Employee Benefits

Employee Benefits from 10 Major Industries

With the economy heading towards a slow recovery, it’s more important than ever that companies create strong incentives to keep top employees. Benefits are essential tools in an employer’s arsenal to ensure that their staff remain loyal and productive.

The following is a collection of some of the most popular benefits offered by major corporations across the United States. The list is organized by industry and consists of the top 10 most popular options in each category.

Technology Companies

Major technology companies in the U.S. are among the most well-known employers worldwide. They offer highly competitive benefits to attract top talent. These benefits include everything from concierge services to on-site haircuts.

Consulting firm Bain & Company offers its employees an elite list of perks, including “a concierge service to plan and book travel, order flowers and books, make restaurant reservations and arrange for car hire.”

Google provides employees with a laundry list of benefits, including “subsidized massages, free on-site medical services”, as well as a “bicycle repair shop”.

LinkedIn employees enjoy an extensive list of perks, including “a cinema and game room”.

Financial Companies

People who work in the financial industry are well compensated for their efforts. One of the ways that big banks and brokerage firms can attract top talent is by offering excellent benefits, including everything from on-site daycare to generous paid time off (PTO) policies.

Lowell makes employees “eligible for our full complement of medical/dental/vision plans and 401(k) match”.

Insurance Companies

Insurance companies employ some of the brightest people in America, and they compensate their staff by offering excellent benefits. These perks can include everything from paid time off (PTO) to insurance discounts.

Pharmaceutical and Biotech Companies

Pharmaceutical and biotech companies employ some of the world’s most brilliant people, and they compete fiercely for the top talent by offering appealing benefits to their employees. These perks can include everything from employee discounts to company-sponsored continuing education.

Genentech employees are given “free access to professional development classes”.

Retail Stores

In the retail industry, turnover is high, and opportunities for advancement are limited. To attract and keep employees, many retailers offer comprehensive benefits packages. These may include everything from discounted uniforms to on-site medical clinics.

Starbucks employees are given “an annual store discount card, health insurance programs, tuition assistance”.

Media and Entertainment Companies

Media and entertainment companies employ some of the most creative people. These perks can include everything from on-site manicures to free yoga sessions.

Schools and University

Schools and universities employ some of the most educated people, and they offer generous benefits to attract top talent. These perks can include everything from subsidized meals to tuition reimbursement plans.

Harvard gives employees “free health care coverage”.

Hospitals and Health Care Companies

Healthcare companies employ some of the most highly educated people in America, and they offer comprehensive benefits packages. These perks can include everything from concierge services to on-site doctor’s clinics.

Cedars Sinai provides its employees with “health insurance plans, retirement plans”, as well as “dental and vision plans”.

Non-profit Companies

Non-profit organizations are staffed by some of the most altruistic people in America, and perks can include everything from paid time off (PTO) to on-site daycare.

Boys and Girls Clubs of America employees “receive several benefits including health insurance, paid time off (PTO), life insurance, retirement plans”, as well as an employee scholarship program.

Manufacturing Companies

Manufacturing companies employ some of the hardest working people in America. They offer comprehensive benefits packages to attract top talent. These perks can include everything from subsidized meals to flexible schedules.

General Motors give employees “flexible time off (FTO), paid time off (PTO), paid holidays, tuition reimbursement”, as well as an employee discount program.

9 List of Common Employee Benefits:

1) Life Insurance: 61% of all employers provide life insurance to their employees, and 75% of organizations with 1,000+ employees offer it as a benefit.

Life Insurance is an essential part of compensation for the vast majority (86%) of organizations that pay a cash value or loan value associated with group term life insurance coverage equal to at least 10 percent of the employee’s annual salary.

2) Short-Term Disability Insurance: 57% of all employers now provide short-term disability insurance as a benefit, up from 55% – although only 23% do so through payroll deduction. The majority (58%) purchase this coverage outside the workplace and bundle it with health insurance.

3) Annual Health Insurance Premiums: 55% of all organizations provide annual premiums for employee-only coverage, with the most common contribution being $500 or less.

The average annual amount is $1,049 for organizations that offer this benefit. Forty-four percent (44%) provide this benefit through payroll deduction.

4) Retirement Plan Contribution: 53% of all employers offer a retirement plan as an employee benefit, down from 55%. Seventy percent (70%) of organizations that offer Employee Retirement Plans pay into them on behalf of their employees at an average match rate of 4%. 5) Personal Leave Days per Year: 50% of all employers offer paid leave days to use as employees see fit, up from 45%. Most employers (86%) provide personal leave days as part of general paid time off.

6) Drugs/Medical Services: 48% of all organizations offer employees the chance to purchase prescription drug coverage through an on-site or external pharmacy or provider network at a reduced cost, down slightly since last year. The majority of organizations that provide this benefit do so through payroll deduction.

7) Dental Insurance: 48% of all employers provide dental insurance to their employees via an insured plan. Thirty-nine percent (39%) offer dental benefits through payroll deduction with average employee contributions ranging from $30 – $50 per month for individual coverage.

8) Vision Insurance: 46% of employers offer vision coverage as a benefit, up from 43%. Of those organizations that do offer vision insurance, 82% provide it through an insured plan and the majority (76%) make contributions toward employee premiums.

9) Attractive/Wellness Programs: 45% of all employers offer attractive wellness programs to enhance overall well-being and improve overall worker productivity. Among these types of benefits, Heart Health (e.g., cholesterol tests or biometric screenings such as blood pressure checks) is offered by 74%, Exercise/Fitness (e.g., gym membership dues or fitness facilities on site) by 51%, Smoking Cessation (e.g., quit smoking classes or nicotine patches) by 50%, and Weight Loss (e.g., weight loss programs) is offered by 34% of organizations. 10) Peer-to-Peer Networking Groups: 43% of all employers offer opportunities for employees to meet with one another in person or virtually, up slightly from 41%. Eleven percent (11%) do so via payroll deduction.

 

* all data is subjected to change

 

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