GREEN BAY, Wis. – October 18, 2021 – 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.