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Benefits Programs
and Incentives
As we begin the
new year with an optimistic
outlook and a commitment to our
2005 resolutions, life changes
are a common theme. Many of us
will embark on a journey of
striving for healthier
lifestyles, spending more time
with family and friends, and
making career changes.
Similar to the way in which we
make personal resolutions,
companies also use this time to
restructure their policies,
programs, and workforces.
Acknowledging the fact that
there are a large number of
professionals looking to grow in
their careers and graduates
exploring the job market for the
first time, many companies use
this time of year for
recruitment purposes. One of the
most successful methods of
attracting talented, skilled
professionals is for a company
to provide in-depth information
about its benefits programs and
unique incentives. Many people
will choose between potential
employers based on multiple
factors, including which one
will provide the best benefits.
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Following our own resolution for the 2005 year,
LATINA Style continues to explore further
the 50 top companies of its 2004 LATINA Style
50. In issues following the July/August Special
Report, we have shed light on companies that
have gone above and beyond the standard with
various programs and policies. We’ve discussed
the presence of Latina executives in the
companies’ top ranks and examined different
mentoring programs that involve leading company
mentors and mentees. In this issue, we continue
our quest to delve deeper into the top 50
companies by exploring their most rewarding
benefits programs and incentives.
Because the competition is fierce to secure a
workforce that is skillful, intelligent and
innovative, many companies have established
advantageous programs and beneficial policies
that cater to individual employee lifestyles.
The benefits range from alternative work
policies to a “worry-free” health plan to profit
sharing. It may surprise you to know that
employee benefits packages offered are not
federally regulated, with the exception of the
Family Medical Leave Act (FMLA) enacted in 1993
and upheld by the U.S. Department of Labor.
Although the federal government does institute
guidelines and enforces laws to protect
employees’ rights, the distinctive policies, the
percentages of coverage, and the types of
benefits offered are left to the discretion of
the companies themselves. Taking this into
consideration, corporations are doing everything
in their power to attract and retain their
workforces. With such competitive benefits plans
and additional incentives available, the
job-seeking professional has an interesting
choice to make.
Each year, in the evaluation process for
determining the 50 top companies, we investigate
and compare these benefits and incentives. Part
of our selection is based on data from the
LATINA Style 50 evaluations and outside research
conducted to better comprehend mandated and
voluntary benefits programs.
Because many of the benefits are optional and a
standard package doesn’t really exist, the
companies featured in the above chart were
compared to other LATINA Style 50
companies and evaluated even further. By using
this filtering method, we were able to
demonstrate which companies offered the most
impressive benefits packages. The benefits plans
consist of premium health insurance coverage of
over 75% paid by the company for employees and
families, personal leave options in addition to
FMLA criteria, multiple retirement policies
including 401K, several alternative work
options, annual scholarships for employees’
children, and childcare facilities and
subsidies. Exclusive incentives include profit
sharing and monetary or recognition awards, job
retraining, and continuous education
reimbursements.
In our research, we have discovered that the top
50 companies are committed to offering their
employees unique and competitive benefits
packages, and we are pleased to share them here
with you. Join us again as we feature coverage
of the LATINA Style 50 Best Practices in
Diversity Conference and Awards Ceremony in our
March/ April issue.
The criteria shown here
only refers to a few categories, and they do not
reflect the total categories evaluated for the
selection of the LATINA Style 50.
more about the LS50 > |
