SBSI’s new employee financial well-being program
Southeast Building Supply Interests (SBSI) has launched a new program designed to support the financial well-being of its workforce.
SBSI said it is providing access to financial support and education to its 300 associates spanning 11 locations in 5 states. The move arrives in conjunction with Financial Literacy Month.
The company took shape as a regional prodealer organization in July 2021 following the acquisition of the Warner Robins family of businesses in Georgia, North Carolina, and South Carolina. SBSI is backed by the LBM-focused private equity investment firm, Building Industry Partners (BIP).
Through HoneyBee’s financial wellness platform, which SBSI began implementing in April, the company now offers all of its team members access to interest-free loans to manage unplanned expenses and to pay off debt.
The program also provides unlimited and confidential one-on-one financial coaching for all money matters along with financial education workshops and a knowledge library for all employees and their families.
According to SBSI, the new program builds on enhancements made earlier this year to support the financial well-being and digital literacy of team members. This includes moving all hourly employees to weekly payroll and installing tablets for team member use at each SBSI location.
“Being a people-focused company means seeing everyone on our team as a person first and as an employee second,” said Roger Farmer, CEO of SBSI. “I’m very excited about the opportunities this financial wellness program is providing to each person on the SBSI team, and what it will mean for their futures and for their families."
SBSI said the initiative represents a growing recognition of the need for employers to support team members, above and beyond traditional benefits like 401(k) matches.
Through this program, and related efforts, the company said that both SBSI and BIP are “demonstrating their commitment to building enduring businesses that generate world-class investment returns and that are also employers of choice in the U.S. building industry.”
“Not only is this a tremendous service to our team members, but it is also a cost-effective benefit program that has been proven elsewhere to support employee attraction and retention,” said Cierra Calvacca, human resources director of SBSI.
The company said that it intends to monitor the impact the program is having on the organization and its team members, and will share learnings with BIP in support of related efforts.
“I’m proud to have rolled out this program and to see the difference it is making, and I’m confident it will differentiate us as an employer of choice,” Calvacca said.
SBSI consists of Warner Robins Building Supply, Mountain Building Supply, Henson Building Materials, Haywood Builders Supply, Wallace Building Supply, and Buettner Brothers Lumber Co.
