Benefits and Wellness
We believe that supporting our communities and maintaining a sustainable business begins with contributing positively to our associates’ well-being. In 2019, we raised the entry-level wage to $15 an hour. Benefits of tax reform allowed us to accelerate our plans to increase wages and make this investment in our associates sooner than initially planned. This change benefited approximately 25 percent of our workforce and represents an investment of more than $20 million a year in our community economies.
We strive to make life better for associates by offering a benefits package that:
Prepares associates for retirement. Over 90 percent of Regions associates participate in our 401(k) Plan. For eligible associates who are not accruing a benefit in the Regions Financial Corporation Retirement Plan, a defined benefit plan closed to new participants, we make an annual 2 percent contribution to their 401(k) Plan, regardless of whether or not they contribute themselves. We also increased our associate match contributions from 4 percent to 5 percent beginning in 2019.
Supports them in balancing their personal responsibilities and work life. We provide a range of programs to help associates and their families get more out of life. Some examples include:
- Employee assistance program
- Associate financial fitness program
- Tuition reimbursement program, through which associates are eligible for up to $5,000 per year in reimbursements for business-related undergraduate degree courses
- Regions Dependent Scholarships Program
- Adoption assistance
- Company match for eligible charitable contributions of up to $1,000 a year
- $5,000 forgivable loan to make it easier for qualifying associates to purchase a home
- TeamGreen Banking, which provides associates with discounts on home equity loans, mortgage loans, and other banking services
Promotes health and wellness. We provide access to health insurance coverage to associates working at least 30 hours per week that is both comprehensive and affordable to them and their families. Associate health insurance costs are progressively aligned with compensation so that entry-level associates pay the lowest available out-of-pocket premium. We also offer wellness programs and incentives that encourage healthy choices to associates.
The Regions Corporate Wellness program, Wellness@Regions, gives associates access to multiple options for improving and maintaining a healthy lifestyle. The program includes initiatives in the areas of nutrition, physical well-being, emotional health and overall well-being, providing associates with resources to enjoy life to the fullest with a healthy focus.
Wellness@Regions offers healthy, fun and rewarding initiatives. From an interactive well-being platform with rewards to team weight loss challenges, condition coaching and wellness champions, exciting programs are available. Wellness@Regions communicates launch dates and special events on Vitality, life@regions, HR Connect and benefits.regions.com, as well as via email.
Wellness@Regions Programming includes:
- Active&Fit Direct is a fitness center discount program with more than 9,000 participating centers to choose from nationwide.
- Baby Yourself is a prenatal wellness program offered through our health insurance provider that helps expectant mothers receive the best possible care during pregnancy.
- Chronic condition support is designed to assist associates and dependents manage a chronic illness through early intervention, education and lifestyle changes.
- Employee Assistance Program (EAP) is a free and confidential assessment, counseling and referral service for associates and eligible dependents who need short-term assistance in a variety of areas, including marital and family issues, stress management, emotional issues, personal growth, work/life balance and more.
- Fitness Connect is an online resource for finding local fitness events, joining local fitness groups, posting area wellness discounts, sharing team photos, accessing health and fitness information and more.
- Flu shots are provided to Regions associates free of charge via workplace flu shot clinics, retail pharmacy programs, network doctors’ offices or reimbursement for those not on one of Regions’ available health insurance plans.
- Pack Health Coaching matches participating associates with a personal health coach for help on a variety of topics from exercise and nutrition to stress and pain management.
- Preventive care and preventive screenings, offered through our health insurance provider, can help find health problems before they become serious.
- Tobacco cessation provides support and tools to help associates be successful in quitting tobacco.
- Vitality is a comprehensive, interactive and personalized wellness platform that rewards associates for making healthy choices.
Associate Health and Safety in the Workplace
Regions is committed to providing a safe and secure work environment in accordance with applicable labor, safety, health, anti-discrimination and other workplace laws. Established workplace safety and security procedures and protocols help to provide a governance framework for associate and customer safety, including but not limited to worksite opening and closing procedures, restricted access, weather monitoring, comprehensive security monitoring and engagement of third parties for property management. Regions has written policies, guidelines and standards on the following workplace safety topics:
- Workplace abusive conduct
- Threatening conduct, workplace violence and prohibition of weapons
- Tobacco- and vapor-free workplace
- No-retaliation
- No-harassment
- Inclement weather and disasters
- Drug-free workplace
The Regions Corporate Security Department annually inspects branch facilities for any security needs or enhancements and conducts after-hours depository reviews and assessments of incidents at Regions ATMs. In 2020, Regions released new required training for associates that focuses on best practices in active aggressor situations. The training takes associates through real-world scenarios to advise them on how to react to an active aggressor based on their circumstances. In addition to this new mandatory training for associates, associates who are assigned to work in a branch environment are required to complete an additional annual training on branch security.
As a part of the Corporate Real Estate Risk Mitigation Program, Regions facilities are inspected throughout the year for any workplace hazards, including potential life safety and personal liability risks. Examples of issues that may arise include slip/fall hazards, trip hazards and property damage. After a potential risk is identified, documentation is collected and a plan for resolution is created. Annual exterior lighting inspections are conducted to provide well-lit areas around ATMs and night deposit boxes, and mitigation actions are taken where light levels do not meet our corporate standards.
Regions also holds annual natural disaster resiliency scenario planning sessions. These sessions bring together associates from different areas to consider potential disasters and discuss best reactions to them. This process also includes discussion on actions that could mitigate impact of future disasters.
Flexible Work Arrangements
Regions further supports work-life balance through a range of work schedules and remote working situations dependent on position, eligibility and suitability. Alternatives include flexible work schedules, compressed work weeks, alternative daily work schedules and telecommuting.
Our corporate workplace model has changed to suit our associates’ needs and preferences. Our updated workspaces include assigned desks, unassigned desks for those associates with flexible work arrangements, standing desks, social centers and more small conference rooms. This work environment offers associates the opportunity to choose the environment where they can be most productive. These opportunities create multiple benefits for Regions as well, including operational efficiencies and savings, more options for hiring new talent and retaining existing talent and a more productive, devoted workforce.
Supporting Parents
Regions’ support of parents begins before their child’s birth with a prenatal wellness program, Baby Yourself. The service provides expectant parents with support and educational materials, including access to a personal nurse that they can call with questions or concerns throughout their pregnancy.
We recognize that the birth or adoption of a child can be a stressful time of transition financially and from a work-life balance perspective. As a result, we have expanded our parental leave benefits to reflect our commitment to support our associates and their growing families. In 2019, we began providing 12 weeks of fully paid leave for birth mothers and six weeks of fully paid leave for birth parents, including domestic partners and adoptive parents. As a result nearly 700 associates — mothers and fathers — were able to take advantage of maternity and bonding leave programs during the year.
Once parents return to work, our support continues through on-site and highly subsidized child care at two of our largest office locations in the Birmingham area. The Regions TodayCare program is offered to support working parents by providing high-quality, accessible childcare options for full-time, summer or backup purposes. The program accepts children from six weeks old through pre-K age year-round and school-age children during the summer and on many school holidays.
TodayCare has an open-door policy for parents, welcoming them to visit at any time to spend one-on-one time with their child(ren). They offer dedicated, private space for new moms to nurse their babies and use eco-healthy practices such as washing fruits and vegetables before consumption; purchasing non-toxic toys and art supplies; monitoring daily outdoor air quality; and using less toxic, fragrance-free cleaning products when possible. TodayCare also includes Earth Day in their curriculum and discuss eco-healthy practices with children when the opportunity arises.
Disaster Preparedness and Recovery Resources for Associates
Our associates’ ability to adapt to, withstand and rapidly recover from a disaster or catastrophic event is important for both the resiliency of our business and our associates’ well-being. While events like these are unpredictable and can impact our associates in drastically different ways, there are some constants in how our associates can best prepare. We include these in our Regions Next Step® program materials, which are distributed to our associates and include how to create a disaster preparedness plan, the components of the plan and the essential need to create the plan prior to a disaster occurring. Associates receive guidance on evaluating insurance policies and assessing the need for changes, itemizing belongings and creating an emergency contact listing.
Regions also provides a means for our associates to lend a helping hand to other associates who are personally impacted by natural disasters events through the Associate Relief Fund (ARF). Regions has the ARF in place to serve as a financial bridge for associates until insurance companies issue payments in the event of a natural disaster or severe weather event. Impacted associates use a standard process to request relief from the ARF, namely, up to $3,000 cash assistance and up to $5,000 for bill payment on eligible requests. To date, associates have received more than $100,000 from the ARF. Regions relies on the generosity of associates to build the ARF back up after it is depleted; donations, which are tax-deductible, can be made easily via one-time check or through recurring payroll deductions.
To learn how Regions supports our communities during times of disaster, see here.
