Fifth Third Bank Improves Female Employee Retention by Almost 25 Percent
June 11 2018 - 10:00AM
Business Wire
Results Come One Year After Bank Introduced
Its Maternity Concierge Program to Retain Working Moms
When Fifth Third Bank launched the Maternity Concierge program
for its employees, its goal was to help retain women employees.
After a year with the program, the Bank has found that women who
enrolled in it were almost 25 percent more likely to remain at the
bank six months after returning from maternity leave than women who
didn’t use the program.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180611005115/en/
Charnella Grossman, a portfolio manager
for Fifth Third Bank, with her daughters, Elise Grossman, 10
months, (left) and Kenna Grossman, 2. (Photo: Business Wire)
In its first year, more than 400 women used the Bank’s free
Maternity Concierge – created for pregnant women and new mothers –
for services as varied as researching child care to planning gender
reveal parties.
The Bank found that 86 percent of women who enrolled in the
Maternity Concierge program – either during pregnancy or when they
returned to work – remained at work six months after taking leave,
compared to 62 percent of the women who didn’t enroll in the
program.
“Fifth Third’s Maternity Concierge program is one of the reasons
that I want to stay and grow with the company,” said Charnella
Grossman, a portfolio manager for Fifth Third and mother of two
girls, a 2-year-old and a 10-month-old. “They helped me plan my
daughter’s birthday party, decorate the nursery, waited for a
delivery at my house and so many more things to help relieve the
stress of coming back to work.”
That’s exactly what Chief Administrative Officer Teresa Tanner
had in mind when she created the program with Best Upon Request, a
Cincinnati-based national concierge business. Tanner knew the
statistics: 60 percent of employees at the Bank are female, but
only 23 percent of senior-level managers are female.
Something needed to change.
Tanner learned that women who took maternity leave left the bank
in the 12 months after returning to work at twice the rate of other
women. While leave was important, the transition period back was
important, too.
“This is a particularly difficult time in women’s lives – going
back to work with a new baby,” she said. “We want to support women,
to give them another layer of help as they return to work if that’s
what they want to do. As a company, we feel it’s our responsibility
to help with that transition.”
The Maternity Concierge program is offered at Fifth Third’s
corporate headquarters in Cincinnati as well as virtually
throughout the Bank’s 10-state footprint. The program benefit
begins at pregnancy and women work directly with a concierge
specializing in maternity needs, who can help with everything from
ordering a breast pump through insurance or scheduling meal
deliveries. The Bank has since added new benefits for parents
including adding free breast milk shipping during work travel and a
new financial empowerment component to help new parents plan for
new expenses – from day care to college savings. The Bank last year
also made available four weeks of baby bonding time for new parents
(birth, adoptive or foster).
More than three-quarters of women who used the program said they
are more likely to stay at Fifth Third because of the service,
according to a survey the Bank conducted this spring.
Branch Manager Katie Ockerman said: “I couldn’t continue to work
without the Maternity Concierge program. With three little kids,
including twins, I’m always juggling. This lets me concentrate on
work when I’m at work and on home when I’m at home.”
Tanner said the first-year results are heartening and that the
Bank will continue to review the Maternity Concierge program for
continuous improvement. “We’re never going to be the best bank for
our customers and shareholders unless we have diversity at all
levels, at the most senior levels,” she said.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of March 31, 2018, the
Company had $142 billion in assets and operated 1,153 full-service
Banking Centers and 2,459 ATMs with Fifth Third branding in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and North Carolina. In total, Fifth Third
provides its customers with access to more than 54,000 fee-free
ATMs across the United States. Fifth Third operates four main
businesses: Commercial Banking, Branch Banking, Consumer Lending
and Wealth & Asset Management. Fifth Third is among the largest
money managers in the Midwest and, as of March 31, 2018, had $363
billion in assets under care, of which it managed $37 billion for
individuals, corporations and not-for-profit organizations through
its Trust and Registered Investment Advisory businesses. Investor
information and press releases can be viewed at www.53.com. Fifth
Third’s common stock is traded on the Nasdaq® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Member FDIC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180611005115/en/
Fifth Third BankLaura Trujillo,
513-534-4361Laura.trujillo@53.com
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Apr 2024 to May 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From May 2023 to May 2024