It’s a challenge all business owners face:
Making your company a more attractive
place to work. The good news is you do not necessarily need to pay more to attract
and retain good employees. Smart entrepreneurs are sweetening their employee
benefits package with low-cost or no-cost
perks to help their companies stay competitive in the market for good employees.
Benefits such as flexible work schedules,
health club memberships and relaxed
dress codes often make a difference when
candidates are weighing job offers.
Another free perk that can make a difference is a workplace banking benefits program.
Smart Business talked with Nickolas
Certo, senior vice president of WorkPlace
and University Banking at PNC, on how
workplace banking can give your company
an edge in today’s competitive marketplace.
What is a workplace banking program?
In an effort to reduce employee absenteeism and improve productivity, many
companies now offer benefits to enhance
employees’ physical well-being, such as
smoking cessation workshops or discounts on health club memberships.
Similarly, a well-structured workplace
banking program can help your employees
become more financially ‘fit,’ which can
lead to higher levels of satisfaction in their
professional and personal lives. Essentially, it is a package of free and discounted
financial services your company can offer
to employees as part of your overall benefits package. Typically, there is no cost to
participate, only rewards — for both your
company and your employees.
How will my company benefit from a work-place banking program?
By far, the No. 1 reason to add a work-place banking program to your company is
that it gives potential workers one more reason to choose your firm over another,
and it gives your current employees one
more reason to want to continue working
for you. And it’s free.
Additionally, these programs often increase direct deposit participation.
According to the American Payroll
Association, the cost of issuing paper payroll checks can be as much as $18 per
check, so a company can significantly
reduce payroll processing costs if employees switch to direct deposit.
Depending on your company’s size and
location, the package could also include
special arrangements for an onsite ATM,
reducing the time employees may spend
away from work taking care of their banking business. Generally, the more exclusivity you are willing to grant a provider, the
more benefits you and your employees can
expect to see.
By adding a reputable workplace banking
program, a company can perk up its
employee benefits package without driving
up its overhead. And, at no cost to the company, the rewards can be great.
How will my employees benefit from a work-place banking program?
When evaluating workplace banking programs, employers should look for packages of benefits and offer their employees
financial services they can not get otherwise. A well-structured program includes a
free personal checking account with direct
deposit of their payroll check, and special
promotional offers available only to
employees of participating companies,
such as better rates on CDs or waivers on
mortgage fees. Also, it is a good idea to
choose a provider that has a significant
number of branches and ATMs in the community, making it more attractive to participants.
Even more important, a good workplace
banking program is centered on financial
wellness. That means it goes beyond special product offers and includes free financial advice and assistance to help employees reach their financial goals. Employee
seminars on relevant and timely topics,
such as identity theft protection, saving for
retirement, or general financial planning
should be an integral part of the program.
If space allows, these seminars can be held
at your work site. Employees may also be
entitled to free one-on-one consultations to
discuss their unique financial circumstances.
Like the discounted health club membership that encourages employees to get in
shape, specially priced or free banking
services motivate employees to get their
financial houses in order — many for the
first time.
This was prepared for general information purposes only and is not intended as
specific advice or recommendations. Any
reliance upon this information is solely
and exclusively at your own risk.
NICKOLAS CERTO is a senior vice president of WorkPlace
and University Banking at PNC Bank. Reach him at (412) 762-6755 or [email protected].
