[February 21, 2019] |
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Regions Financial Enhances Parental Leave Policy, Increases Company 401(k) Match
Regions Financial Corp. today announced a significant expansion of its
associate benefits program, including an enhanced parental leave policy
and an increase to the company's 401(k) match.
The enhanced parental
leave policy provides 12 weeks of fully paid leave for eligible
birth mothers and six weeks of fully paid leave for eligible birth
fathers and adoptive parents. The enhanced policy became effective Jan.
1, 2019, and applies to all benefits-eligible associates.
In addition, in January 2019, Regions increased the company 401(k) match
dollar-for-dollar from four percent to five percent of eligible pay. To
encourage associates to save for retirement, associates are
automatically enrolled in the 401(k) plan and certain eligible
associates receive a two percent annual company contribution in addition
to the company match. Currently more than 90 percent of Regions'
associates participate in the 401(k) plan.
John Turner, President and CEO of Regions Financial, said, "Regions
associates are truly the difference-makers for our customers and
communities, and investing in our associates is foundational to our
growth and success as a company. That's why Regions is expanding our
commitment to our teams and their families by enhancing our parental
leave policy and increasing our 401(k) match. We believe these
investments will increase engagement, reduce turnover and make us more
competitive in the markets we serve."
These enhanced benefits build upon existing programs at Regions that aim
to make life better for associates and their families, and enable
Regions to recruit and retain exceptional talent:
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In 2018, the company increased its entry-level wage to $15 an hour.
This change benefited approximately 25 percent of Regions' workforce,
and is partof an ongoing effort to provide sustainable career paths
and professional growth opportunities for all associates.
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Regions provides comprehensive medical benefits for associates and
their families that are progressively aligned with compensation so
that entry-level associates pay the lowest out of pocket monthly
premium. In 2019, the company increased benefits available for
children with autism, including coverage of applied behavior analysis
therapy.
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Regions provides adoption assistance to help associates cover certain
costs not covered by state or private agencies.
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Regions provides associates with a prenatal wellness program. The
service provides expectant mothers with support and educational
materials, including access to a personal nurse that they can call
with any questions or concerns throughout their pregnancy.
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Regions' tuition reimbursement program offers assistance to associates
for completion of undergraduate degree programs. Regions also
maintains a long-standing dependent scholarship program providing
college scholarships to children and dependents of eligible associates.
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Through the company's "What a Difference a Day Makes" program, all
associates receive one paid day off each year to volunteer in their
communities.
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The company's Associate Financial Fitness program provides financial
literacy tools and coaching to help associates improve their financial
lives. All Regions associates are also eligible for certain discounted
banking products and services through TeamGreen Banking.
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Regions offers wellness programs and incentives that encourage healthy
choices. The Wellness at Regions program provides personalized health
coaching, incentives for engaging in healthy behaviors and preventive
medical care, and ongoing wellness education modules. The company also
provides health-conscious dining options at associate dining
facilities, free flu shots for associates and their families, fitness
center membership discounts and a variety of other benefits.
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The Regions Associate Relief Program provides financial assistance to
associates who have been affected by disasters.
Regions has been recognized for its efforts in engaging associates and
building a strong culture. In 2018, Regions received the Gallup Great
Workplace Award for the fourth year in a row. This award recognizes
organizations that embrace engagement and make it a fundamental
foundation of their business.
Additional information about Regions' benefits and culture is available
on the Regions
Careers page on the company's website.
About Regions Financial Corporation Regions Financial
Corporation (NYSE:RF), with $126 billion in assets, is a member of the
S&P 500 Index and is one of the nation's largest full-service providers
of consumer and commercial banking, wealth management, and mortgage
products and services. Regions serves customers across the South,
Midwest, and Texas, and through its subsidiary, Regions Bank, operates
approximately 1,500 banking offices and 2,000 ATMs. Additional
information about Regions and its full line of products and services can
be found at www.regions.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190221005108/en/
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