Banks spent the past year grappling with familiar challenges. The second year of sustained high interest rates continued to drive higher deposit costs and lower loan demand, which in turn squeezed margins. The regulatory landscape grew more fraught following the banking crisis in 2023 and fraud activity increased. Employee recruitment and retention remained difficult at some banks. Toss in election-year uncertainties and growing geopolitical concerns, and there were plenty of headaches at hand.
All the while, many went out of their way to make sure their employees love where they work. Those banks focused on career development, meaningful employee benefits and a sound, supportive culture.
This year, 90 banks made it onto American Banker's 12th annual Best Banks to Work For ranking. The latest list ranges in size from the 52-employee First Federal Savings & Loan Association in Pascagoula, Mississippi, to SouthState Bank in Winter Haven, Florida, where the workforce exceeds 5,200 people.
American Banker determines the ranking in collaboration with Best Companies Group. The ranking depends on two sources of data: a survey measuring overall workplace satisfaction that's completed by employees at applicant banks as well as a review of each applicants' various policies and benefits.
According to the survey, the 90 banks that made the list tend to prioritize engaged leaders, a strong corporate culture, job training and advancement and a feeling of belonging within the organization. Generous employee benefits, such as paid time off to volunteer and regular employee appreciation events, were also key, as was making time to have fun as a group.
Among the winning banks, an average of 90% of employees believe that the senior leaders at their banks live the core values of the organization. The same percentage said their employer treats them like a person, not a number. At the banks that applied but didn't make the cut, these figures were 81% and 80%, respectively. Meanwhile, an average of 86% of employees at winning banks said they receive as much ongoing training as they need, compared with 77% at banks that didn't make the list, and an average of 89% of employees said their banks have created an environment in which they can do their best work, versus 80% at nonwinning banks.
Read on for profiles of each honoree on American Bankers' Best Banks to Work For 2024 list.
Note: Asset sizes are from the Federal Deposit Insurance Corp. as of Sept. 30. Employee headcount was provided by each bank.
