Human Resources in Financial Institutions
Financial institutions can often be seen as competitive workplaces, but the 2020 Fortune Best Companies to Work For list stands in opposition to this. Three companies stand out amongst the rest, Navy Federal Credit Union, Bank of America, and USAA. These companies all rank very amongst their employees, which indicates quality human resources policies.
Navy Federal Credit Union is a not-for-profit credit union which serves the military, veterans, and their families exclusively. Ranked 19 out of the top 100 best companies to work for, NFCU has 21,431 US based employees with 91% of workers stating that it is a great place to work. Most employees stay with the company 2-5 years, but 24% of employees stay 6-10 years. The majority of employees said that they feel felt welcomed when they joined the company and believe that management will only conduct layoffs as a last resort. 92% of employees believe that NFCU’s facilities contribute to a good working environment and 93% of employees feel good about how the company contributes to the community. This shows strong HR policies, which encourage employees to remain with the company while remaining happy with their employment.
The United Services Automobile Association, better known as USAA, is a bank and insurance company which exclusively serves current and former military member as well as their families. Ranked 55, 80% of USAA’s employees state that it is a great place to work. Of its 38,586 US based employees, 30% stay with the company for less than two years, 88% state that they feel that people care about each other. This leads to a tighter knit team, which is better to work with. 94% of workers felt welcomed when they joined with 90% feel good about the way that USAA contributes to the community. When asked why they work here, employees said that the benefits are very good, they believe in the companies mission, and the corporate culture is welcoming, all of which are signatures of an experienced human resources department.
While ranked 77 on the list of best places to work for, Bank of America still has a fantastic track-record amongst employees. Of its 165,773 US based employees, 84% say that it is a great place to work. The majority of employees feel good about how Bank of America contributes to the community . While 89% of employees feel that they are given a lot of responsibility, 90% feel that they are able to take time off work when it is necessary. This shows that management knows to challenge their employees, but also reward them for their effort. Employees stated that they work their because of the benefits, their fellow employees, support from management, and opportunities for career growth.
These three companies have learned to invest heavily in their Human Resources policies to encourage employee retention. All companies on the Fortune 100 Best Places to Work For are proven to be quality employers, but Navy Federal Credit Union, USAA, and Bank of America seem to be the best of listed financial institutions.
Navy Federal Credit Union – https://www.greatplacetowork.com/certified-company/1000984
Bank of America – https://www.greatplacetowork.com/certified-company/1120196
United States Automobile Association – https://www.greatplacetowork.com/certified-company/1100166