NEW YORK LIFE INSURES COMMUTE OPTIONS IN
CORPORATE EXPANSION MOVE
When a company staffed largely by long-term employees decides to make a move, retaining those workers is likely to top a relocation priority list. So it was for New York Life, the largest mutual life insurance company in the United States. When the insurance giant decided to add an office in Westchester County to enhance the firm's presence in New York City, it identified 1000 positions that would relocate to newly renovated space at Mount Pleasant Executive Center in Westchester.
The company's move this summer to a 383,000 square foot renovated facility in Westchester County will be the culmination of an intensive effort to meet the commutation needs of transferring workers, a focus that has placed employees in vanpools, carpools, trains and even private buses to ease the way for New York Life's Westchester workforce. Ron Terry, First Vice President, orchestrated much of the human resources strategy for the move, and called commutation a primary focus of his work.
"New York Life's focus on its employees supports its commitment to meet its fiduciary responsibility to its policy holders -- we keep our retention rate high and our staff dedicated to the success of the company," said Mr. Terry. "Our commitment to creating a culture of permanence was confirmed by the involvement of every level of management in developing a strategy to retain our employees during this expansion to Westchester."
New York Life worked in tandem with the Westchester County Department of Transportation's SMART Commute program, and with MetroPool, Inc., a NYSDOT-supported, non-profit, regional transportation management company, to provide a program of commute alternatives that could meet the diverse needs of a newly arriving staff of 1000.
Individualized commutation plans were developed within an overall benefits program.
For instance, all relocating employees will receive a two-year Commute Transition Subsidy from the company, with amounts determined by the distance of required travel. In addition, full relocation benefits will be offered to employees for a full year following the move to support those who decide to move their residences closer to their new work location. Relocating employees also qualify for a car purchase subsidy -- and since many formerly city-based workers don't drive, New York Life is also offering a driver training program. The company has also signed on for Commuter Choice, which allows those using public transit and vanpools to pay commuting expenses using pre-tax dollars, up to $100 per month.
In addition, New York Life created an employee relocation center at its New York City headquarters. There, transferring staff could find displays of information on their commutation options, including public transit, van and carpooling and bus services, along with real estate, recreation and local service information.
"Economic support for relocating workers is important, but that alone does not itself solve the challenge of getting employees to and from the office," said Mr. Terry of the complex and comprehensive program of commute options the company developed. The employee-focused company explored nearly every mode of travel available, and selected a menu of options based on employee input. The resulting combination includes buses, trains, vanpool and carpool options.
The firm is putting 11 buses on the road to transport employees from Brooklyn, Long Island, Queens, Staten Island and New Jersey. To assure a high level of quality service, transportation and bus experts were tapped to develop a best practices package of routes and service, an effort that will culminate in a series of workshops, with schedules, maps and policies shared with the new commuters.
New York Life teamed with MetroPool to improve the commute for employees and to expand the company's transportation-oriented benefit offerings. MetroPool's staff explained how it works with employees to create, train and support vanpool groups and how its ridematching services can help New York Life employees create carpools. As a result, MetroPool is now working with 250 New York Life staff members to form vanpools -- 7 are already set to launch, serving 45 commuters.
Commuters who opt for rail will find their travel eased as well, by a company-sponsored shuttle that will meet Metro-North trains arriving and departing the Tarrytown station every 20 minutes during rush hours.
"We surveyed employees several times in order to identify the best solutions to commuting issues," added Terry. "In all cases, top management was involved in decisions that would impact employees."
As a result of its innovative approach to meeting commutation challenges, MetroPool has nominated New York Life to the USEPA Best Workplaces for Commuters list, a program that publicly recognizes employers whose commuter benefits reach a national standard of excellence. The Best Workplaces for Commuters designation serves as a mark of excellence for environmentally and employee-friendly organizations -- based on their commitment to improving their employees' commutes.
"New York Life is among the employers that know that offering commuter benefits makes good business sense, said John Lyons, MetroPool President. "The return on a small investment is more satisfied, productive workers, improved tax benefits, less congested roads and cleaner air."
New York Life currently has 4,000 employees in Manhattan -- more than half of New York Life's total employment in the United States. The company was founded and remains headquartered in New York City, and will retain 75 percent of its present staff in Manhattan.
New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance company in the United States, and one of the largest life insurers in the world. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and long term care insurance. New York Life Investment Management, LLC, a New York Life affiliate, provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
back to top
|
