NASHVILLE, TN — Advance Financial Chief Experience Officer Tina Hodges announced to employees recently a tax initiative that will yield an additional collective $500,000 to employees and more than $550,000 to community organizations.
The Nashville-based company — which offers flex loans, cash advance, check cashing, electronic wire transfers, prepaid cards and free bill-pay and money orders — is undertaking the moves in response to the new federal tax reform legislation.
Specifically, Hodges said Advance Financial is doing the following:
1.) Increasing its 401(k) match from 3 percent to 5 percent for all employees.
2.) Increasing the share of profits that front line employees can receive from 3 percent to 5 percent. (Front-line employees, who man Advance Financial’s 85 locations across Tennessee, account for 85 percent of the company’s 800-plus employees.)
3.) Increasing giving to the Advance Financial Foundation by 8 percent. (The foundation provides donations to nonprofit organizations in communities served by Advance Financial.)
Hodges said the company’s average starting is more than $15 an hour.
“We wanted to do something that would be multi-year, not just a one-time bonus,” she said in a release. “The tax reform will benefit us for years to come and we wanted the impact on our team to be the same.”
Hodges noted that today’s announcement comes as the company open its 85th location, in Jackson. It is also looking to hire about 100 people in January.