Key Bank

BASICS

Key Bank is a commercial bank with around 17,000 employees. It is headquartered in Cleveland, Ohio. Key Bank has branches in 39 states.

Key Bank’s workplace awards skew toward diversity. See full list of most recent awards below.

A Key Bank employee who is also a family caregiver might need to access paid time off to get paid leave to care for a family member. Unpaid leave with guarantee to return to job is the same as federal law allows. That employee would be able to access up to $500 per year to help cover costs of caregiving. (Some surveys put the actual cost at an average of $825 per month.)

Key would offer that employee access to a website called Torchlight, which provides some learning resources and limited one-on-one counseling. Although there is no employee affinity group for caregivers, the disabilities, women’s and parenting employee resource groups might address family caregiver (non-parental) needs.

Read below for more details about employee caregiver benefits at Key Bank, as well as some employee survey results.

LEAVE, FLEXIBILITY & DIRECT SUPPORT BENEFITS

Here at the Support For Caregivers Network we have taken to calling these HARD benefits because they are more tangible and somewhat easier to identify.

At Key Bank, paid time off (PTO) can be accessed for “personal reasons,” which would presumably include care for a family member. PTO for full time workers ranges from 15 to 27 days, based on years of experience and career level. Other paid leave options are for parents or for the employee’s illness only.

Unpaid leave options at Key Bank abound. Personal Leave may be taken for up to six months, as with Employee Medical Leave (if the employee is sick.) Key’s unpaid Family Care Leave caps at 12 weeks in a 12-month period for non-military personnel and up to 26 weeks in a 12-month period for military caregivers. A link to specific details about these leave policies is provided below.

We found no evidence that Key Bank offers returnships for employees returning from leave.

Key’s Alternative Work Schedules policy and Mobile by Design program help employees balance work and personal life by allowing the flexibility to adjust work schedules or work location.

According to U.S. News and World Report, Key Bank offers some telecommute and work from home options.

Key Bank provides a lifestyle spending account in which the company will cover “up to $500 a year for covered expenses related to health, mental wellness, family needs, and finances.”

Key Bank offers a Dependent Care Flexible Spending Account that includes adult dependents who live with the employee. Flexible spending accounts are funded by the employee with pre-tax dollars. Key’s website pushes the account as a childcare savings vehicle, but we list it here because it most likely includes adult dependents, too.

Key Bank provides family care concierge services via Torchlight (see more info below.)

We found no evidence that Key Bank offers funding for back up care in the event an employee must find care due to a work conflict.

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FELLOWSHIP, LEARNING, INCLUSION & WORK-LIFE CULTURE BENEFITS

These benefits are SOFT because they are often more difficult to quantify. We include the presence of support groups, learning programs and employee resource groups in this category. The survey results below may help indicate the effectiveness of these programs.

Key Bank’s employee resource groups are called KBINGs, which stands for Key Business Impact and Networking Groups. Here are the eleven they have as of April 2024: African Heritage, Asia, Champions of People with Disabilities, Hispanic-Latinx, Jewish Cultural, Key for Lifetime Contributors, Key Legal Exchange, Key Military Network, Key Women’s Network, Key Young Professionals, Parents are Key and PRIDE. The two that are most likely to embrace caregivers are the women’s and the parents’ networks.

Structured support groups are the gold standard for family caregiver employee benefits. They create a sense of belonging and identity for employees who are providing care to a family member. This is because the caregivers get to work together in a group to learn and grow. There is no evidence that any structured program exists to support caregivers.

Key’s Live Well & Thrive – Employee Support & Wellness Program offers support during employee life events. These events can include caring for seniors, coping with a serious illness and struggling with loss. The offered support includes “a wide range of tools, guidance and resources.” Through the same program, Key employees are eligible for up to six free counseling sessions at no cost.

We could find no information about whether or not managers have been trained to communicate with employees about home caregiving responsibilities.

Via a company called Torchlight, Key Bank offers employees resources about caregiving. These resources include reading material, multimedia options and one-on-one telephone sessions with an “expert.” Torchlight claims to be “the only digital-first comprehensive caregiver support solution for employers, health plans, and member organizations.”

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AWARDS

In 2022, KeyBank was recognized by DiversityInc in the following categories:

#3, Top Companies for Sponsorship
#7, Top Companies for Philanthropy
#11, Top Companies for People with Disabilities (PwD)
#11, Top Companies for Veterans
#14, Top Companies for Employee Resource Groups (ERG)
#19, Top Companies for Environmental, Social & Governance (ESG)

Other noteworthy awards include:

A perfect 100 on the Human Rights Campaign’s (HRC) Corporate Equality Index (11 times)
Best Place to Work for LGBT Equality by the HRC (13 times)
Outstanding ratings for lending under the Community Reinvestment Act (10 times)
Top Military Friendly Employer by Viqtory (9 times)
Top Military Friendly Spouse Employer by Viqtory (7 times)