LifeWorks saves U.S. Bank nearly $1 million in turnover & absenteeism
Published by: LifeWorks,
Key facts & figures
- 56% of employees reported improved productivity
- 65% reduction in employee absenteeism
- 69% of employees experienced reduced stress
U.S. Bank is the 5th largest commercial bank in the United States. Approximately 63,000 employees work throughout its 3,084 banking offices across 25 states. U.S. Bank also operates 5,065 ATMs
and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.
U.S. Bank has partnered with Ceridian to provide LifeWorks EAP Services for more than a decade. In 2012, as part of a periodic contract review process, the company decided to take a hard look at the kinds of services LifeWorks provides and determine if there was a better vendor in the marketplace. In particular, U.S. Bank needed a provider which could, as with its LifeWorks contract:
- Address employee critical incidents, and trauma events
- Provide its employees with the tools required to keep them healthy, happy and engaged
After conducting a thorough review of other EAP, work-life and counseling resource providers, U.S. Bank decided to stay with Ceridian LifeWorks EAP Services. U.S. Bank realizes the productivity and wellness of its employees have a direct impact on its bottom line. In fact, it sees LifeWorks EAP Services as a critical component to its overall benefits plan. Three examples of how LifeWorks’ solutions help U.S. Bank employees stay healthy and engaged include:
- Critical Incident Service Delivery (CISD)
- Onsite and web based training resources
With regard to LifeWorks we recently went out into the marketplace and evaluated several alternatives, but in the end we realized we have a good product, particularly with regard to service. While we may have been able to find something cheaper, the level of service you get with LifeWorks is just amazing.
Sandi Boller, manager and vice president of Human Resources
With 63,000 employees working in more than 5,000 branch locations, dealing with the emotional and physical stress of robberies and other critical incidents is part of the banking business. Whenever a robbery or some other kind of critical incident occurs, U.S. Bank employees have immediate access to telephonic and – within two hours or less – onsite counselors.
LifeWorks CISD is one of the crucial ways we help our employees deal with the emotional aftermath of a bank robbery and other critical incidents, such as a terminal illness or the death of a colleague,
LifeWorks counselors help employees address the impact of these events. Like many companies U.S. Bank recognizes CISD services are an important component of reducing absenteeism and turnover rates and increasing productivity. U.S. Bank employees also have access to services to help them cope with many of the day-to-day occurrences that can impact employee productivity, wellness and health. Similarly, LifeWorks.com, available 24/7 (and via a mobile app), is a rich resource on everything from dealing with difficult co-workers to finding out how best to evaluate eldercare services.
With regard to the LifeWorks mobile app I think it’s the way to go for our younger employees. Not only do I expect it to increase our employees’ use of LifeWorks’ materials, but I suspect it will also help encourage their family members to use it.
Like most American businesses struggling to reign in rising health care costs, over the last three years U.S. Bank has transformed its medical benefits offerings from high cost, low deductible plans to low cost, high deductible consumer directed health care plans. These plans incent health care users to become knowledgeable consumers of health care, while the lower premiums reward employees for taking responsibility for their own health.
LifeWorks has helped us tremendously with health and wellness training sessions and other LifeWorks offerings, onsite and online. The easy access to and availability of these kinds of materials supports U.S. Bank’s effort to assist its employees with managing their own health.
U.S. Bank recognizes a positive ROI using LifeWorks EAP Services. The employees who use LifeWorks services self report missing less work, experiencing less stress and being more productive. U.S. Bank knows what many LifeWorks customers have come to understand; healthier, happier employees are simply good for the bottom line.