Commerce Bank has a local workforce of 188 full-time employees and 62 part-time employees. With no wait period before employees are fully vested, the company offers a 401(k) plan with company contributions of 16 percent or more of the employee’s salary. Health insurance, with premiums partially paid by the company, is available to all full-time staff and bonuses are available to all employees. Other benefits include more than six weeks of maternity and paternity leave, tuition reimbursement for continuing education, college savings plans, adoption assistance and an employee mentoring program.
What is the average length of employment among staff, and what fosters such loyalty? “In the Springfield region, the average tenure among all employees is 11 years, but the numbers are much higher in the mid-level and manager positions due to turnover among students in part-time positions. The strong culture, benefits, work-life balance and development opportunities work together to provide employees satisfaction, and we know that employee engagement is high from opinion surveys that are conducted each year.”
What do you find makes your business a desirable place to work? “Commerce has competitive benefits, flexible work schedules, a solid banking reputation, and a ‘family-style’ camaraderie among coworkers. The Commerce business is solid and has been a community shareholder for 110 years. Commerce is involved in the communitiy supporting many fundraisers and civic organizations. The culture is strong and comprises several components that attract applicants and retain employees. Commerce provides excellent training programs for all employees. An environment of mentoring, succession planning and teamwork all combine to foster and grow employee loyalty, which is demonstrated through a high tenure amongst employees.”
What tools does the company use to recruit and retain staff?“Not only does Commerce recruit and retain staff with competitive benefits, but we offer a hiring incentive to employees for applicant referrals. Commerce believes the best resources are the employees. Staff retention efforts are demonstrated through a commitment to succession planning, employee development and leadership programs devoted to providing employees with the tools they need to succeed including tuition assistance. Online learning and classroom course opportunities for all employees enhance the culture to providing a strong learning environment. Employees enjoy receiving vacation and personal time without having to wait one year.”
What innovative ways have you developed to reward employees? “The No. 1 request from employees is to have additional time off work. Commerce provides these opportunities through fundraising incentives or through various sales incentive plans. We also feature Mission Accomplished Awards through a nomination process, special jeans days and various lunches with senior management. Commerce has a gift card program to provide recognition, movie tickets and other special recognition awards. In addition, Commerce has an online newsletter, The Commerce Exchange, which highlights employees through companywide recognitions.”
Work vs. life – how does your company help employees strike a balance between the two? “Commerce offers personal time, sick time, and vacation to all employees. Flexible work schedules are also available and managers and employees routinely work together around scheduled personal appointments and business needs. Some employees have the capability to work from home when needed.”
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