Results Come One Year After Bank Introduced Its Maternity Concierge Program to Retain Working Moms
When Fifth Third Bank launched the Maternity Concierge program for its
employees, its goal was to help retain women employees. After a year
with the program, the Bank has found that women who enrolled in it were
almost 25 percent more likely to remain at the bank six months after
returning from maternity leave than women who didn’t use the program.
In its first year, more than 400 women used the Bank’s free Maternity
Concierge – created for pregnant women and new mothers – for services as
varied as researching child care to planning gender reveal parties.
The Bank found that 86 percent of women who enrolled in the Maternity
Concierge program – either during pregnancy or when they returned to
work – remained at work six months after taking leave, compared to 62
percent of the women who didn’t enroll in the program.
“Fifth Third’s Maternity Concierge program is one of the reasons that I
want to stay and grow with the company,” said Charnella Grossman, a
portfolio manager for Fifth Third and mother of two girls, a 2-year-old
and a 10-month-old. “They helped me plan my daughter’s birthday party,
decorate the nursery, waited for a delivery at my house and so many more
things to help relieve the stress of coming back to work.”
That’s exactly what Chief Administrative Officer Teresa Tanner had in
mind when she created the program with Best Upon Request, a
Cincinnati-based national concierge business. Tanner knew the
statistics: 60 percent of employees at the Bank are female, but only 23
percent of senior-level managers are female.
Something needed to change.
Tanner learned that women who took maternity leave left the bank in the
12 months after returning to work at twice the rate of other women.
While leave was important, the transition period back was important, too.
“This is a particularly difficult time in women’s lives – going back to
work with a new baby,” she said. “We want to support women, to give them
another layer of help as they return to work if that’s what they want to
do. As a company, we feel it’s our responsibility to help with that
transition.”
The Maternity Concierge program is offered at Fifth Third’s corporate
headquarters in Cincinnati as well as virtually throughout the Bank’s
10-state footprint. The program benefit begins at pregnancy and women
work directly with a concierge specializing in maternity needs, who can
help with everything from ordering a breast pump through insurance or
scheduling meal deliveries. The Bank has since added new benefits for
parents including adding free breast milk shipping during work travel
and a new financial empowerment component to help new parents plan for
new expenses – from day care to college savings. The Bank last year also
made available four weeks of baby bonding time for new parents (birth,
adoptive or foster).
More than three-quarters of women who used the program said they are
more likely to stay at Fifth Third because of the service, according to
a survey the Bank conducted this spring.
Branch Manager Katie Ockerman said: “I couldn’t continue to work without
the Maternity Concierge program. With three little kids, including
twins, I’m always juggling. This lets me concentrate on work when I’m at
work and on home when I’m at home.”
Tanner said the first-year results are heartening and that the Bank will
continue to review the Maternity Concierge program for continuous
improvement. “We’re never going to be the best bank for our customers
and shareholders unless we have diversity at all levels, at the most
senior levels,” she said.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of March 31, 2018, the Company had
$142 billion in assets and operated 1,153 full-service Banking Centers
and 2,459 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North
Carolina. In total, Fifth Third provides its customers with access to
more than 54,000 fee-free ATMs across the United States. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending and Wealth & Asset Management. Fifth Third is among the
largest money managers in the Midwest and, as of March 31, 2018, had
$363 billion in assets under care, of which it managed $37 billion for
individuals, corporations and not-for-profit organizations through its
Trust and Registered Investment Advisory businesses. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the Nasdaq® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.
Member FDIC.
Fifth Third Bank
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com