Posted 11 hours ago
Proposed by Fifth Third Bancorp
As part of our ongoing commitment to inclusion and diversity, Fifth Third’s total compensation programs are founded on a philosophy that ensures all employees are paid fairly and equitably, and in accordance with the law.
Our compensation philosophy is designed to:
- Attract and retain the best and most successful talents who will guide our business strategy;
- Effectively manage risk through incentive programs designed to reward performance;
- Take into account applicable regulatory expectations as well as our corporate values and behavioral expectations when awarding compensation;
- Align with creating long-term shareholder value.
We constantly analyze our remuneration, taking into account factors such as the role of the employee, seniority, time spent in office and geography. Our analysis shows that on average, women are paid more than 99% of what men are paid, and minorities are paid more than 99% of what non-minorities are paid. We also continuously review our compensation programs and practices to ensure that all employees have an equal opportunity to maximize their potential. In the unlikely event that we encounter a wage disparity that is not explained by job-related factors, an adjustment is made.
Each year, we use competitive benchmarking data provided by the best consultants in the industry to ensure the continued competitiveness of our Total Rewards program, including base salary ranges and short and long term incentives. In 2019, we increased our minimum hourly wage from $ 15 to $ 18. This has benefited approximately 4,900 employees, or nearly 25% of our workforce, primarily in retail branches and operational functions such as customer contact centers. In our areas of Ohio, Michigan and Illinois, our minimum wage is up to 200% higher than the state minimum wage *. It represents an additional investment by the Bank of approximately $ 15 million per year to help our employees succeed at work and at home.
Fifth Third also continues to honor a blanket salary history ban, which means we will not ask for a candidate’s current salary to be used as a factor in determining a job posting. This approach allows us to immediately reduce historical gender or racial wage inequalities.
In addition to compensation, Fifth Third offers a holistic range of benefits that demonstrate our commitment to the physical, financial and personal health and well-being of our employees.
We offer traditional competitive and comprehensive benefits, including medical, dental and vision insurance (benefits and eligibility vary for full-time and part-time employees who are required to work 20 or more hours per week). Medical plans cover preventive screenings 100% because we know that early detection delivers the best results. One-third preventive screening rates for breast cancer and prostate specific antigen exceed industry benchmarks.
Our myWellness program offers employees the opportunity to earn up to $ 1,800 per year to participate in financial and physical wellness activities, ranging from completing annual preventive exams to participating in staged challenges or participation in financial planning webinars. Employees are supported in their wellness journey by a network of 200 Fifth Third employees who volunteer as Wellness Champions. Membership in fitness facilities as well as programs like WW (formerly Weight Watchers) are also subsidized.
Helping employees improve and maintain their mental well-being is supported by our Employee Assistance Program. Employees and their family members can receive up to six confidential counseling sessions per year and can also take advantage of a user-friendly app with a variety of wellness-related tools. Personalized coaching and resources from program partners who support our employees and their families are also available.
Like our clients, our employees seek advice to achieve their financial goals. Our financial wellness program provided by Ayco provides employees and their spouses / partners with personal financial coaching, educational tools and resources. Educational tools for student debt and refinancing options were recently launched to employees through our partnerships with Empower Retirement, our 401 (k) provider, and CommonBond, a leading financial technology company.
Fifth Third offers a 401 (k) pension plan that pays up to 7% of an employee’s compensation. Employee participation in the plan increased from 80% to 83% in 2020, and all employees can contribute up to the maximum authorized by law. A variety of investment options are available to employees through the plan’s core funds and a self-directed brokerage feature. When employees need time off, our programs are ready to help.
Parental Liaison Leave allows all eligible full-time and part-time employees who welcome a new child to benefit from four weeks of leave with full pay to bond with their child. The leave is intended for both mothers and fathers and includes new family additions through birth, adoption, foster care and surrogacy. This is in addition to the maternity leave allowance of six to eight weeks. Our enhanced paid military leave policy provides for 20 days off per year; in comparison, the federal government offers 15 days of paid military leave per year. This benefit provides paid leave for any type of military service, including exercises and training. The policy allows employees to serve our country while continuing to support their families and pursue their career paths.
To help employees navigate their business and personal priorities, Fifth Third is partnering with Best Upon Request to provide a free, virtual or on-site concierge for employees. The service helps employees manage a variety of personal tasks such as shopping, travel coordination and more while meeting their work obligations. Our Maternity Concierge offers unique and innovative support to future parents, women on maternity leave, adoptive parents and guardians with children up to 1 year old. The service assists with a number of services, including finding childcare options, planning wellness tours, and planning birthday parties.
Our supportive care program, offered by Bright Horizons, provides access to high quality supportive care for children, adults and elderly family members of employees in the event of a disruption or disruption in service. normal treatment modalities. Home and center options are available depending on location. All employees are entitled to 15 days of supportive care per calendar year with a nominal co-payment. In 2020, employees were given double the number of days (up to 30) available to help manage the uncertainty that has persisted in the face of the pandemic. We also waived the co-payment in March and April 2021. This emergency care program, as well as the maternity concierge program, our virtual and on-site concierges, our liaison parental leave, the reimbursement policy of the adoption and other family benefits, help support employees and their families as they travel through the obligations of their personal and professional lives. Since the launch of the Back-up Care program in June 2020, 585 employees have registered to take care of 809 children, adults or the elderly. Over 1,100 days of care were used, saving nearly 682 working days for employees. Cincinnati employees can take advantage of the Bright Horizons at Madisonville Childcare Center, which opened in March 2020 and serves infants and children through kindergarten. Due to the pandemic, the center closed shortly after opening and then reopened in July. Once the COVID restrictions are lifted, the center can accommodate 80 to 90 children.
CARING FOR EMPLOYEES DURING THE CRISIS
Please refer to the social section of this report for important steps Fifth Third is taking to provide employees with a sense of safety, security and certainty during the COVID-19 pandemic. Our Maternity Concierge helps with a number of services, including finding childcare options, planning wellness visits, and planning parties.
For more information on how Fifth Third Bancorp engages, develops, retains and attracts employees, please read the full Fifth Third Bancorp Environment, Social and Governance Report 2020.