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Financial services firm promotes from within

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in HR Management,Human Resources

A bank teller who makes a career at Tampa, Fla.-based Amscot Financial is likely to wind up as a manager or executive.

The consumer-oriented financial services company keeps employees by making it a policy to promote. “Every key position is filled with someone from within,” CEO Fraser MacKechnie says.

Family-owned Amscot has opened more than 100 locations in three years—and filled all the top jobs with people who started as tellers. “They know what it takes; they’ve started from the ground up,” MacKechnie says. “It’s difficult to lead if you’ve never followed.”

The promise of promotions keeps the organization’s employees for longer periods, he adds. In an industry with a 70% turnover rate, Amscot’s is 30%.

An aggressive bonus plan contributes to the high retention, MacKechnie says. Every quarter, more than half the employees win a “Perfect Performers” bonus, which includes money and an extra paid day off. 

Earning the bonus is as easy as showing up on time, satisfying customers and performing well—“basically do your job properly for every day during that three-month period,” MacKechnie says.

Contact: Charity McDowell, director of human resources, at cmcdowell@amscotfinancial.com.

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