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 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 www.latinastyle.com.
For the full version, check out the 2005 January/February issue of LATINA Style.]
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