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Cathay Bank Honored As U.S. Best-in-Class Employer — Again

Cathay Bank is named a Best-in-Class Employer for the second consecutive year by Gallagher, a global insurance brokerage, risk management, and consulting services firm. Based on Gallagher’s 2023 U.S. Benefits Strategy & Benchmarking Survey, Cathay Bank was recognized for its comprehensive framework for strategically investing in benefits, compensation and employee communication to support the health, financial security and career growth of its employees at a sustainable cost structure.

“The old saying, ‘people are our greatest asset,’ is what we believe at Cathay Bank,” said Mr. Chang M. Liu, President and CEO. “Especially in today’s labor climate, we know people have many options. It’s a high priority for us to attract and retain team members through robust benefits, competitive pay, and opportunities for professional growth.”

Gallagher's U.S. Best-in-Class Benchmarking Analysis profiles statistically significant attributes of top-performing midsize (100-999 FTEs) and large employers (1,000 or more FTEs). Data from Gallagher’s 2023 U.S. Benefits Strategy & Benchmarking Survey was interpreted to identify participants that excel in optimizing employee and organizational wellbeing.

Participating employers were assigned points on its relative performance in:

  • Plan horizons for benefits and compensation strategies
  • Extent of well-being strategy
  • Turnover rate for full-time equivalents
  • Completion of a workforce engagement survey
  • Use of an HR technology strategy and its level of sophistication
  • Difference in healthcare costs over the prior year
  • Use of a communication strategy

“Cathay Bank understands that high employee expectations haven’t budged in the changing labor market and has regularly examined its formula to attract and retain talent,” said William F. Ziebell, CEO of Gallagher’s Benefits & HR Consulting Division. “In doing so, Cathay Bank uses data, workforce feedback tools, and clearly defined policies to provide competitive benefits and experiences their employees value.”



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This article does not constitute legal, accounting or other professional advice. Although the information contained herein is intended to be accurate, Cathay Bank does not assume liability for loss or damage due to reliance on such information.

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