Employees get money to help for emergencies such as funerals.
lothing
manufacturer Levi Strauss & Co. has a program that provides emergency financial
assistance to all of its employees and retirees. The Red Tab Foundation, named
for the familiar tag found on the rear pocket of the company’s blue jeans,
offers money to employees who need immediate help to pay for things like funeral
costs, emergency car or home repairs, or shelter from a violent spouse.
Executive director Ann Ure says the foundation is a public
charity co-funded by contributions from Levi employees, executives and board
members. Unexpected financial need is a primary criterion for eligibility, so
the majority of grant recipients are hourly wage earners and retirees living on
fixed incomes.
By its existence, the foundation gives Levi employees a
sense that there is a financial safety net, Ure says. "Employees see it as a
bridge between paychecks when an emergency occurs." From 300 to 900 Levi
employees and retirees apply each year for grants, which average $1,000. Eighty
percent of the requests are approved. Payment is made directly to those who
provide services to the employee.
"It’s really employee helping employee," Ure says. "It’s a
philanthropic endeavor. We’d like to think the foundation is an example of the
corporate culture here."
The foundation was started by a former Levi vice president
who began working at company headquarters in San Francisco as a stock boy right
out of high school. He worked his way up through the organization and launched
the program in 1981, when he retired. More recently, Red Tab established another
initiative, a "money school" to help employees make more informed financial
decisions.
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