FM Bank & Trust Case Study
Background
Based in Mississippi County, FM Bank & Trust, a community development financial institution (CDFI) found itself at the epicenter of a talent tug-of-war. With the local steel industry expanding rapidly, the bank needed a way to protect its workforce—primarily women in the 20-to-35 age bracket—from the rising costs and scarcity of childcare.
"We didn't just guess what our team needed; we asked," says LaRay White, chief marketing officer. "We deployed a survey to understand the exact cost of their childcare and if a benefit would actually move the needle for them. The answer was a resounding yes."
The Solution
The bank formalized a policy to pay for childcare directly to licensed providers, capping the benefit at $5,000 per year. For White, the licensing requirement was non-negotiable.
"We don’t allow reimbursement for family members or unlicensed home care. We want our kids to have that higher level of learning experience. Our mission is to help improve the economic and social conditions throughout our community. We view this childcare benefit as an investment in the future quality of our community’s workforce."
Implementation
Since implementation, the bank has seen a measurable shift in office culture and productivity.
Read more about HSPC’s success in the Aspen Institute’s Upskill America coverage here.
"The parents come to work with a different energy now. They can take pride in their work because they aren't spending half their day worrying about their kids or how they’ll pay for childcare next month. They are more focused. For some of our first-time workers, this benefit is the literal bridge that allows them to stay in the professional world."
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