One way in which we recognize the importance of our people is to provide a valuable suite of compensation and benefit programs as well as resources to support our employees’ professional achievement and personal well-being. Together, we call these “Total Rewards.”
Total Rewards include compensation and financial rewards, health and insurance benefits, opportunities for employees to develop their skills and grow their careers, and programs that help meet the demands of managing an employees’ professional and personal well-being. Our philosophy behind these programs is rooted in maintaining our competitive position in the market while providing a comprehensive and valuable package of rewards that supports our business, recognizes individuals and aligns employees with the future needs of our company.
Our compensation programs are designed using a pay-for-performance approach and recognize and reward employees for their accomplishments and the value they bring to the company. The programs target different aspects of individual and company performance and are monitored to ensure that they are competitive with those of other companies—and appropriate to the markets in which we compete for talent.
Our company’s health and wellness, retirement, and insurance programs draw from best practices to ensure quality, competitive value, protection from significant financial hardship, and access to tools and resources to support employees and their family members at all stages of their career.
Worldwide, our company offers retirement benefits that are competitive with those of our peers and the general industry in each market we serve. In the U.S., for example, we offer a defined benefit pension plan, as well as a 401(k) plan with company matching contributions. To assist in personal investment decision making, we offer all U.S. employees the Ernst & Young Financial Planning Program at no cost.
Offering on-site services that support an inviting work environment where employees can thrive is another component of our company’s Total Rewards proposition.
At the majority of company sites, including the company headquarters in Kenilworth, N.J., USA, employees have the option of making an appointment to see a health care professional on site—and usually on the day they need to-for such services as immunizations, biometric screenings and treatment for minor aches and pains. The vast majority of sites globally are tobacco-free and many encourage healthy behaviors by having on-site fitness centers, walking trails and well-lit stairways.
At many of our sites, we also offer services such as cafeterias, child care, dry cleaning, automobile services and other amenities. In the U.S., our employees have the option of banking through our company’s Employees Federal Credit Union, which offers competitive interest rates on savings accounts and lending.
For those who need flexibility, our company offers a global Flexible Work Arrangement policy that allows employees to work remotely or on a different work schedule that best fits their needs.