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Monday, Dec 4, 2023

Benefits–Survey: Employee Retention Plans Vary Among Firms

Employer-paid medical coverage and casual dress days are nearly ubiquitous benefits offered by San Diego employers, according to a recent survey by the Eastridge Group.

On the down side, the survey of 405 local companies found only 1 percent offering a child-care program and 23 percent offering a profit-sharing plan.

The survey conducted in October by the San Diego-based staffing company was intended to show what local firms are doing to attract and retain quality workers.

“Even employers who are paying top dollar in salaries need to think creatively and be kept up to speed on the latest employee benefits,” said Vince Siciliano, Eastridge Group’s chief administrative officer.

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While the survey showed 97 percent of the companies provided some sort of medical coverage, the type of coverage varied widely.

Sixty-nine percent of employers pay up to 75 percent to all of the costs for the medical coverage. Yet more than half do not provide any contribution toward vision care, and just over half provide some contribution toward dental care.

While nearly 60 percent contribute to medical dependent coverage, only 23 percent provide the bulk of the contributions, and 41 percent of the employers surveyed do not provide any medical coverage for dependents.

Flexible working schedules and the ability to select from a number of possible holidays was a growing trend, according to the survey.

Some 42 percent surveyed offer flex time arrangements, and the most common number of paid holidays is between eight and 10. But nearly 40 percent get eight or less paid holidays, and 9 percent said they only give their workers six paid days off.

As for vacation time, after one year, 68 percent give two weeks off; after five years, 62 percent give three weeks off.

Retirement savings plans are fairly standard, with 75 percent of employers offering 401(k) plans. However, only 23 percent offer stock options to their employees.

At a time when there is nearly full employment, local companies are getting more creative with their benefits package, the survey found. Among some of the benefits provided by responding companies are $1,200 per year per worker in lieu of dental, vision or dependent coverage; a loan program that finances up to $2,500 for the purchase of a new computer and a $500 scholarship upon the birth of a new child.

The total number of employees represented by the companies participating in the survey was 52,675. Of the participating companies, 29 percent had 25 or fewer employees, and 20 percent had between 25 and 50 workers. Thirty-six percent had more than 100 employees.


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