Aldinger and Household: A Long History of Support for the Military

By Chip Cassano

	William F. Aldinger III

Plenty of people will tell you that they support the military. But for William F. Aldinger III, that support runs much deeper than lip service.

Aldinger is chairman and CEO of HSBC North America Holdings Inc., the holding company for all of HSBC’s United States and Canadian businesses and Household International, which in 2003 established a $2 million partnership with UMUC to form the online Household International Military Financial Education Center. The education resource center provides detailed information on everything from making a budget to selling a car, saving for college, investing for retirement, and drawing up a will.

It is just one way that Aldinger has chosen to help support men and women in uniform. Between Household International and HSBC Bank, Aldinger has 38 employees currently on military leave, and while the Uniformed Services Employment and Reemployment Rights Act of 1994 requires an employer to hold a reservist’s civilian position open while he or she is on active duty, HSBC North America goes one very large step further and continues to pay employees while they serve, making up any shortfall between their military pay and their civilian pay and benefits.

“We’ve had a long history of being supportive of the military,” said Aldinger. “We are grateful for the sacrifices they make for this country and supporting them is part of being a good corporate citizen.”

“For more than a century,” Aldinger continued, “Household has been helping people in all walks of life improve their finances and make their dreams come true. We’ve been fortunate in that we’ve been very profitable during that time, and I think that successful companies really have a responsibility to give something back to the community.”

It just so happens, Aldinger added, that giving back to the community can make very sound business sense. When it comes to the Household International Military Financial Education Center and the partnership with UMUC, the benefits are readily apparent.

“Number one, we have more informed consumers,” said Aldinger. “And I think companies are better served—and the country is better served—when people are educated about their choices. Internally, we get a lot of positive feedback from our employees for this program, too, so when we recruit other employees out of the military, they’re going to look at us more favorably. So we feel that there are a lot of things that benefit us in this process.”

And while some might find it unusual that a multinational corporation should turn to a state university when looking for a partner in a venture like this, Aldinger sees it as the most natural decision in the world.

“UMUC is the largest provider of education to the military, with more than 50,000 active-duty personnel and their dependents taking courses from the University,” said Aldinger. “When you partner up with someone, you want to pick the best option you can. So we really just tried to go with the best provider.”