These exceptional organizations reward and retain experienced employees eyeing the end of their careers, benefiting from their loyalty and institutional knowledge along the way.
June 14, 2016 (San Francisco, Calif.) –As employees dedicate their time and talents to an industry over the years, planning for their lives post-career becomes a growing priority. Leading workplaces recognize this and shape their benefits and culture to support the seasoned workers who know their businesses the best. Institutional knowledge, succession planning and mentoring of future leaders all require the ability to attract and retain highly experienced team members. That's why research and consulting firm Great Place to Work® and Fortune magazine are excited to announce their first-ever ranking of the Best Workplaces to Retire From. Surveys from their employees show that these businesses are held in high regard for the opportunities they offer everyone in their workforce planning for the future.
"Long-time employees and job candidates alike know just how critical retirement planning is for their financial well-being," said Michael C. Bush, CEO of Great Place to Work®. "By creating a workplace that looks ahead to team members' needs post-career, these leading companies retain the talent and expertise needed to best serve their customers today."
Intuitive Research and Technology Corp. held the no. 1 position in the ranking, followed by Edward Jones and Baker Donelson. Click here to see all 30 winners. Employee surveys confirm these companies are fair when it comes to pay, promotions and treatment in the workplace, regardless of age. In addition, they help set up their people for prosperity in their latter years. For example:
- Three in ten employees at Intuitive take advantage of the company's flexible scheduling. The company also offers a formal phased-retirement program, as well as compressed workweeks, telecommuting and job sharing that can help ease the transition to retired life.
- Profit sharing at Edward Jones has contributed, on average, an additional 4 percent of team members' pay into their retirement accounts annually. Additionally, extensive retirement transition plans compensate financial advisers for the business they've built over their careers. In 2014, payouts related to these plans averaged $460,000.
- Baker Donelson – along with 19 other companies on the list – matches employee 401(k) contributions dollar for dollar. This large law firm also works closely with employees to establish goals and schedules that best match their needs when they approach the end of their careers.
- In addition to a matched 401(k), ESL Federal Credit Union in Rochester, N.Y., makes contributions to traditional employee pensions based on age and years of service. Only 18 percent of private employers surveyed by the Labor Department maintain this type of increasingly rare defined-benefit plan, compared to four in 10 of the Best Workplaces to Retire From.
Among roughly 600 organizations Certified by Great Place to Work®, 123 possessed workforce traits that made them eligible for the ranking. They were then assessed based on survey responses most relevant to people anticipating the close of their careers. Further analysis of survey data also showed that companies on the list benefited from a high degree of dedication among their most experienced team members:
- On average, 93 percent of employees over the age of 52 at the winning companies said they want to stay with their organizations for a long time.
- Ninety-five percent of people in this age group at companies on the list said they are proud to tell others where they work.
- Voluntary turnover across age groups averaged 7.2 percent among the Best Workplaces, compared to 9.2 percent at peer organizations certified by Great Place to Work®.
The leading companies offered additional incentives for seasoned employees to stay on board, including an average internal promotion rate of 35 percent. Team members 52-plus also gave the winning companies high marks on measures of fairness. For example, 86 percent of employees over 52 at winning companies say they are paid appropriately. In addition,83 percent of those employees agree that they receive an equitable share of their businesses' profits, compared to 70 percent at organizations that didn't make the list.
The Best Workplaces to Retire From is one of a series of rankings by Great Place to Work® and Fortune based upon employee survey feedback from Great Place to Work®-certified organizations.
About The Best Workplaces to Retire From
This is a "best of the best" ranking. The winners come from the universe of organizations currently certified as stand-out workplaces by Great Place to Work® and that have published Great Place to Work® Reviews, which demonstrates their commitment to transparency. Companies in the 30 Best Workplaces to Retire From were ranked based on employee responses to Great Place to Work®'s 58-statment Trust Index® survey, as well as internal promotion rates and the availability of benefits that matter to retirement-age team members. Great Place to Work® studied surveys and collected program information from 123 organizations that met eligibility requirements for the list. Two-thirds of each company's score was based on feedback from older employees, as well as younger team members' experiences in areas related to employee retention. The remaining one-third of each company's score was based on the availability and generosity of retirement-related benefits, as well as internal promotion rates. Trust Index survey results among the winners were highly reliable, having a 95 percent confidence level and a margin of error of 7 percent or less.
About Great Place to Work®
Great Place to Work® is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services and certification programs, including Best Workplaces lists and workplace reviews, Great Place to Work® provides the benchmarks, framework and expertise needed to create, sustain and recognize outstanding workplace cultures. In the United States, Great Place to Work® produces the annual Fortune "100 Best Companies to Work For®" list and a series of Great Place to Work® Best Workplaces lists, including lists for millennials, women, diversity, small and medium companies and over a half dozen different industries.
Follow Great Place to Work® online at Greatplacetowork.com and on Twitter at @GPTW_US.
Contact: Ann Nadeau, Chief Marketing Officer, Great Place to Work®
Phone: (+1) 415-844-2500