US Bank Employee Benefits Review: Are Their Careers Worth It?

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US Bank Employee Benefits Review: Are Their Careers Worth It?

U.S. Bank is an American financial institution that provides comprehensive banking services to companies and individuals. Renamed ‘U.S. Bank’ at the turn of the 21st century, it is currently the fifth-largest bank in the country. Apart from providing quality financial services to customers, it’s known for the U.S. Bank employee benefits program that drives its workforce.

As of December 2018, U.S. Bank has over 74,000 employees, $467 billion in total assets, and generated $1.85 billion in revenue. Their current product line consists of personal and business banking options, as well as, wealth management. Their success can be attributed to the quality of their service and their dedication to their employees.

If you’re looking to build a career at U.S. Bank, read on to learn all about their employee benefits and more.

U.S. Bank Employee Benefits Team

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Ismat Aziz, Chief Human Resources Officer

Ismat Aziz joined U.S. Bank as the Chief Human Resources Officer in September 2018. Her responsibilities include directing human resources operations, talent acquisition, as well as, creating and maintaining the employee benefits program. She brings over 20 years of human resources experience to the position.

Before joining U.S. Bank, she was the CHRO at Sprint. She has a Bachelor’s degree from the University of Toronto, and an MBA from the Richard Ivey School of Business.

Find Ismat Aziz on:

 

What are U.S. Bank’s Employee Benefits?

U.S. Bank is aware that the key to their success has always been keeping their staff as satisfied as their customers. These are the benefits they have put in place to make sure they do just that.

Employee BenefitsDescription
Health Insurance$250-500 contributed by the company (HSA).
Dental InsuranceCoverage for full and part-time employees.
Vision InsuranceCoverage/discounts for eligible employees.
Life Insurance1 year’s salary provided by the company.
Accidental Death & Dismemberment InsuranceUp to $25,000 in Death/Dismemberment/Disability insurance.
Flexible Spending AccountFor eligible full-time employees before taxes.
Maternity & Paternity LeaveUp to 4 weeks for men and 13 weeks for women.
Pension PlanUp to 5% on salary after 2 years.
401(k) PlanA maximum of 4% matchings.
Vacation & Paid Time Off2 weeks of PTO at the start, with another 80 hours earnable.
Commuter Checks and AssistanceCommuter assistance (systematic discount) for eligible employees.
Paid HolidaysUp to 10 days (variable by location).
Volunteer Time-OffUp to 2 days in a year pending manager approval.
Military LeavePending manager approval (case-by-case basis)
Employee Assistance ProgramCompany-wide contributions to the plan.
Tuition AssistanceUp to $3,000/year for undergraduate and $5,000/year for graduate students.

What Employee Benefits is U.S. Bank Known For?

us-bank-glassdoor-review
U.S. Bank’s employee benefits were created to keep up with country-wide standards for banks of its scale. According to reviews on Glassdoor, U.S. Bank employees are generally satisfied with the benefits they’re receiving.

Other than the ones mentioned, here are some highlights from U.S. Bank’s benefits package:

  • A comprehensive health insurance plan.
  • 401(k) match up to 4%.
  • A pension plan for employees.
  • 2 weeks of PTO.
  • 13 weeks of maternity and 4 weeks of paternity leave.
  • Life insurance.
  • Employee discounts.

All full and part-time employees get discounts on a number of products. These include loans, general banking services, and even phone bills. The discounts may vary across locations and depending on the individual product.

Eligible employees can get discounted eldercare and childcare services. These are to be utilized when regular daycare services are unavailable. The benefit covers both at-home, as well as center-based daycare. In addition, pet sitting discounts are available under the same coverage.

An internal mentoring plan, MentorConnect, allows employees to learn from and network with their more experienced counterparts.

Other than health and medical coverage, the company has a general wellbeing program. Through it, eligible employees gain access to resources that help them stay healthy, prevent injury, recover from injuries, and maintain their long-term health.

U.S. Bank partners with the Center for Financial Training and the American Bankers Association to provide skill development courses for eligible employees. Employees can also attend sponsored webinars and podcasts to continue learning on the job.

Being one of the largest financial institutions in the country, U.S. Bank has to live up to its position within the industry. To a high extent, it does that, and it’s safe to assume that the employee benefits plan is responsible for a good chunk of it.

How does U.S. Bank Help with Student Loans?

At the moment, U.S. Bank doesn’t have a student loan repayment plan in place. However, they do provide tuition assistance and help employees who are currently studying (undergrad and graduate programs) with their expenses.

U.S. Bank contributes up to $3,000 for undergraduate courses and up to $5,000 for graduate students. The amount is pending approval of the oversight committee and has, so far, been promptly given to students.

Student loan repayment assistance, as a benefit, is quite popular among younger candidates in the country. In fact, student loan plans are being used as an employee engagement and retention tool by modern enterprises. On the other hand, an increasing number of candidates are looking for this particular benefit in their employment package.

Unfortunately, not even 5% of employers offer student loan repayment assistance. But many companies now understand the rewards associated with offering student loan benefit programs. So, we can see many more corporations offering the benefit in the future.

The best way to implement the program is through FutureFuel. The platform brings a one-stop student loan management solution for both employers and employees. It not only makes the program implementation efficient but also helps employees repay their student loans faster.

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How do U.S. Bank Benefits Change for Different Jobs?

U.S. Bank employee benefits don’t change for different jobs i.e., someone of the same rank, in a different department, won’t have different benefits. However, the extent of the benefit received may change. For example, an undergraduate working student will receive a smaller tuition assistance package than a graduate student.

Similarly, the extent of the 401(k) plan and other financial benefits may vary accordingly. The smaller perks may change as well, depending on location, while other benefits, such as employee assistance and on-job training, remain consistent.

How Has U.S. Bank Improved its Benefits Package Over Time?

As mentioned, U.S. Bank is one of the largest banks in the United States and therefore has a reputation to live up to. It primarily does so by offering competitive products and employee benefits to keep things running.

The organization has kept its benefits program up-to-date over the years. As their employees can attest, they reward their workforce well.

On top of the regular benefits, U.S. Bank offers numerous opportunities to employees, to improve their skills, develop new ones, and increase their overall value to the company.

Are U.S. Bank Careers Worth It?

U.S. Bank jobs come with an inclusive culture and great rewards.

Here is what you can expect with a job at U.S. Bank:

  • U.S. Bank is a highly ethical workplace, having been named one of the World’s Most Ethical Companies in 2019. This was the fifth consecutive year they were given the award.
  • The company has a diversity program in place to provide equal employment opportunities to everyone.
  • Competitive salaries and great benefits for every employee.

All things considered, U.S. Bank careers are worth it. Even part-time employees can build a career at the organization and receive sufficient benefits in the process.

Discover U.S. Bank Jobs and Careers

U.S. Bank Careers

The Careers page lists all the vacancies they have, for every department. The page allows candidates to filter through various departments and locations, to find the position best suited for them. In addition, there are full details about benefits and life at U.S. Bank on the Careers page.

U.S. Bank

The U.S. Bank page features open jobs from all over the country, in all departments. Candidates can filter jobs by keyword or title, and apply directly on the website through the portal. come with a ‘date uploaded’ stamp, which allows candidates to receive alerts for new job postings.

U.S. Bank Glassdoor

The Glassdoor page displays all available U.S. Bank jobs along with the salary range, as well as other relevant details. You can check out reviews from both past and current employees on the company as a whole, and the benefits they offer. Photos of the work environment are also available on the portal.

U.S. Bank Indeed

Indeed has an extensive list of U.S. Bank jobs, complete with eligibility criteria, as well as individual job details for each post. The portal also allows you to filter jobs by location, department, and specific position-related keywords, to find the exact job you’re looking for.

 

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