The Institution for Savings has been selected as the #1 Small Employer in Massachusetts in the BOSTON GLOBE’s annual Top Places to Work Survey, announced BOSTON GLOBE Publisher Christopher Mayer.
The announcement was made at a reception hosted by the BOSTON GLOBE at the Renaissance Boston Waterfront Hotel and will be featured in the Top Places to Work 2011 magazine that will be published in the Boston Sunday Globe on November 6. Online, the report can be found at www.boston.com/topworkplaces.
“This is among the most prestigious awards the Bank has ever received in its 191-year history,” said Michael J. Jones, president and CEO of the Institution for Savings. “This award is very special because it comes at a time when many banks across the country are getting bad press. As a mutual savings bank we are owned by our customers and therefore do not have to answer to stockholders or Wall Street analysts. Since 1820 our mutual savings bank charter has allowed us to 1) offer our customers the best products, services and interest rates; 2) consistently contribute a significant portion of our net earnings to local charities and not-for-profit groups; and 3) offer our employees the best compensation and benefits package in the industry.”
“The most successful companies today are the ones that place a significant value on trust and respect,” Mr. Jones continued. “Here at the Institution for Savings trust and respect for one another and our customers is deeply entrenched in everything we do. “
The Top Places to Work recognizes the most progressive companies in Massachusetts based on employee opinions about company leadership, compensation and training, diversity/inclusion, career development, family-friendly flexibility, and values and ethics. Private companies and nonprofits as well as publicly-held businesses were included in the analysis. The GLOBE engaged Workplace Dynamics, specialists in employee engagement and retention, to survey employees at 237 participating companies, receiving completed surveys from 73,813 individuals. Each was asked to grade their organization’s performance according to 24 distinct statements, ranging from “New ideas are encouraged at this company ’’ to “It’s easy to tell my boss the truth.” In addition, all the employers were invited to complete a 12-question survey on workplace practices. To compile the ranking, each employer was measured according to six factors: direction, execution, managers, career, conditions, and pay and benefits.
““Taking care of our employees has always been one of the Bank’s priorities,” Mr. Jones said. “In addition to offering fully-paid medical, dental and vision insurance, competitive 401(k) and pension plans, and generous leave policies we try and recognize that our employees have other interests outside the Bank. We go that extra mile with things such as gifts for employees who get married, buy their first home or have babies as well as offer onsite health and wellness programs such as a full-equipped onsite workout room, free yoga classes and more.
All of the participating employers were placed into one of three size groups, based on the number of employees in Massachusetts. Small workplaces were defined as those with 100 to 249 employees; midsize workplaces were defined as those with 250 to 999 employees; and large workplaces were those with 1,000 or more employees. All companies were then ranked within their size band.
In announcing the Bank’s selection as number 1 Small Employer, Mr. Mayer said: “I’ d like to extend my congratulations to the Institution for Savings for their inclusion in the 2011 issue of The Boston Globe’s Top Places to Work, and for so clearly demonstrating effective ways to create a positive work environment.”
