Ari Steinberg: Investing in Israel’s educators is investing in Israel’s future

Ashmoret CEO explains how the company harnesses its purchasing power and expanding range of services to improve educators' lives and strengthen the country's education system

"I believe that when we invest in education professionals, we are investing in the State of Israel and in our children. When a teacher is doing well, the class does well." The source of this quotation is not an educator or school principal, but entrepreneur and business leader Ari Steinberg, CEO of Ashmoret, Israel's largest credit card company for educators and members of the Israel Teachers Union.

Steinberg strongly believes that teachers hold the key to Israel's success. "Ultimately," he shares, "they are responsible for all of Israel's development—its business, economic, and social development. They are the foundation that makes all of this possible, and we must invest in that foundation."

Ashmoret invests in educators by offering its 300,000 cardholders – teachers, principals, inspectors, education students, and their families – a variety of significant benefits, including discounted prices on travel, entertainment, and vacation packages; dining, with vouchers for restaurants, cafés, and fast-food outlets; and shopping, with discounts at supermarkets, fashion retailers, electronics stores, and home-design chains. The club also supports teachers' well-being through preferential insurance rates, favorable loan terms from several banks, professional-development funds, and legal and professional assistance. Ashmoret has annual credit card revenues of NIS 14 billion, says Steinberg, and puts it to good use for the benefit of teachers. "We leverage our collective purchasing power and channel it into programs that support teachers' well-being."

Steinberg describes Ashmoret's newest initiative, "Ashmoret School," an online purchasing platform for elementary and middle schools that lets them order supplies ranging from office supplies, teaching materials, and furniture to technology solutions, all at significant savings.

He shares that the savings generated by purchases from Ashmoret School are reinvested in teachers. "Most of the benefit Ashmoret receives from those savings goes back into activities for teachers and teachers' lounges. When you provide activities for a school and its teaching staff, from our perspective, that serves the goal of offering teachers meaningful personal benefits. It is a complete win-win: the school pays less for the equipment it purchases, thanks to our substantial purchasing power and pooled resources. We then return money to the school for teachers' lounge activities, teaching teams, personal development, and similar purposes. That is the goal of the initiative."