Companies discover financial well-being benefits foster loyalty, productivity
In Northwest Indiana, where legacy industries meet a growing wave of logistics hubs, health care networks and professional services firms, employers are rethinking what it means to support their workforce.
Competitive salaries still matter, but increasingly, companies are discovering that long-term financial security, not just short-term compensation, drives employee motivation, loyalty and performance.
“Many employers are expanding benefits beyond traditional compensation and retirement offerings to support overall financial well-being,” said Jackie Hofman, chief administrative officer at Purdue Federal Credit Union. “This often includes a combination of insurance coverage, retirement savings plans, paid time off and access to financial wellness resources.”
At the center of this shift is a more sophisticated approach to benefits design. Equity compensation plans, financial wellness programs and employer-supported wealth management services are no longer reserved for Fortune 500 companies or Silicon Valley startups.
“More regional companies are looking to add financial literacy programs and financial advice for their employees than in the past,” said Alicia Gohdes, senior vice president at Wintrust in Crown Point. “They have recognized that having financially stressed employees not only impacts the employee but the company.”
Employee wealth plans and financial initiatives are becoming an integral part of the playbook for organizations across the Region seeking to build stronger and more engaged teams.
Financial security
For decades, the standard benefits package focused on health insurance, retirement plans and paid time off. While those elements remain foundational, employers today are layering benefits that directly address employees’ financial stress and long-term wealth-building potential.
The reasoning is straightforward. Employees who feel financially secure tend to be more focused, more productive and more committed to their organizations. Financial anxiety can quietly erode performance — leading to distraction, absenteeism and higher turnover.
“The more competitive the financial package, the happier their employees will be and will, in turn, be more loyal and productive to the company,” Gohdes said.
When structured effectively, these plans do more than supplement income. They align incentives, foster a sense of ownership and create pathways to meaningful wealth accumulation.
Purdue Federal Credit Union’s employee benefits strategy focuses on short-term, mid-term and long-term goals. To that end, the credit union offers health, dental, vision, disability and life insurance coverage, flexible paid time off, access to virtual health care and financial counseling resources. They also offer a 401(k) plan with employer matching, tuition reimbursement and employee access to financial products that can support savings and financial progress.
“Our approach focuses on helping employees stabilize their financial health, build long-term financial security and access tools that support ongoing financial decision-making,” Hofman said.
Financial wellness
Employees also need the knowledge and tools to manage their wealth wisely.
“We have to start with education about how important it is to save and to save early,” said Ty Tornincasa, president of Crown Point-based Ty Financial. “Small amounts do add up, and employees need to understand how impactful that can be. School systems don’t teach this stuff. Where do you turn to get this message?”
To bridge this gap, Purdue Federal Credit Union, like many companies, is expanding its role beyond traditional banking services. Through a series of financial wellness sessions at Purdue University Northwest, the credit union is delivering practical guidance on budgeting, debt management, investing and retirement planning. These sessions reflect a broader trend: financial literacy is becoming a core component of employee benefits.
Rather than assuming workers will independently navigate complex financial decisions, organizations are increasingly bringing in experts to provide education. The goal is not just to inform, but to build confidence and to help individuals make decisions that support their immediate needs and long-term goals.
For many attendees, the value lies in accessibility. Financial concepts that might feel intimidating are broken down into actionable steps. Because these sessions are offered through trusted institutions, employees are more likely to engage.
“I believe many regional companies are focused on providing an attractive retirement savings option for their employees but also coupling that with regular educational forums so that employees are empowered to save in an effective way,” said James Dunne, vice president and senior wealth management officer at Peoples Bank in Munster. “It is great to have the option to save but knowing how to save makes for a more optimal experience for employees.”
Designing benefits
Some regional companies are experimenting with combinations of benefits aimed at helping employees build and manage wealth over time.
Some of the most common strategies include enhanced retirement contributions, equity participation, financial planning services, student loan assistance and savings programs. Employers are increasing matching contributions or offering profit-sharing plans that reward long-term tenure and performance. Stock options and employee stock purchase plans give workers a tangible stake in their company’s success.
Hammond-based Korellis has been 100% employee owned since January 2018 through an Employee Stock Ownership Plan. An ESOP offers advantages to employees and employers.
“For employees, it builds a retirement benefit that grows with the company’s success and creates a sense of ownership,” said Brian Enright, chief financial officer at Korellis. “For the company, it’s a great succession planning tool. It keeps the culture intact.”
In addition to benefiting employers and current employees, healthy financial benefits programs are key for many job seekers.
Access to certified financial planners is a sought-after benefit, allowing employees to receive personalized advice without bearing the full cost. With younger workers carrying significant debt, some employers are offering repayment assistance or integrating student loan considerations into retirement planning.
Recognizing that unexpected expenses can derail financial stability, companies are helping employees build short-term savings alongside long-term investments. The most effective packages are those that integrate these elements into a cohesive strategy that meets employees where they are financially while guiding them toward future growth.
Growing awareness
In Northwest Indiana’s diverse economic landscape, several industries are particularly attuned to the connection between financial well-being and workplace performance.
Health care systems have been early adopters of financial wellness programs. With large, multi-generational workforces, these organizations recognize that employees face a range of financial challenges — from managing student debt to planning for retirement.
Manufacturing firms, long a backbone of the Region’s economy, are also evolving. As they compete for skilled labor in a tight market, many are expanding benefits beyond traditional pensions to include 401(k) enhancements and financial education initiatives. Logistics and distribution companies, fueled by the Region’s strategic location near Chicago and Lake Michigan, are investing in benefits that improve retention. High turnover can be costly, and employers are finding that financial stability plays a key role in keeping workers engaged.
“Employers should look at their employee financial packages as a tool to attract and retain employees,” Gohdes said.
What unites these efforts is a growing awareness: Employees who aren’t worried about money tend to bring more energy and focus to their jobs.
Financial advisers
Behind many of these benefits strategies are financial advisers who specialize in working with businesses to design and implement effective programs.
In Northwest Indiana, advisers are increasingly acting as partners rather than just service providers. Their role begins with helping employers assess their workforce.
“We start conversations,” Tornincasa said. “We ask, ‘What is your company structure? What are your goals?’ Having conversations and educating them about different options is important.”
Financial advisers can guide companies in selecting benefits that align with organizational goals and employee needs. A manufacturing firm with an hourly workforce may prioritize different benefits than a professional services company with salaried employees. There is no one-size-fits-all solution. The key is customization.
Even the most generous benefits package can fall short if employees don’t understand how to use it. Many advisers host employee workshops, offer one-on-one consultations and provide ongoing support.
The partnership between businesses and financial advisers often extends beyond initial plan design. Advisers may help administer equity compensation plans, ensuring compliance with regulatory requirements while optimizing tax outcomes for employees. They can also provide guidance on diversification by helping workers balance company stock with other investments to manage risk.
“I think all companies, from large multinationals to smaller local shops, are aware of the importance of having a retirement savings offering. There are many options available that can cater to the size and capabilities for each company,” Dunne said. “A trusted financial adviser can play a key role in making sure the appropriate plan and features are utilized. Not having a retirement savings option can deter top talent.”
For employees, this access to professional advice can be transformative. Instead of making financial decisions alone, they have a resource they can turn to for clarity and direction.
For employers, the benefits are significant. By supporting employees’ financial well-being, they foster a more stable workforce that is better equipped to contribute to organizational success.
Regional identity
By investing in financial wellness and wealth-building benefits, regional employers can differentiate themselves — offering not just jobs, but pathways to long-term stability and growth.
As the workforce continues to evolve, the importance of financial well-being is only expected to grow. Younger employees are entering the job market with different expectations, placing a higher value on holistic benefits that support their overall quality of life. At the same time, older workers are seeking guidance as they approach retirement, facing decisions that will shape their financial futures.
“We need to set up structures so we’re creating the atmosphere that we’re all in this together. That builds loyalty and trust both ways,” Tornincasa said. “It sends the message that, if you stay with us, you’re going to be taken care of. We’ll all reach that goal of retirement together.”
Employers who recognize these dynamics, and respond with thoughtful, comprehensive benefits strategies, will be better positioned. Organizations like Peoples Bank, Purdue Federal Credit Union and Wintrust demonstrate how financial institutions can play a pivotal role in this ecosystem, providing education and resources that empower individuals to take control of their finances.
In Northwest Indiana, the conversation around employee benefits is shifting from cost to impact. A well-designed benefits strategy can transform the employee experience. Workers who understand their finances, feel confident in their future and share in their company’s success are more likely to stay engaged, perform at a high level and remain loyal over the long term.
For employers, that’s not just a benefit, it’s a competitive advantage. •
Read more stories from the current issue of Northwest Indiana Business Magazine.
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