They say money can’t buy you happiness … but it’s still a crucial consideration whenever you’re looking for a job. And in today’s world, compensation is so much more than just a number — it also includes the added benefits offered to you by your company, such as health insurance, wellness, time off, bonuses and more. In addition to being necessary for us to make a living and provide for family or retirement, compensation affects whether or not we feel valued at our jobs and acts as a powerful talent attractor.
For job seekers, it’s a no-brainer that a good compensation package is important, but for employers, offering a competitive compensation package also makes sense. Employees who feel valued are likely to have higher job satisfaction, which is tied to increased motivation and productivity. Ultimately, this can result in stronger employee retention, as people who enjoy their jobs tend to be more loyal and stay longer at a company. In short, investing in competitive compensation is an investment in your firm.
So which companies are ahead of the game and raising the bar for compensation? We analyzed more than 100 million employer reviews on Indeed to identify which firms rated highest on the attribute of compensation and benefits. Here’s what we found.
Retail giant Costco leads the rankings for compensation satisfaction
When it comes to compensation, some of us might think of large tech employers, which are renowned for offering outsized salaries and benefit packages, or banks, which in some cases offer employees gigantic bonuses that can exceed their salaries. However, it turns out that there’s a lot more to getting compensation right than big numbers alone. In fact, our final rankings include companies from a variety of industries, with retail giant Costco at the top of list.
Costco claims the top position for the second year in a row, and for good reason: the retail giant is known for its culture of care and for offering employees great benefits and higher-than-average wages for the retail sector, with their minimum wage being $14/hour — almost twice the federal minimum wage. Costco’s ranking also demonstrates the importance of being competitive within your industry, as most people tend to compare their jobs to roles that are similar; this may be why, despite the association between tech companies and high compensation, Costco’s employee satisfaction is actually higher than that of tech giant Apple (#9 on our list).
Below Costco, we see a wide variety of industries, ranging from health care to financial services, telecommunications and more. Ranked second is health-care giant Kaiser Permanente, followed by telecommunications company Verizon at number three — one of the three on the list, with Comcast at number 11 and AT&T at number 12.
We also see financial companies Capital One (#4) and Advance Financial (#8), as well as food and beverage companies In-N-Out Burger (#5) and Starbucks (#14). Texas-based grocery chain H-E-B (#7) (which ranked first on Indeed’s Top-Rated Workplaces in Retail for 2018) and German budget grocery…