BANK IS TOPS WITH EMPLOYEES

By Ellen Small Davis

When the employees of the Institution for Savings speak of their employer, they use adjectives like “phenomenal,” “thoughtful,” and “respectful.” With such complimentary descriptors, it is little surprise that the 200-year-old bank was recently named a “Top Place to Work” for the 15th year in a row.

Michael Jones, president and CEO of Institution for Savings.

In addition, IFS of Newburyport is one of only two of the 150 companies ranked in the medium-size category that has made the list every year. The Institution has close to 200 employees, and the medium-sized category includes employers with 100 to 249 workers.

The annual employee-based survey is conducted by The Boston Globe. A total of 380 companies representing 94,000 employees participated in the survey in 2022.

“What makes this honor so gratifying is that it is based on the confidential feedback from our very own employees,” said Michael J. Jones, president and CEO of the Institution for Savings. “Our employees are our greatest asset.”

How does the bank manage to hire and retain top talent during a period of historically low unemployment which has created a worker shortage?

“I really think it’s because management does so much for its employees,” said Mary Anne Clancy, senior vice president of marketing and communications at the bank. “They are treated like a small family. The bank is cognizant of the employees’ needs.”

“Without our employees we wouldn’t be as successful as we are,” explained Kimberly A. Rock, the bank’s executive vice president and COO, in a video on the “careers” page of the bank’s website.

“Everyone is on a first name basis,” said Robert C. LeGallo, CPA, the bank’s senior vice president and chief financial officer. “Hard work is always appreciated and you can voice your opinion and they will always listen to you.”

The work culture is based on trust and respect, according to Jones.

Employee perks include the bank covering 100 percent of the cost of health insurance, reimbursement of gym memberships, $500 gift cards when an employee welcomes a new baby to the family, as well, as paid time off when there is an illness or loss in the family, according to Clancy. Time off includes 10 paid holidays and several weeks of vacation.

There was even that time a dozen or so years ago when the bank paid for an employee to fly to Germany to meet with her son who was serving in the armed forces and stationed overseas, Clancy recalled.

Clancy, who is a member of the North Shore Chamber of Commerce Board of Directors and co-chair of the steering committee for the Thrive Initiative, credits Jones and Rock, for the low turnover rate among employees.

“They make a great team and are really in tune with the employees. They are treated with dignity and respect. That goes a long way,” Clancy said. “We ask a lot of our employees. They give a lot, but that comes with reward and benefits. This bank gives back to its employees in a big way.”

Rock, a long-time employee herself, starting as a teller right after high school and 35 years later holding a top management position.

“Kim visits the 15 branches on a regular basis,” Clancy said. “She can probably tell you the life stories of more than half our employees.”

“It’s a team that is really committed to each other,” Jones added.

The employees make no secret of their support for their employer either.

With two centuries of experience, this $2 billion financial institution, knows almost as much about caring for its employees as it does about caring for its customers’ money. So what advice does it offer to other companies for successful employee recruitment and retention?

“You know Mike (Jones) always says, ‘It’s the people who make the bank, not the bank who make the people.’ And that’s not just lip service,” Clancy said. “Businesses need to realize their success comes from their employees. They should be treated professionally with kindness and respect. It’s simple really, you can’t run a successful business without good employees.”

“My management philosophy has always been to allow individuals to do their jobs,” Jones noted. “I give them a lot of latitude and freedom and they are very creative in what they do.” I