In this article we are going to list the 15 Companies with the Best Benefits. Click to skip ahead and jump to the 5 Companies with the Best Benefits.
The vast majority of people are working as salaried individuals, which means that the majority of their income is derived from their salary, which of course means that these people are employed at different businesses. Research suggests that most people want to work in big corporations for a variety of reasons, which include better learning opportunities, better growth and of course, many try to choose companies with the best benefits.
Nowadays, there are a lot of talented individuals as competition grows. This is why having a degree and often a Master’s degree is necessary to make it to a top job. Because of high competition, both between positions and between companies, you will see few people working 9-5 in a competitive business environment.
While in previous years, salaries were enough to entice workers, for employers, attracting top talent is not as easy as it once was. That doesn’t mean that salary is not important anymore; it is still easily one of the biggest factors in attracting talent, but now, employees are focused on a lot more than just the salary. For example, work-life balance is a term which only came into existence in the 70s and 80s as pressure in the workplace increased, leading to people sacrificing other aspects of their lives. Now, this balance is more important than ever before especially in the United States and other developed countries. Many employees want to know that they will have sufficient time available to pursue other interests and relaxation, as there is more to life than making your employer a lot of money.
Other major benefits include insurance and health coverage, not just for the employee but for the immediate family as well, with some of the companies with the best benefits providing such coverage for parents, spouse and dependent children in addition to the employee. And while only a few private companies provide pension plans to employees now, proper retirement plans, including a provident fund and gratuity fund, are extremely important as well, where in provident funds, the companies match the contribution of the employee and invest the money, which then earns interest or profit as well.
Disability insurance is a new perk which some of the top companies offer. After all, according to the Social Security Administration, at least a quarter of 20-year-olds will be disabled before reaching the age of 67, which is why such insurance is extremely important.
In the United States, student loans are some of the biggest burdens that new employees have, as they are burdened with debt of tens of thousands of dollars or even over a hundred thousand dollars. This is why some companies offer immediate repayment of student loans as a signing bonus, which if you remember, was one of the reasons why Mitch McDeere chose the firm Bendini, Lambert & Locke in the John Grisham novel, The Firm. For those struggling to pay bills even as they are burdened by student debt, this can almost seem like a dream come true.
Flexibility in working is also something which has never really existed before the last few years, as 9 to 5 seemed etched in stone earlier. However, companies are starting to realize the importance of flexible working, especially in global organization where people operate in different time zones and have different priorities.
Aside from these perks, leaves are a major benefit too, and in the United States, you might be surprised to know that unlike other developed countries, there are no minimum leaves that a company is legally obligated to provide. However, you can’t attract top talent without providing adequate leaves so you’ll find few top companies where you are unable to take any leaves.
Of course, these are perks and benefits that are intrinsic to attracting talent, even though there are other additional benefits which improve the productivity of a company, which include free coffee and snacks, gaming rooms, relaxation rooms and many other such benefits which don’t have any intrinsic value but are still important for the morale of employees.
This brings us to the companies with the biggest benefits. Some of the biggest corporations out there are earning tens or hundreds of billions of dollars in revenue, and billions in profits, and to maintain or grow this number, they are willing to pay top dollar and provide additional benefits which other companies won’t. The companies that rank as the leaders in their respective industries, such as Microsoft Corporation (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB), Alphabet Inc (NASDAQ:GOOGL), Apple Inc (NASDAQ:AAPL), and Boeing Co (NYSE:BA) realized that in order to be great, deliver high-quality products, and innovate, it’s not enough to just pay decent or more-than-decent wages. These companies are also focused on their employees well-being and try to provide benefits that outmatch their competitors.
It’s not surprising for everyone that Alphabet Inc (NASDAQ:GOOGL) is one of the best companies to work for because of their amazing offices that provide a lot of facilities for employees, such as free-of-charge restaurants, bikes, and a lot of activities to stimulate productivity. However, additionally, Alphabet Inc (NASDAQ:GOOGL) also provides a full-suite of on-site health staff to aid workers with any issues, which can be particularly important in the US with its high healthcare costs. Facebook Inc (NASDAQ:FB) also went beyond providing great salaries and office spaces. The social media giant provides health insurance that covers dental and vision not just for employees but also for their families. Microsoft Corporation (NASDAQ:MSFT)’s range of benefits includes reimbursement for fitness, health insurance, but also a 401(k) plan, an employee stock purchase plan and 37 paid holiday days per year. You can read more about Alphabet Inc (NASDAQ:GOOGL), Facebook Inc (NASDAQ:FB), and Microsoft Corporation (NASDAQ:MSFT) benefits when you get to the top five companies with the best benefits, where all three have made the list.
Many of the companies in our list, which is based on a study by Comparably, belong to the tech industry in Silicon Valley, which are famous for their out of the box thinking and providing new and improved benefits to their employees. So let’s take a look at the companies where anyone would be thrilled to work at, starting with number 15:
15. Boeing Co (NYSE:BA)
It may be one of the best companies to work for, but Boeing Co (NYSE:BA) also had to lay off thousands of employees during the pandemic, which may actually hurt its ranking when the list gets updated. Nevertheless, the list of benefits provided by Boeing Co (NYSE:BA) includes insurance, paid leave, and even compensation of up to $10,000 for adoption expenses.
Not only does Microsoft Corporation (NASDAQ:MSFT)-owned LinkedIn helps connect employees with employers, but it also provides incredible benefits to its own employees, which helped the company reach nearly a quarter of a billion users worldwide.
13. Pegasystems (NASDAQ:PEGA)
Performance bonuses, paid holidays and competitive salaries are just some of the benefits that Pegasystems (NASDAQ:PEGA) provides. This is why, Pegasystems (NASDAQ:PEGA), a software company, makes it to our list of companies with the best benefits.
12. Apple Inc (NASDAQ:AAPL)
Apple Inc (NASDAQ:AAPL) is the most valuable company in the world, and is worth more than $2 trillion, and it wouldn’t be even close without paying top dollar to its employees, such as providing stock options to all employees, which for the most valuable company in the world, is an excellent option for job-seekers.
11. Amazon.com, Inc. (NASDAQ:AMZN)
Amazon.com, Inc. (NASDAQ:AMZN) has been in the news recently for its deplorable conditions for its warehouse workers, so it might be surprising to see it among companies with the best benefits. However, the tech behemoth does treat its office workers a lot better, making it an attractive place to work. Nevertheless, Amazon.com, Inc. (NASDAQ:AMZN) still needs to do a lot to improve its image as an employer not just in the US, but also other countries where it’s present.
10. Zoom Video Communications Inc (NASDAQ:ZM)
On the 10th spot among companies with the best benefits is Zoom Video Communications Inc (NASDAQ:ZM). The company jumped into the limelight when it outshined other video communications providers as the pandemic hit forcing people to work and study from their homes. However, Zoom Video Communications Inc (NASDAQ:ZM) is also known for the many excellent benefits it provides which includes competitive payment, fitness reimbursement, unlimited time-off, free meals and even monthly office parties.
9. Capital One Financial Corp (NYSE:COF)
In addition to generous vacation time and personal days, Capital One Financial Corp (NYSE:COF) also provides maternal and paternal leaves, in case the couple has a baby. Additionally, Capital One Financial Corp (NYSE:COF)’s benefits also include adoption reimbursement and education assistance.
8. Verizon Communications Inc. (NYSE:VZ)
Next in our list of companies with best benefits is Verizon Communications Inc. (NYSE:VZ). Not only does Verizon Communications Inc. (NYSE:VZ) provide competitive salaries as well as performance based incentives, the company matches its employees’ contributions to the 401(k) savings plan while also covering adoption expenses as well as offering many perks pertaining to wellness, which is extremely important today.
7. T-Mobile Us Inc (NASDAQ:TMUS)
T-Mobile Us Inc (NASDAQ:TMUS) wants to continue attracting top talent, which is why the company offers paid parental leave, free money for childcare and even adoption / surrogacy programs in addition to 401(k) and stock plans to ensure financial stability for the future. Even tuition assistance and several other everyday discounts are covered by T-Mobile Us Inc (NASDAQ:TMUS) to maintain its status as one of the companies with best benefits.
6. UiPath Inc (NYSE:PATH)
UiPath Inc (NYSE:PATH) provides disability insurance, dental benefits, vision benefits, health insurance benefits and even a flexible spending account, which are all reasons why it makes the companies with the best benefits list for 2020. The company also offers wellness programs as well as flexible working hours. UiPath Inc (NYSE:PATH) also ensures that parental leaves are covered not just for mothers but for the fathers as well, in addition to remote working, which is a major benefit in the pandemic era.
Please continue to see the 5 companies with the best benefits.
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Disclosure: None. 15 companies with the best benefits is originally published at Insider Monkey.