WAFCO earned the New North Workplace Excellence Award in 2023.
PNC Organizational Financial Wellness Solutions:
PNC WorkPlace Banking®, Fiduciary Investment Services, PNC BeneFit Plus, PNC EarnedIt
Need
Historically, WAFCO easily attracted applicants for open manufacturing positions due to its excellent employer reputation and competitive compensation package. Retention was more difficult due to the physical nature of work and tough environmental conditions, like elevated temperatures and noise in the foundry. Many team members who chose to exit the company reported taking less pay to work in roles with fewer physical demands and more comfortable workspaces.
Staffing levels became even more strained as WAFCO sought to grow production capacity in support of business objectives and rising customer demand. The company implemented targeted recruiting, onboarding and training strategies to improve retention by 55%, but continued to experience more turnover than desired.
Solutions
The WAFCO team is diverse and multi-generational, including recent high school graduates to those expecting to retire soon. WAFCO engaged PNC Organizational Financial Wellness in 2022 to introduce financial wellness benefits that appeal to employees across all life stages. The company prioritized options that add the most value to team members while limiting administrative burden for its human resources team.
Solutions include PNC WorkPlace Banking®, a bank-at-work program that offers convenient access to competitive banking products and services, as well as virtual and in-person financial education. Each quarter, employees meet one-on-one with a PNC Financial Wellness Consultant for help planning for priorities like emergency savings and homeownership. PNC Fiduciary Investment Services experts also deliver in-person, quarterly education sessions focused specifically on retirement investing and planning.
Many WAFCO team members utilize tax-advantaged PNC BeneFit Plus Health Savings Accounts (HSAs) to control household healthcare costs and simplify how those expenses are managed. Finally, those who experience unexpected costs, like car repairs, can access their earned pay before payday through PNC EarnedIt. This voluntary, opt-in benefit empowers employees to choose when they can access income that is already earned but still unpaid.
Results
Offerings through the PNC Organizational Financial Wellness program have contributed to increased retention. More team members are participating in WAFCO’s 401k program since having access to retirement investing education through PNC. In addition, utilization of HSA benefits increased 45% in one year after PNC Financial Wellness Consultants delivered additional education on how HSAs work.
People come to work because they want to do a good job. We look at the whole employee because we want them to be successful. We have a reputation for being a great place to work because we offer the whole package. PNC makes the administration part of our financial wellness benefits offering easy.
