Fifth Third Bancorp (Nasdaq: FITB) and NextJob (www.nextjob.com), a nationwide reemployment solutions company, have teamed up to offer an industry-first program that gives unemployed mortgage borrowers job search assistance, including one-on-one dedicated coaching, weekly webinars and online job search software, fully paid for by Fifth Third Bank.
The two companies piloted the program throughout 2012 with unemployed Fifth Third customers who were in serious risk of default on their mortgages. On average, the individuals had been out of work for 22 months. In the pilot, nearly 40% were fully employed after six months and, as a result, the pilot was expanded.
With the signing of a multi-year contract with NextJob, Fifth Third Bank moves the program out of pilot phase and incorporates it into the way the Company does business. Fifth Third Bank is the first financial institution to offer this type of assistance to mortgage customers.
NextJob’s service features three parts that work cohesively to help borrowers find meaningful employment: one-on-one job coaching, job search software featuring nine modules, and Job Talk, a weekly webinar on a critical job search topic. Together they help Fifth Third borrowers:
- Create an effective resume and cover letter that gets the attention of hiring managers
- Develop and carry out a detailed job search action plan
- Evaluate one’s career direction and identify skills that could transfer to another industry or field
- Discover jobs that are open, but never advertised
- Use the latest and most effective Internet tools and techniques
- Train and prepare for successful interviews.
Headquartered in Bend, Oregon, NextJob is a nationwide firm focused on full employment in America. Founded on the Golden Rule, its mission is to provide creative reemployment solutions for employers, lenders, government and others to help job seekers land jobs and avoid the many impacts of unemployment. NextJob’s service provides high quality, one-on-one job coaching and multimedia online learning that is highly effective, affordable and accountable. To learn more, visit www.nextjob.com.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $122 billion in assets and operates 18 affiliates with 1,324 full-service Banking Centers, including 106 Bank Mart® locations open seven days a week inside select grocery stores and 2,413 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 33% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2012, had $308 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® National Global Select Market under the symbol “FITB.” Fifth Third Bank. Member FDIC.
Source: Fifth Third Bank News Release, February 6, 2013