The Top Banking Perks Your Job May Offer

In recent years, more financial institutions have collaborated with local businesses to provide mutually beneficial banking options for employees. If you work at a company that works with a bank, you might be able to take advantage of big discounts on popular services and special promotional offers. On the other hand, employers that don't already offer workplace banking benefits may want to consider them given the role they play in attracting and retaining talent.

What is workplace banking?

Workplace banking programs are a collaboration between a business and a financial institution, often one that caters to a specific local market. As an employer, offering workplace banking benefits provides value to employees, which in turn aids the company's hiring and talent retention efforts. Most workplace banking programs offer a number of perks to members from affiliated businesses, which may include:

• A cash bonus upon opening a checking or savings account at the participating bank.
• Credits or discounts toward bank services like mortgage financing, financial counseling and more.
• Complimentary products and services like debit cards, checkbooks and safe deposit box rentals.
• Any benefits included as part of the bank's standard member offerings, like online banking access and bill payment services.

Establishing a workplace banking relationship with a local bank is usually easy. Business owners or executives simply need to contact a local financial institution that offers these services to schedule a meeting. Once terms of the agreement are finalized, a representative from the bank should then schedule a presentation with the company's employees to bring them up to speed on the benefits offered through the workplace banking program, as well as answer any questions or provide additional details.

Why workplace banking works

The concept behind workplace banking benefits has been around for some time, but it experienced a resurgence   around eight years ago in the wake of the financial downturn. The problem at hand was three-fold: Businesses of all kinds were looking for ways to save on everything, especially benefits packages that are valuable for attracting talent but still expensive to maintain. Banks in particular were hoping to generate new business through strategic alliances in a newly competitive landscape. And finally, employees themselves often felt uncertain about their own finances.

Workplace banking programs are an effective solution to each of these problems, and they remain in use today by financial institutions large and small. For banks themselves, workplace banking programs attract new customers that are motivated to forge a lasting relationship with their new bank. Employees obviously win in the arrangement if they take advantage of the discounts offered through their workplace program. Finally, businesses that participate find it easier and more cost-effective to add to their roster of employee benefits with a program that's mutually rewarding in almost every aspect.

Employees should talk to their employer or human resources representative to learn how to enroll in a workplace banking program. For employers who don't already offer one, setting up a meeting with a representative of a local financial institution is all it takes to get started.