Listening to MoneyTree

2010’s Hall of Fame winner has consistently shown that making communication with employees a priority reaps rewards.

By Myke Folger | July 2010 | FROM THE PRINT EDITION

HALL OF FAME WINNER

MoneyTree Inc. has won first place in the Best Companies to Work For competition for the past three years in a row, and thus has been entered into our Hall of Fame, alongside such previous winners as Russell Investments and Nextel Partners.

After more than a quarter of a century of doing business, MoneyTree has learned to make listening its highest priority.

The check cashing business has always listened to the market and to customers, but of late, the company’s leadership, David Bassford, Sarah Bassford (David and Sarah are married), CEO Dennis Bassford (David’s brother) and company president Aggie Clark have been listening to employees—all the more crucial in a cool economy.

The founders and senior executives have traveled to every district of operations in the five states where the company does business to conduct workshops with management teams and to meet employees face to face. Visits have allowed senior executives the chance to reassure the staff amid economic and legislative changes that threaten its business model, such as attempts to cap the interest rate MoneyTree can charge on loans. That personal touch has gone a long way with employees.

“This is one of the most innovative and caring companies to work for,” one employee writes. “When the economy crashed, MoneyTree found ways to reorganize and rethink its way of doing things without layoffs. Because of that, this company has my loyalty and support.”

To earn such dedication in trying times, the leadership sends employees daily e-mails about company updates. A monthly newsletter also goes out to all 1,050 employees in Washington, Idaho, California, Colorado and Nevada. All employees have access to the company’s intranet, where they can get information on benefits, the employee assistance program and a blog where they can post questions.

But a personal touch goes a long way. One day an employee was unloading a van full of boxes when it started to rain. Aggie Clark happened to pull into the parking lot at the same time. “Before I knew it,” the employee writes, “the president of the company was holding an umbrella over my head for me.”

Clark laughs at the story. “If I saw him again loading boxes in the rain, I’d hold the umbrella again,” she says. “Because that’s what you do for each other.”

Of the more than 200 comment respondents, dozens note and are grateful for the company’s fully covered medical, dental and vision benefits. Sarah Bassford is well aware of its importance to employees. Last year, while the company was searching for more cost saving measures, it spared the benefits package. “We make a lot of tough decisions,” she says, “but we’ll get rid of the plants in the lobby before we give up benefits.” True to her word, the company benefit program is very much alive. That perk tells the employees their bosses are listening.

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