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Comcast Corporation:
2012 Company of the year
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Marriott International Inc:
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Latina Executives 2005

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.

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.

by Diana Rosado

[This article has been edited for
For the full version, check out the 2005 September/October issue of LATINA Style.]

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