Voya Financial Inc.’s decision to create a financial operation center in Chandler and hire more than 1,000 workers was “very deliberate” when the company sought options for a West Coast presence.
“Chandler is very business-friendly, it’s a great place for our employees to live,” said Nan Ferrara, executive vice president of operations and continuous improvement of Voya. “We’re really excited to be in Chandler.”
Voya has a presence in Scotts-dale, but with the exception of that office the company does not have a West Coast presence, Ferrara said. The company’s decision to create a hub in Chandler is in direct response to expansion plans and desires to take advantage of time zones to better serve West Coast customers.
At a Feb. 14 meeting, Chandler City Council approved $530,000 worth of incentives and a development agreement for Voya, which will equate to reimbursement of $500 per employee with annual compensation over $46,000. Voya plans to hire 1,060 employees within the next six years.
Hiring has begun for employees who will eventually be located at the Chandler office, which is under construction. Employees will work temporarily out of leased space in Tempe before Voya’s office in the Allred Park Place mixed-use park on Price Road is ready. Departments in the new office will include retirement, employee benefits, claims and administration. Support staff, call center workers and other back-office operations will be in the office as well.
The company plans to lease 145,000 square feet at the development. Voya will move into the space once $34 million worth of tenant improvements are complete in 2020.
Chandler Mayor Kevin Hartke said the city will benefit from Voya’s corporate culture of giving back to communities, and said the investment the city will make will pay off in increased tax revenue from the company.
Chandler has been one of the hottest submarkets for office construction, and companies are looking for space that will be ready quickly, Hartke said.
Hartke said Chandler has become “a bit of a magnet” for financial services and insurance companies, including Voya and Allstate Insurance Co., which announced plans to hire 2,500 people in the city late last year. However, the city continues to have a diverse portfolio of businesses choosing to locate there, he said.
“I think Voya will love being situated in Chandler,” he said.
Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said Chandler has seen significant growth in its educated workforce, making the city an attractive place for employers.
“Phoenix is now one of the elite financial services and tech markets,” Camacho said, adding the Phoenix area is one of the fastest-growing financial services markets. From 2012 to 2017, the Valley created more than 16,000 finance jobs, according to a recent report from the Milken Institute.
