GLENVILLE — Facing the same struggles as other companies recruiting in a tight labor market, Trustco is trying to appeal to prospective employees’ altruism.
The Glenville-based banking company this week announced it will donate money on behalf of new hires to a local nonprofit organization of their choice.
The new Trustco employees can designate organizations that they already know and support, or they can choose from the list of 501(c)(3) nonprofits that Trustco itself supports.
The Home Town Commitment Pledge is only a few days old, so it hasn’t been presented as an option very many times, said J.R. George, senior vice president of marketing at Trustco. But the few new hires this week seemed surprised by the idea and quite receptive to it, he said.
The financial condition of nonprofits was not great before the pandemic arrived and it hasn’t gotten better since, George said. “A lot of organizations need capital,” he said.
At the same time, there is a greater awareness among the populace in the COVID era of the community’s needs and the role nonprofits play in addressing those needs, George said.
So the initiative unites need for help with desire to help.
The bank already had mechanisms for employees to involve themselves in the community, most recently through a volunteer day with Capital Roots for Earth Day.
Trustco expects to make an average of $12,500 worth of donations per year through the new program and hopes it will prompt employees to make donations of their own, as well.
There’s also the hope that the Home Town Commitment Pledge will assist with recruiting amid what has been called the Great Resignation.
“We’re in the same boat as everyone else,” George said.
Trustco dropped from 820 employees at the start of 2021 to 759 at the end of 2021, but had rebounded a bit to 769 in the first quarter of 2022, according to its most recent SEC filing.
The impact on the banking public has been limited mainly to sporadic lunchtime closures of branches, George said, but Trustco is hoping to bring its workforce back up to higher numbers.
Studies have shown that social impact is a key factor in choosing an employer, Trustco Chairman, President and CEO Robert J. McCormick said in a news release. “We are thrilled to continue to support organizations that are making a huge difference in our local communities, and honored to help our new team members make an impact in the home town they love.”