Note: Image used is not that of the actual customer.
Company Name: Sandridge Crafted Foods
Industry: Food Production and Distribution
Founded in 1960 as a deli meat distributor, today Sandridge Crafted Foods is a leading provider of prepared foods, meal kits and grab-and-go cuisine for the U.S. food retail industry. Sandridge employs a team of 650 people who develop recipes, ensure proper food safety and prepare, package and distribute products under popular company and private-label brands.
Need
Operating in an extremely competitive labor market, Sandridge was challenged with high turnover rates in its food production operations. New employees often requested live payments by check or debit card because they didn’t have access to a bank account. Many lived paycheck-to-paycheck and hadn’t planned for their financial futures. Some admitted their financial situations negatively impacted work performance and personal relationships. These challenges were amplified as the company grew its business and workforce with three production expansions. Through these challenges, Sandridge felt it was important to give their employees access to banking tools that could help them better manage their personal finances and improve their overall financial wellbeing.
Solution
Through its relationship with PNC Corporate Banking, Sandridge engaged PNC Organizational Financial Wellness and learned about PNC WorkPlace Banking®. This bank-at-work program provided the products and services as well as the financial education that Sandridge was looking to for to enhance their employee benefits program.
PNC Financial Wellness Consultants now participate in Sandridge’s new hire orientation to introduce bank-at-work program options and understand employees’ unique financial needs. Quarterly tabling events are hosted by Financial Wellness Consultants and offer additional touchpoints for employees to get one-one-one time with a consultant to ask questions and access banking services.
Results
More Sandridge employees have bank accounts and opt for direct deposits, streamlining the company’s payroll processes. Financial education and one-on-one sessions with PNC Financial Wellness Consultants help employees better manage their money and invest for the future.
Employees report achieving goals like saving enough to buy a car to drive to work, understanding and qualifying for a mortgage loan and creating a retirement savings plan.
Employees are also staying longer. Sandridge reports a 20% improvement in production worker turnover and a 5% improvement among salaried employees from 2022 to 2023.
We want to offer resources that help our people anticipate for rainy days, provide for their families and prepare for more sustainable careers. We’ve expanded multiple times, and PNC has been a part of helping every new employee reach their financial goals–and a part of helping Sandridge reach ours. We keep growing, and wherever we go, we know PNC has the portfolio, services and footprint to go with us.