WHITE RIVER JUNCTION, Vermont — Mascoma Bank holds a powerful vision: “Be a force for positive change for our customers, communities and employees.” This 120-year-old mutual savings bank and Benefit Corporation is committed to living that intention every day while continuing to grow and fuel the region’s economy.
As a recently certified B Corp, Mascoma continues to work to improve throughout the year. The bank’s Better Than Best Committee reviews employee suggestions and initiates projects in numerous areas. Employees are encouraged to participate in undertakings that improve their well-being as well as that of the community.
The company’s Well-being Committee works to ensure that all activities relate to five interconnected elements that shape one’s life: career, social, financial, physical and community. For example, community involvement is encouraged as Mascoma annually gives employees 16 hours of volunteer time off. Each employee is also provided a $300 match to donate to nonprofits in their community. The well-being team also organizes team activities and hosts challenges with the five elements (e.g., 5K Your Way, yoga, old school gym night).
Mascoma’s recognition programs celebrate individual, departmental and organizational achievements. The Value Image Award is presented monthly to an employee who has embodied Mascoma’s core values of employee well-being, mutual respect and trust, or commitment to excellence. Department involvement in charitable causes is celebrated with lunches, dinners and road trips. The bank’s stakeholder event is also the annual staff meeting where additional recognition is provided to the whole enterprise.
With programs in place and reaping benefits for employees, the bank’s financial performance continues to grow every year.
Mascoma Bank: White River Junction, Vermont
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Additional workplace practices
Health and Safety
Work United/Working Bridges Out of Poverty program with local United Way addresses health and personal safety issues, provides emergency loans and an on-site counselor.
Employee Involvement
Sixteen paid volunteer time off hours per year.
Employee Growth and Development
Training for every level of employee, including leadership development and branch management.
Outcomes
- Turnover rate of 15 percent compared to industry standard of 18 percent.
- In 2018, no increase on health insurance costs due to the reduction in high claims.
- Other awards include B Corp Best Place, CIGNA New England Small Company Well-Being Award and 2017 Vermont Worksite Wellness Award.
- 95 percent of employees say they are encouraged to learn and develop new skills.
- 90 percent of employees have a positive relationship with their managers.