Bakery Banks on Employee Financial Wellness

Sees high-value payoff in employee satisfaction

Overview

A large-scale commercial bakery located in Eastern Indiana has overcome payroll and employee wellness challenges thanks to the implementation of First Financial Bank’s WORKlife™ financial wellness program.

The Problem

For some time, the Indiana bakery was noticing frustrations among staff. The company relied on electronic payroll, but employees who did not qualify for checking accounts with local banks could not set up direct deposit. The alternative payment method, PayCards, was unreliable, leading to a negative employee experience. Human Resources Business Representative Diane knew that something needed to change.

A colleague introduced Diane to First Financial Bank WORKlife Specialist Lisa Fick, who explained how the program could help employees. Because it is entirely customizable to the needs of the business and their people, it can serve everyone—from the under-banked to the C-suite team. Most important to Diane was access, so that even the third-shift workers could take advantage of the program. When Lisa assured her that they could meet the workers where they are, Diane agreed to embark on a three-month “trial period.”

Solutions with First Financial Bank

The appearance of a “Banker on Site” was immediately well-received by the company and the employees. Once a month, a WORKlife Specialist sets up in the break room to offer many of the services of a bank branch, but conveniently onsite and accessible during work breaks. They facilitate opening accounts, assist with servicing, discuss products and services that might benefit an employee, and more.

One employee, Colton, is so pleased with the progress he has made with the program, he eagerly shared his story.

“I grew up pretty rough, didn’t really have parents in my life, and the only way I knew of getting money was the way I shouldn’t have been doing,” Colton explained. “I went to prison, and the person who was supposed to pay the credit card bills didn’t.”

When he finished serving his time, his credit was so bad that he had been told by many institutions that he could not open a bank account. Then he found work at the large commercial bakery and was introduced to Lisa and First Financial Bank.

Through the WORKlife program, Colton opened a “No Worry” checking account, which has no minimum balance or credit score requirement. The account can transition to a Performance Checking account if it remains in good standing for a full year. Colton took advantage of financial wellness sessions to learn how to better manage finances and spoke often with Lisa, ultimately maintaining his account for the full year and transitioning to Performance Checking as he had hoped.

While this success may seem small to some, for Colton it was a huge step toward achieving financial freedom — and he wanted to keep going. He learned about secured loans from First Financial Bank and took out a small loan by paying a lump sum into a locked savings account. After one year of on-time payments — which he has nearly completed — the secured deposit will be released back to him.

Colton even has a credit card now, thanks to the secured options available through First Financial Bank. “I couldn’t get a credit card before, because my credit was too low,” he recalled. “In one year, I raised my credit score by 300 points.”

Both Diane and Colton believe that First Financial’s commitment to providing education and support is what makes the difference to so many people at the company.

“Their availability and what they were willing to do to provide service to our team members,” describes Diane, “the information, the resources — everything they have provided has been an amazing partnership and meets our employees where they are.”