Roger C Hochschild

Roger C Hochschild,  Discover Financial Services - Why We Recognized Him:

Way back in 1986, Discover Card introduced the now ever-present concept of cash back rewards to the consumer credit card market, transforming the landscape of credit. Talk about empowering consumers, that concept has flipped the idea of credit cards being something the privileged once paid for to an everyday tool that credit card companies vie for the privilege of everyday people carrying. Talk about power to the people. 

CEO Roger C Hochschild has continued and bolstered that idea of empowerment at Discover with its mission “To help people spend smarter, manage debt better, and save more so they achieve a brighter financial future,” and it is determined to be the “leading direct bank and payments partner.”

They have gobs of programs for financial education including resources they provide in the classroom and personal programs to teach young people about financial responsibility. Not to mention, most of it is finance and volunteer-related. What a concept: a bank helping you to actually know how to manage your money.

Beyond its flagship credit business, Discover also offers personal and student loans, home and home equity loans, online savings products, certificates of deposit, and money market accounts. Its payment businesses consist of Discover Financial Services’ Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories.

Beyond the customer, a look into the world of its employees reveals even more devotion to empowerment with their amazing Internal Employee Resource Groups, which really blew us away. These 11 distinct and dynamic groups devoted to a cavalcade of different sectors of employee diversity -- from gender to ethnicity and everything in between -- help with career development by providing mentorship programs and other forms of assistance and corporate community support regardless of location.

Just to reinforce that devotion to Social Capital standing, he declared back in March when the whole pandemic fallout began to hit the fan in the U.S., that Discover would move to a work-from-home setup for employees and that there would be NO layoffs. The generous benefits package, which includes education assistance, 401(k), paid time off and health insurance, all start from the first day of employment. 

Amid the challenges of the pandemic for small businesses, and the particular hardships within the communities of color, they launched a program called Eat it Forward, a contest which Discover committed to giving $5 million to Black-owned restaurants, which are nominated through social media.