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First Interstate Bank announced it is increasing its minimum wage to $17 and adjusting current employees' compensation accordingly, a pay bump to 64% of its workforce.
First Interstate is committed to ensuring all employees receive a livable wage—especially considering current inflation rates.
"It is my sincere hope that these wage increases will not only provide financial relief during these times but will also reinforce how important our employees are to us," said President and CEO Kevin Riley.
Not only will First Interstate increase its minimum wage, but the change also triggers a pay boost for current employees.
Employees hired on or before September 16, 2022, and in non-commission-based roles making $65,000 or less will receive a pay adjustment to the new minimum wage or an adjustment to accommodate compression, not to exceed the maximum of their salary range.
This increase will go into effect mid-October.
People First, Always
In total, 64% of the First Interstate workforce will be positively impacted by these pay increases.
"We know that engaged employees impact our clients' experience with us, help strengthen our community, and ultimately deliver positive long-term results for First Interstate's stakeholders," Riley explained. "We are able to make this change because of the way our employees take care of our clients and communities, which affords us the ability to cover this additional cost."
The move follows a precedent set by Homer Scott, Sr., who founded First Interstate Bank in 1968. He envisioned a premier community bank committed to providing quality customer service and serving the local community with long-term perspective and discipline. The only way to do it was to attract, motivate, reward, and retain the highest quality workforce.
That approach has successfully carried First Interstate across more than 50 years and 14 states, and it is a hiring strategy we still use today.
Benefits that Mirror Our Values
The wage increase builds on a robust benefits package that includes a 6% employer-matched 401(k), child care assistance program, exercise reimbursement program, and student debt employer repayment program.
"We are proud to invest in our employees' future and wellbeing," Riley affirmed, noting First Interstate strives to be the employer of choice for over 3,500 employees by fostering a culture of appreciation and supporting professional development.
"On behalf of the Bank's executive team, we want to thank our employees for working at First Interstate," said Riley. "Your choice to be here is not something we take for granted. I sincerely appreciate your dedication to our clients and our company."
Your Future is Our Future
First Interstate offers positions in 14 states at every level in our organization, calling for a breadth of skills and experience. Are you ready to join #TeamFirstInterstate? Apply today.