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Virginia bank creates family atmosphere

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in Compensation and Benefits,Human Resources

Employees of Monarch Bank in Hampton Roads, Va., work at cubicles so huge that they call them “Taj Ma-cubes.” Every President’s Day, they celebrate “Monarch Day” with training sessions and an awards ceremony. And last year, their bonus checks were 30% bigger than the year before.

The bank’s CEO and its president personally welcome every new employee and explain the company’s culture. And execs regularly say they put employees first—above customers—because happy employees are more cheerful and helpful with clients.

The 300-employee bank created a nonprofit called Monarch Charities that sponsors an annual golf tournament that has raised nearly $1 million for area children’s charities.

Result: Employees stay. And the bank rewards them with promotions. In 2010, it promoted 18 employees to senior management instead of hiring newcomers for the jobs.

Contact: Mary Anderson, senior VP of HR, (757) 389-5159.

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