What is Workplace Banking?

Companies are increasingly innovating to attract and retain employees. Perks and other benefits — whether paternity leave, catered meals or work-from-home privileges — have become common. Today's workers increasingly expect their employers to be competitive with the package they offer.

Financial programs are a core part of that deal, and workplace banking is one advantage to advertise to future and current members of the workforce. When a business can't put together a Silicon Valley-like pitch with nap pods and free ping-pong, a workplace banking program can act as a strong draw for prospective hires, as well as a driver of employee retention and satisfaction. Here's what you need to know about workplace banking, and how your business and employees can benefit from one.

What is workplace banking?

Employees expect their employers to be supportive when it comes to financial planning. Perhaps you already sponsor a retirement savings program to meet that demand. Workplace banking can help augment or improve that offer by providing employees access to banking services, exclusive promotions, expert assistance and much more. Membership means a specialized opportunity to take advantage of rewards, educational resources and money management tools.

Why implement a workplace banking program?

Giving your employees the chance to sign up for workplace banking proves to them two fundamental things:

• You are invested in their success, personally and professionally.
• You have taken steps to ensure they have the means to success.

Also, when you get deep into the interview process with an applicant, workplace banking can be brought up to help seal the deal. Listing off all the benefits may make quite the impression. 

How do employees benefit?

Workplace banking programs offer employees a robust set of promotions and other access points they might not normally get. For instance, in the VectraWorks program, employees can gain:

• Credits or discounts on loan fees.
• Additional complimentary banking products.
• Educational financial materials.
• Internet Banking, Bill Pay, Online Check Images, Mobile Banking and eStatements.

How do businesses benefit?

That seems like a pretty good deal for employees, no? Well, they aren't the only ones who can enjoy the benefits of a workplace banking program. Participating businesses get help on the administrative side of things, simplifying payroll processes. New efficiencies can be created when a workplace banking program helps employees sign up, or otherwise streamline accounting and financial management in a way that reduces payroll costs.

Both businesses and employees stand to gain a lot from workplace banking. The perks that can be had are nearly too good to pass up, which is what sponsoring businesses are hoping for when they incorporate workplace banking into talent acquisition and employee retention strategies. Interested in learning more about workplace banking or VectraWorks?  Contact your local Vectra Bank rep today.