But Beneficial’s amicable unionizing experience points to a new way of thinking about organizing-one that may resonate with both workers and employers well beyond the financial sector.īeneficial is a B Corp, meaning it’s been independently certified as prioritizing social and environmental issues and transparency, and is legally accountable to balance profit with purpose. No doubt a union push will be a challenge at US banks, where fewer than 1% of workers are unionized. Labor organizers hope the agreement will set an example for customer-facing workers in the financial sector more broadly, who have been vocal in recent years about issues like wage inequality, racial bias, and the kinds of high-pressure sales goals that led to the Wells Fargo fake account scandal. Roughly 100 Beneficial workers ratified a contract with management in late September, after agreeing to unionize in March 2020. And now it’s the first US bank to establish a union in about 40 years. Founded in 2007 with a focus on community development and social and environmental justice, the company has $1.5 billion in assets and 13 branches in California, Oregon, and Washington. Like a growing number of companies these days, Beneficial State Bank promotes the idea of doing well by doing good.
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