CEO: Irene Dorner
Status: Acquired by HSBC in 2002.
Beneficial Finance, which is also called Beneficial Corporation, was first created in 1914 as Beneficial Loan Society. The company had a long-standing history of success until 1998, when it was acquired by Household Finance Corp. In 2002, the business became part of HSBC bank when it acquired Household. Potential employees who want to work with this historic lending company will find that they are actually working in HSBC and will have the benefits, training, compensation and culture of the bank.
Beneficial Finance careers start with the training provided by HSBC. As a financial institution, HSBC provides excellent training to employees at all levels of work. This helps keep the bank running smoothly by ensuring that all employees are well aware of their job position and have the skills necessary to complete their tasks.
While working at Beneficial Finance is not actually possible since it was acquired by first Household and then HSBC, individuals who are interested in working with HSBC will want to know about the benefits provided the employees. The Beneficial Finance benefits are the same as those provided by HSBC bank since the acquisition.
Employees working with HSBC can expect the basic healthcare benefits of medical, dental and vision for the whole family, disability programs, adoption assistance, child care centers for working mothers, paid time off for holidays and a retirement plan with a 401(k).The benefits provided by the bank are excellent and work to manage all the needs of employees.
The Beneficial Finance culture was originally team oriented and employees were rewarded based on their merit and abilities. The friendly environment and team work was originally the job culture. The acquisition by first household and then HSBC has changed the job culture. The HSBC work environment is corporate. The result of a large international bank is that the environment is less individual and more group oriented. Teamwork is promoted within the bank and employees are expected to have a professional demeanor at all times.
The work environment of HSBC has changed the face of Beneficial since the acquisition. The changes have positive and negative effects, but in general, as a place of employment, it is still a good option for many individuals in the financial sector. As a large international bank, HSBC offers employees benefits that competitors are not able to offer while also ensuring a good work-life balance at all levels of employment.