After the Supreme Court ruled in June there wasn't a constitutional right to an abortion, Ohio was one of several states with an abortion ban ready to go.
But Fifth Third Bank, a Cincinnati-based company with 19,000 employees mostly across the Midwest and South, decided to make its own policy. In July, the bank let employees know it would pay for travel and medical costs for any procedure — the policy goes beyond paying for abortion care — that must be done outside the worker's state of residence.
Nancy Pinckney, chief human resources office at the bank, emphasized that the decision was strictly about retaining employees over the long term.
"This was not political, but a pretty straightforward decision in caring for our employees," she added.
It was the latest in a string of new policies from Pinckney and the bank's human resources department meant to bolster employee retention and create a positive work environment. Pinckney joined Fifth Third in 1999 and took over the human resources department in September 2021.
Other changes included examining the bank's four lowest job levels and deciding to offer a $20-an-hour minimum wage for all employees. This move could boost pay for up to 40% of the bank's staff. The bank also handed out worker bonuses and other special rewards during the pandemic that totaled more than $100 million.
For a "maternity concierge" service Pinckney introduced, the bank hires an assistant to work with a new mother on balancing work and family.
The $210 billion-asset bank scored a 100 on the corporate equality index for the Human Rights Campaign, a prominent LGBTQ advocacy group. Fifth Third's medical coverage includes gender reassignment surgery.
Pickney sees each policy as "doing the right thing" while also benefiting Fifth Third in the long run by reducing employee turnover. Companies have to be open to change to hold on to talented millennial and Gen Z staff members, she says.
"People now out of college are likely to have eight to 10 careers in their lifetime," Pinckney said. "Well, you can have eight to 10 careers all at Fifth Third."
