Blue Ridge Bank Implements Sabbatical Leave Program and Increases Minimum Hourly Pay

Blue Ridge Bankshares, Inc. (NYSE: BRBS) announced a new sabbatical leave program and raised its minimum hourly pay to $18.00.

Rhea-AI Summary

Blue Ridge Bankshares, Inc. (NYSE: BRBS) announced a new sabbatical leave program and raised its minimum hourly pay to $18.00. The sabbatical program, starting at five years of service, offers three weeks of leave that increases to twelve weeks for those with twenty years of service. CEO Brian K. Plum emphasized the importance of disconnecting from work and supporting employee well-being. The pay increase aligns with the company's commitment to a living wage and aims to meet employees' daily needs and long-term goals. Blue Ridge Bank has received accolades as one of America's Best Small Banks and holds a 5-star rating from Bauer Financial.

Positive

• Introduction of a sabbatical leave program beginning at five years of service.
• Minimum hourly pay increased to $18.00, reflecting commitment to a living wage.
• Enhanced employee benefits may improve job satisfaction and retention.

Negative

• None.

Argus Publication session

+1.42% session move Open Argus

Details

News Market Reaction – BRBS

In the trading session that priced this news, BRBS gained 1.42%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

RICHMOND, Va., Feb. 2, 2023 /PRNewswire/ -- Blue Ridge Bank, the wholly-owned subsidiary of Blue Ridge Bankshares, Inc. (NYSEAM:BRBS), is pleased to announce the launch of its sabbatical leave program and an increase in its minimum hourly pay to $18.00 per hour.

"We believe in the power of disconnecting and prioritizing time away from work," said Brian K. Plum, Chief Executive Officer of Blue Ridge Bank.  "The science around the benefits of disconnecting is irrefutable.  Our new paid sabbatical leave program rewards longevity among team members and requires the use of earned time.  Employees will be completely disconnected from work resources during sabbatical leave, allowing them to place their full energy, focus, and attention on the things they love."

Plum continued, "Our increase to $18.00 for minimum hourly pay is a continuation of our living wage commitment.  We have an obligation to everyone on the team to ensure we provide compensation and benefits necessary to meet daily needs and plan for long-term goals.  Our top two Core Values are Act with Integrity and Serve Others, and our commitment to providing a living wage is one way we honor those values as a company.

The new sabbatical leave program begins at the five-year service mark. Blue Ridge Bank employees earn three weeks of sabbatical leave, which is in addition to the normal paid leave time allotment.  Three weeks of sabbatical leave are added for each additional five years of service, peaking at twelve weeks of sabbatical leave with twenty years of service.  Employees with over twenty years of service maintain twelve weeks of sabbatical leave at each five-year increment.

About Blue Ridge Bank:

Blue Ridge Bank, N.A., is the wholly owned banking subsidiary of Blue Ridge Bankshares, Inc (NYSE American: BRBS). Blue Ridge Bank provides a wide range of financial services including retail and commercial banking, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending. Visit mybrb.bank to learn more. Blue Ridge Bank was named one of America's Best Small Banks by Newsweek. The Bank also received a 5-star rating from Bauer Financial, the nation's leading independent bank rating firm.

View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-ridge-bank-implements-sabbatical-leave-program-and-increases-minimum-hourly-pay-301737580.html

SOURCE Blue Ridge Bank, N.A.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the new minimum hourly pay for Blue Ridge Bank employees?

Blue Ridge Bank has increased its minimum hourly pay to $18.00.

When does the sabbatical leave program start for Blue Ridge Bank employees?

The sabbatical leave program begins at the five-year service mark.

How much sabbatical leave do employees earn at Blue Ridge Bank?

Employees earn three weeks of sabbatical leave after five years, increasing to twelve weeks after twenty years.

Who is the CEO of Blue Ridge Bankshares, Inc.?

The CEO of Blue Ridge Bank is Brian K. Plum.

What accolades has Blue Ridge Bank received?

Blue Ridge Bank was named one of America's Best Small Banks and has a 5-star rating from Bauer Financial.