Associated Bank announces minimum wage increase to $17 per hour

Rhea-AI Summary

Associated Banc-Corp (NYSE: ASB) will raise its minimum hourly wage from $15 to $17, effective November 21, 2021, impacting about 35% of its workforce. This wage increase, primarily for entry-level positions, is part of a broader strategy to ensure competitive wages, with additional adjustments for higher-level roles. The bank has received accolades for customer satisfaction and is committed to enhancing employee benefits, which include comprehensive healthcare and educational assistance. This move aligns with their focus on talent development and retention.

Positive

• Increase in minimum wage to $17 positively impacting 35% of employees.
• Recognition as #1 in customer satisfaction by J.D. Power.
• Commitment to competitive wages and career development opportunities.

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• None.

GREEN BAY, Wis., Oct. 18, 2021 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today announced plans to raise its minimum hourly wage from $15 to $17 per hour effective November 21, 2021. This investment in the company's workforce will positively impact approximately 35% of its employees.

"It's the commitment of our colleagues that has earned Associated Bank it's #1 ranking in customer satisfaction," said Andy Harmening, president and CEO, Associated Bank. "We are proud to take this step forward in recognizing our colleagues in a way that has a meaningful impact to them, their families and our communities."

Earlier this year, Associated was recognized by J.D. Power, who ranked the bank #1 in Customer Satisfaction with Retail Banking in the Upper Midwest in 2021.

The new minimum wage applies to mostly entry-level positions. The company is also adjusting wages for higher level roles in job families impacted by this change and will work to ensure competitive wages and merit pools in 2022 as part of its talent and growth strategy. 

"We're focused on providing tools and opportunities for colleagues to develop their careers at Associated Bank," said Angie DeWitt, chief human resource officer, Associated Bank. "Last year, 26% of colleagues advanced their careers within the company, including 745 internal promotions."

The wage increase announced today comes in addition to the competitive benefits package which includes access to medical, dental and vision insurance; life and disability insurance; 11.5 paid holidays, additional paid time off, volunteer paid time off and company-paid sick time; paid leave for family and military events; pension and 401(k) retirement plans; employee stock purchase options; wellness programs; child and elder care programs; educational assistance and more. In 2022, Associated Bank is offering benefit enhancements including new 100% paid financial wellness benefits, pet insurance and no health insurance premium increases.

ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.

Contact: Jennifer Kaminski
Vice President | Public Relations Senior Manager
920-491-7576 | Jennifer.Kaminski@associatedbank.com

 

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SOURCE Associated Banc-Corp

FAQ

What is Associated Banc-Corp's new minimum wage effective date?

The new minimum wage of $17 per hour will be effective on November 21, 2021.

How many employees will be affected by Associated Banc-Corp's wage increase?

Approximately 35% of Associated Banc-Corp's employees will be impacted by the wage increase.

What was Associated Banc-Corp recognized for earlier this year?

Earlier this year, Associated Banc-Corp was recognized by J.D. Power as #1 in Customer Satisfaction with Retail Banking in the Upper Midwest.

What types of positions will the new minimum wage apply to at Associated Banc-Corp?

The new minimum wage primarily applies to entry-level positions.

What additional benefits will Associated Banc-Corp offer in 2022?

In 2022, Associated Banc-Corp will enhance benefits, including 100% paid financial wellness benefits and pet insurance.