Employee benefits

Earned wage access companies are finding that their product, which allows employees to receive a portion of their salary ahead of the traditional two-week cycle, can aid nurses and other professionals in addressing the work-life imbalance that contributes to the Great Resignation.

Morgan Stanley made sweeping changes to its employee benefits including increasing parental leave and allowing some employees to buy its stock at a 10% discount amid intense competition for talent.

KeyCorp is “dramatically” increasing the length of parental leave for employees and offering more flexibility for working remotely as part of a number of measures to help retain talent, CEO Chris Gorman says.

The city and the nonprofit Operation HOPE will offer $100 to kids from low-income households, with banks playing an assisting role. “Once you own some stock, once you have an account, now you're watching that grow and you’re a participant in the” financial system, said John Hope Bryant, the nonprofit's founder and CEO.

Goldman Sachs Group added new employee benefits, including higher retirement contributions, as part of a package of changes aimed at addressing worker burnout.

A focus on getting work done more efficiently has prompted these midsize banks to rearrange responsibilities, eliminate red tape and use technology to automate repetitive or tedious tasks. Some are also enhancing leadership development and increasing employee benefits amid an increase in turnover.

The smallest of the Best Banks to Work For have figured out how to thrive in an environment where many employees are working fully or partly from home. Some are using flexibility as a tool to stave off burnout.

Executives at the 90 institutions that made the ninth annual ranking are boosting benefits to attract new employees, amid intense competition for talent. They're also rethinking how they approach recruiting and increasing their diversity efforts.

In the short term, the Biden administration is asking the industry to help previously unbanked households access their funds. Longer term, some banks see a real opportunity in advising their customers on what to do with the large cash influx.

Banks are struggling to hire and retain workers in a tight labor market. To stay competitive, they are making concessions on wages and remote work that likely would have been unnecessary before the pandemic.