What do the Fortune 100 Companies Offer Their Employees?
Posted by Megan Webb-Morgan on February 8, 2013 in Business Management [ 0 Comments ]
Fortune’s 100 best companies all have one thing in common – they give their employees what they want. And, despite how it might seem, this doesn’t mean that the best companies are those that offer the highest salaries.
On the contrary, these companies work to make their benefits packages coincide with the priorities of their employees: work/life balance, good health, family leave, and retirement.
Workplace productivity increases when employees don’t have to worry about balancing their work and personal life. When Fortune’s list is sorted according to the best work/life balance, the SAS institute ranks #1.
SAS offers its employees an average salary of $88,000 (SalaryList), as well as subsidized child care, unlimited sick time, 4 weeks paid vacation, comprehensive medical insurance and a free health care center.
- Recreational Equipment (REI), a sporting equipment retail store, ranks #10 by offering huge employee discounts (50-75%), free equipment rental, outdoor adventure grants, and, for 15-year veterans, a 4-week paid sabbatical every 5 years.
For the vast majority of employees, health insurance ranks as number one priority when assessing benefits packages. The plan itself, and the percentage of the premium paid by the employer, is extremely important. Fourteen companies on Fortune’s list pay 100% of their employees’ premiums.
- Ultimate Software, at #9, covers 100% of premiums for both employees and their dependents. They also provide their employees with a free vacation every two years. For these reasons, they also rank as #4 for work/life balance.
- At #3, Boston Consulting Group offers an average salary of $115,000 and pays the entirety of their employees’ premiums. The company is also committed to social work, and enables employees to work with the UN Food Program and Save the Children
Paid Family Leave
New parents need time to settle into their new family structure, and parents of older children often need time off to deal with family issues. Facebook didn’t make Fortune’s list, but still deserves a worthy mention for its approach to family life.
Amongst its other benefits like free meals and comprehensive insurance, the company offers its employees with four months of paid parental leave. New parents also receive reimbursements for daycare expenses and adoption fees and a $4,000 cash grant.
Pricewaterhouse Coopers (ranked #81 by Fortune) takes a similar approach to new parenthood. Their Mentor Moms program connects expectant or adoptive mothers with other moms to provide advice and guidance. All employees can choose to take up to five years of leave from the company for dependent care with their job guaranteed upon their return.
Southwest Airlines ranked #1 in Brightscope’s survey of the 30 highest-rated 401(k) plans. This list was rated for the quality of their company contributions, plan eligibility, vesting, fees, participation rates, and salary deferrals.
- Southwest – whose employees make, on average, $65,161 per year – ranked highest by offering 100% matching contributions up to 9.3% of their pilots’ income.
- In 2011 they contributed nearly $94 million to their employees’ 401(k) plans.
There are many ways that you can offer perks to your employees. If you ask your employees what their priorities are, you can learn whether they value more leave, better insurance, or greater retirement savings. By giving them what they want, you can maintain employee satisfaction and increase long-term employee retention.