COMPENSATION, BENEFITS AND INCENTIVES

COMPENSATION, BENEFITS AND INCENTIVES

COMPENSATION, BENEFITS AND INCENTIVES

Employees consider far more than base salary when accepting a position with a company, and this year’s Top Insurance Workplaces strive to offer the bells and whistles top talent looks for. In addition to fundamental benefits like life insurance, retirement plans, and long-term care and disability plans, employers are offering generous paid time off – three-quarters of the Top Insurance Workplaces give their employees more than 15 days off.

Employers are also getting creative with bonus and incentive programs. One Top Insurance Workplace distributes bonuses based on “a balanced scorecard approach so that each individual team member can see exactly how their personal goals contribute to the overall vision and strategy of the company,” while another has instituted a personalized incentive program that rewards employees based on personal goals they set at the beginning of the year.

This year’s Top Insurance Workplaces also understand the value of employee loyalty. Many offer incentives to long-standing employees in the form of milestone gifts and extra vacation time. One company even offers a “five-year loyalty award and travel bonus give to help cover a vacation up to $1,275.”

When do employees become eligible for benefits?

Immediately: 39%
30 days after hire: 14%
60 days after hire: 0%
90 days after hire: 33%
Other: 14%

 
Does your organization offer an employee retirement plan?

Fewer than 99 employees:

Yes: 73%
No: 27%

100 to 499 employees:

Yes: 83%
No: 17%

500+ employees:

Yes: 100%
No: 0%

 
Does your organization offer an employee equity program?

Fewer than 99 employees:

Yes: 32%
No: 68%

100 to 499 employees:

Yes: 42%
No: 58%

500+ employees:

Yes: 50%
No: 50%

 
How many paid days off do employees receive annually?

6 to 10: 5%
11 to 15: 17%
15+: 75%
Unlimited: 3%

 
Does your organization offer sabbaticals?

Fewer than 99 employees:

Yes (paid): 14%
Yes (unpaid): 36%
No: 50%

100 to 499 employees:

Yes (paid): 0%
Yes (unpaid): 50%
No: 50%

500+ employees:

Yes (paid): 0%
Yes (unpaid): 50%
No: 50%