Prudential In the News
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How to Save for Retirement in the Gig Economy
The freedom and flexibility that independent contracting affords make it attractive to millennials, but older generations are also taking notice. The typical gig worker, according to a Prudential white paper, is in his late 40s while the average age for the traditional full-time worker is 43. The primary motivator for joining the gig economy is overwhelmingly financial; 44 percent of gig workers included in the report said they pursued gig work to pay the bills. Older workers were more likely to gravitate toward such work for purely financial reasons.
JUST 100: 14 CEOs On Why Treating Workers Well Is Good For Business
Forbes, in partnership with JUST Capital, analyzed nearly 1,000 of the largest publicly-traded companies in the U.S. "to determine which have the best and most just business behavior." Prudential made the top 100 and was the #1 life insurer on the 2018 list.
"Our founder's initial motivation was to enhance the quality of life and economic and social condition for middle and working class families. And that's been the underpinning of Prudential for the next 140 years." -John Strangfeld, Prudential
Millennials with Disabilities: A Large, Invisible Talent Cohort with Innovative Potential
"With Baby Boomers retiring, we can't afford to miss out on any source of talent," says Kam Wong, vice president, corporate council of Prudential Financial. "We're thrilled to see that Millennials with disabilities have received the support they need to earn college degrees and enter companies like ours. What we now need to create are more companies that include and support them once they graduate."
Amazon to become biggest impact investor ever
“The big question for Amazon is whether they want to go to some place that is already an eight and help it get to 10,” John Strangfeld, the chairman and chief executive of Prudential Financial, told me recently. “Or they can choose a place that needs help, that may be a four today and could become an eight over time with Amazon’s help. It’s potentially a huge opportunity for Amazon.”
Strangfeld knows. Prudential is often lobbied to leave Newark, the city where the insurer and asset manager was founded in 1875 as The Widows and Orphans Friendly Society. Two years ago Prudential instead doubled to $1 billion its commitment to impact investing, with a big slug of that devoted to its New Jersey hometown.
Wednesday's Woman: Dorinda Walker
Dorinda Walker, Vice President of Consumer Strategy and Key Initiatives within Multicultural Marketing for Prudential's U.S. Businesses, discusses her company's partnership with the Texas Conference for Women.
CEO John Strangfeld talks retirement security with Fox Business reporter Maria Bartiromo in Saudi Arabia
Chairman and CEO John Strangfeld joined some of the biggest names in investing at the Future Investment Initiative conference in Saudi Arabia this week. Prior to his panel appearance, Strangfeld was interviewed live by Maria Bartiromo for her “Mornings with Maria” segment on Fox Business. Bartiromo covered a range of topics, from the prospects for tax reform in the United States to the recent debate in Washington, D.C., about potential changes to limits on 401(k) contributions.
A Tale of Two Cities, and Two Companies
Richard Florida, co-founder and editor at large of CityLab and a senior editor at The Atlantic writes: "When I was a young boy growing up in and around Newark, New Jersey, there was one company that stayed when nearly all the others left. Prudential, founded in Newark in 1875 as the Widows and Orphans Friendly Society, remained committed to Newark through all its storied economic and political travails..."
An Overlooked Way Manufacturers Can Address Talent and Innovation Challenges
Mike Domingos, vice president, Corporate Distribution and Strategy with Prudential Retirement, writes: "Almost every manufacturing executive I know says that today’s rapidly changing landscape is putting pressure on their business. Finding and keeping good people, increasing efficiency and speed to market, gaining a competitive advantage through innovation … these are not new concerns, and yet, they feel more challenging than ever. To put some data behind the conversations we’re having, we recently sponsored a survey of over 500 manufacturing executives about their biggest concerns and opportunities."
For more information about the pressing challenges facing the manufacturing sector and the survey results, visit Manufacturing.PrudentialRetirement.com
Providers, call centers strive to educate against hardship withdrawals
It's mid-August--the time of year when participants most often begin taking hardship withdrawals from their defined contribution plans, often to help defray the cost of a child's tuition. Sue Unvarsky, COO of Full Service Solutions at Prudential Retirement, says among the biggest downsides of taking a hardship withdrawal is that it diminishes participants' ability to make the most out of compounding earnings. And participants often find it difficult to to put the amount withdrawn back into their plans. A $50,000 hardship withdrawal could lead to a reduction in up to $100,000 in retirement savings over 12 years (assuming 6 percent returns), Unvarsky said.
Women of Influence 2017
In its July/August 2017 issue, Real Estate Forum presented its 2017 roster of Women of Influence, selected from hundreds of nominations across the real estate industry. PGIM Real Estate's Lynn DeCastro was among 50 women chosen who are not only successful in their roles, but serve as an inspiration to people within the industry and their communities. DeCastro, an executive director, has more than three decades of industry experience and established PGIM Real Estate's women's leadership network in 2013. The group has since expanded to include diversity across race, ethnicity, sexual orientation, and economic and geographic backgrounds. Over the last 12 months, she has completed more than 36 property dispositions worth $2.2 billion, acting on behalf of PGIM Real Estate's investors. She's also a member of the executive committee and advisory board for the Rutgers Center for Real Estate.
