The Cooperative Bank of Cape Cod has been recognized as one of the best banks to work for in 2020 by American Banker. The distinction is part of the Best Banks to Work For program, which was initiated in 2013 by American Banker and Best Companies Group. The program identifies, recognizes and honors U.S. banks for outstanding employee satisfaction.
“This honor is especially gratifying because it’s driven by employee fulfillment,” said Lisa Oliver, President and CEO of The Cooperative Bank of Cape Cod. “2020 has been an especially challenging year with Covid-19, but we’ve worked hard to find unique ways to keep our team happy and healthy. Whether that’s been paying branch employees their full pay when they couldn’t work during the shutdown or helping employees assess their personal challenges due to daycare or school closures, and offering flexible solutions to provide balance. Fostering a culture of family has been more important than ever this year. This award is a testament of that.”
During the first five months of the pandemic, essential employees working on-site received a premium pay rate equal to one and one half times their regular hourly rate. Throughout the pandemic all employees retained employment at full pay, despite operating under reduced hours. Last spring, the Bank recognized the emotional and mental health challenges created by the pandemic, and reimbursed employees for the purchase of a meditation app of their choice, as well as offering additional mental health wellness resources for employees and their family members.
“One of the critical factors in a bank’s success is how it treats its employees,” said Alan Kline, editor in chief of American Banker. “This year’s list honors those institutions which have gone above and beyond to invest in employees’ personal and professional growth.”
Determining the Best Banks to Work For involves a two-step process. The first step involves an evaluation of participating companies’ workplace policies, practices, and demographics. In the second step, employee surveys are conducted to directly assess the experiences and attitudes of individual employees with respect to their workplace. The combined scores determine the top banks and the final ranking. Full results of this year’s program are available at American Banker and in the November issue of American Banker Magazine.