A civic responsibility At Prudential Financial, we believe we have a responsibility to be good neighbors in our community. To help improve the lives of those around us, we make generous financial contributions to worthy causes, we mobilize our own employees to become volunteers, and we foster the volunteer spirit among young people through a prestigious, nationwide recognition program.
Volunteerism is all in a day’s work In its first year, more than 5,000 Prudential employees and friends took part in Prudential Global Volunteer Day. Only six years later, Global Volunteer Day has grown to become one of the largest corporate-sponsored volunteer programs in the world.
On October 6, 2001, in cities from Washington, D.C., to Tokyo, Japan, nearly half of all Prudential employees donated an unprecedented 300,000 hours to 849 organized community projects in 17 countries around the world. Their mission: to reach out and help build, maintain and beautify the communities we serve through volunteerism.
Also in 2001, The Prudential Foundation made a special donation of $20 per volunteer hour, up to $1,000 per project, to assist families affected by the tragic events of September 11.
Good corporate citizenship is good business Since our founding in 1875, the people of Prudential have been committed to making a difference through both volunteer work and corporate donations. For the past quarter-century, this work has been carried on through The Prudential Foundation, which is dedicated to supporting those social service areas that improve and enhance quality of life.
The Prudential Foundation provides grants to not-for-profit organizations, coordinates local volunteer initiatives by Prudential associates, and develops projects that revitalize communities around the country. In the past year, the Foundation has contributed more than $16 million and over 133,000 man-hours to projects across the nation.
Our business is, at heart, a people business. And giving back to the communities where we live and work helps to ensure that we stay connected with the people who are at the heart of our corporate mission.
Recognizing what makes ordinary kids do extraordinary things Heroism exists all around us, in small and sometimes quiet ways that can be overlooked, but which are no less important than those acts which make the headlines.
Today’s young people are awakening to the needs of their communities and are working hard to improve the quality of life for those around them. To reward and encourage this sense of social responsibility, Prudential created the Spirit of Community Initiative. The initiative seeks to create role models through recognition, teach young people how to contribute to their community, and promote greater public awareness to the issue of community service.
In partnership with the National Association of Secondary School Principals, Prudential each year honors young people in grades 5 through 12 who exemplify community service. Continuing education, information and leadership training are also provided through this important student outreach.
Selected honors, 2001
“Exemplary Employer for Older Workers”— AARP
“Top 10 Best Companies for Working Mothers”
Working Mother magazine
“Among the top 100 companies that provide the most opportunities for Hispanics”
“Among the top 15 employ- ers who have demonstrated their commitment to people with disabilities”
CAREERS & the disABLED magazine
Creating a stronger workforce The productivity boom of the past decade has raised the bar for performance in corporate America. At Prudential Financial, we’re responding by establish- ing a progressive, performance- based culture.
In 2001, we instituted a new market-driven compensation plan—combining salary growth, incentive awards and stock options—based on extensive benchmarking of our leading competitors’ practices. We are committed to creating an environment that fosters professional excellence and innovation.
A critical part of that commit- ment is to reflect diversity in our business strategy and our workforce. Applying best practices in human resources and employee benefits, we’re recruiting, developing and retaining highly skilled employees with diverse back- grounds and perspectives. And this translates into creative approaches to work and innov- ative solutions to business needs in the marketplace.
Prudential Financial 2001 Annual Report