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Banks Good Places For Working Moms
Three of the top ten companies in the United States voted best for working mothers were banks, a Working Mother Magazine survey revealed. Citicorp/Citibank, MBNA America Bank and NationsBank made the top ten list. But many other banks, financial institutions and holding companies made the top 100.
Major Programs Listed
The magazine annually names those 100 companies because they have the best pay, opportunities, child care assistance, flexible work arrangements, work/life support systems such as counseling and support groups, and other family-friendly benefits such as extended maternity and parental leave, adoption aid and elder care. Although all factors are taken into consideration, some companies were cited by the magazine for specific programs.
Flextime Cited
Citicorp and NationsBank have multiple on-site daycare facilities, and Bankers Trust has a program that reimburses workers for childcare costs due to business travel or overtime hours, the magazine reported. At First Tennessee Bank, 91 percent of employees are now on flextime, and at MBNA America Bank, nearly half of all maternity leave was taken by men. NationsBank was mentioned because it has expanded coverage of who is eligible for family care subsidies.
Promotions Still Awarded
Banks also were cited for advancement opportunities. At Northern Trust last year, a third of all promotions to executive vice president were given to women, the magazine reported. Proving that flexibility doesn't have to interfere with upward mobility, the magazine pointed out that female employees working flex hours at Bankers Trust were promoted and opened new bank offices in four cities.
Some banks have made the 13-year-old top 100 list multiple times including Chase Manhattan, First Chicago and First Tennessee (4 times each), MBNA America Bank (7 times), Citibank (9 times), J.P. Morgan (2 times), NationsBank (10 times), and Northern Trust (8 times).
Competitive Edge
Those firms that made the list claim their policies are giving them a competitive edge, and figures certainly seem to back that up. MBNA America Bank, for example, says its turnover rate last year was 11.7 percent, half the industry average. And attendance at the bank last year was an amazing 99.9 percent, a feat the company chalks up to generous leave and flexible work policies.
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 6, 7/99
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