Investing in People Through Total Rewards

Bank of America CEO Brian Moynihan was interviewed on Bloomberg this week about the bank’s recent decision to raise its minimum wage to $25 per hour, which is higher than any state minimum wage in the U.S. But Moynihan went beyond discussing wages, briefly reviewing some of the highlights of BoA’s employee benefits, including robust health care and childcare benefits. Perhaps anticipating a line of criticism, he made the case that investing in the bank’s employees not only benefits those employees, but also benefits customers and, by extension, shareholders. Moynihan stated that “we want teammates to come to BoA with a career mindset,” in other words, to be committed for the long haul. He went on to say that turnover has been reduced from 20% to 10% per year. Employees going the extra mile for customers leading to better, more consistent returns for investors – a virtuous circle.

While investing in employees is important, helping employees understand and appreciate their total rewards is key to maximizing the impact of that investment. Reach out to us today to learn how customized total rewards statements can drive commitment, engagement and retention across your organization.