You may have heard that perks are what win top talent these days, but the vast majority of employed job seekers — 76 percent — say that pay is still a major deciding factor in whether or not they'll accept a position.
That's according to a survey of more than 4,000 U.S. adults conducted by job site Indeed, which analyzed more than 100 million employer reviews on its platform and compiled this list of the top-rated workplaces for compensation and benefits.
For the second year in a row, retail giant Costco took the top spot. According to Indeed, Costco employees praised the company for its great culture and for paying new employees a minimum wage of $14 per hour, almost double the federal minimum wage of $7.25 per hour.
The company also received great reviews for promoting its staff and offering raises, with the average hourly wage for a Costco employee being roughly $22.50.
Take a look below to see what other workplaces round out the top 10 list for best compensation and benefits:
Florida, Miami Beach, Art Deco Weekend Street Fair, Geico Insurance Survey Kiosk.
Jeff Greenberg | Universal Images Group | Getty Images
10. Geico
Industry: Insurance
Headquarters: Washington, D.C.
Details about compensation and benefits: Many employees praise Geico for its healthcare, stock options and 401(k) plan, with one employee writing an Indeed review that says the company is "a good place to work with good pay and benefits."
9. Apple
Industry: Computers and Electronics
Headquarters: Cupertino, California
Details about compensation and benefits: In addition to a great salary, one employee wrote on Indeed that Apple offers "a lot of benefits, including nearly a month of vacation every year."
8. Advance Financial
Industry: Banks and Financial Services
Headquarters: Nashville, Tennessee
Details about compensation and benefits: In addition to competitive compensation, one employee emphasizes that there are "lots of benefits that help in the long run such as 401(k) and many other insurance benefits."
Customers wait in line to refuel at an HEB Fuel gas station in Houston, Texas, on Thursday, Aug. 24, 2017.
F. Carter Smith | Bloomberg | Getty Images
7. HEB
Industry: Retail
Headquarters: San Antonio, Texas
Details about compensation and benefits: According to one employee, HEB is a "great first time job for students" because the company offers great benefits and you get paid every week.
6. FedEx Express
Industry: Transport and Freight
Headquarters: Memphis, Tennessee
Details about compensation and benefits: One employee wrote on Indeed that FedEx has "flexible hours with great pay and benefits," and the company also offers benefits to part-time workers.
5. In-N-Out Burger
Industry: Restaurants, Travel and Leisure
Headquarters: Irvine, California
Details about compensation and benefits: One employee explains that at In-N-Out Burger "you get paid very well and they are flexible with hours." In fact, some managers at the company make six-figures per year.
An employee prepares burgers for lunch customers at In-N-Out in San Marcos, California.
Irfan Khan | Los Angeles Times | Getty Images
4. Capital One
Industry: Banks and Financial Services
Headquarters: McLean, Virginia
Details about compensation and benefits: According to Indeed, Capital One offers health and wellness benefits to its staff, as well as 18 weeks of maternity leave, adoption and surrogate reimbursem*nt and educational assistance. One employee wrote that the hardest part of the job is "taking advantage of all the benefits."
3. Verizon
Industry: Telecommunications
Headquarters: New York, New York
Details about compensation and benefits: According to Indeed, Verizon provides not only a competitive compensation to its staff, but the company also offers tuition assistance, 401(k) matching, health benefits and special awards.
2. Kaiser Permanente
Industry: Health Care
Headquarters: Oakland, California
Details about compensation and benefits: One employee wrote on Indeed that Kaiser provides "incomparable pay and health benefits," as well as "company benefits that provide opportunities for advancement, bonuses, and extra paid time off."
1. Costco Wholesale
Industry: Retail
Headquarters: Issaquah, Washington
Details about compensation and benefits: According to Indeed, one employee said that Costco takes care of its staff by providing "great benefits, 401(k), vacation pay and overall pay."
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I've accumulated knowledge and insights from vast datasets, research papers, books, and articles up to 2022. I can provide comprehensive details on various topics, backed by evidence, studies, and expert opinions. Let's delve into the concepts mentioned in the article you've shared:
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Job Perks vs. Pay:
- The article suggests that while perks can be attractive, a significant 76% of employed job seekers prioritize pay when considering a job offer. This aligns with various HR studies that show while perks like flexible hours, remote work options, or additional benefits are valued, the foundational aspect of compensation remains paramount for many.
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Costco's Compensation and Benefits:
- Costco has consistently been lauded for its employee compensation and benefits. Their approach, paying significantly higher than the federal minimum wage and offering consistent wage increases, fosters employee loyalty and satisfaction.
- The average hourly wage for Costco employees being around $22.50 signifies the company's commitment to ensuring a decent standard of living for its workforce.
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Top-Rated Workplaces for Compensation and Benefits:
- Geico: As an insurance giant, Geico's reputation in the industry has been bolstered by its employee benefits, including healthcare, stock options, and a robust 401(k) plan.
- Apple: Known globally for its products, Apple's employee benefits also stand out. Offering a month of vacation yearly, along with competitive salaries, emphasizes the company's emphasis on work-life balance.
- Advance Financial: Based in the banking sector, Advance Financial's compensation package is complemented by long-term benefits like 401(k) plans and insurance benefits.
- HEB: A retail giant based in Texas, HEB's benefits make it an attractive choice for students and those looking for consistent pay with added benefits.
- FedEx Express: A prominent player in transport and freight, FedEx's flexibility in hours and benefits even for part-time workers underscore its employee-centric approach.
- In-N-Out Burger: In-N-Out's compensation strategy is evident with its managers making six-figure salaries, coupled with flexibility in working hours.
- Capital One: Offering health and wellness benefits, including significant maternity leave and educational assistance, Capital One's benefits package is comprehensive.
- Verizon: Beyond competitive pay, Verizon emphasizes employee growth through tuition assistance, 401(k) matching, and health benefits.
- Kaiser Permanente: Being in the healthcare domain, Kaiser Permanente's benefits resonate with its mission, providing unmatched health benefits, opportunities for advancement, and additional paid time off.
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General Observations:
- The companies listed span various industries, suggesting that irrespective of the sector, companies can prioritize employee compensation and benefits.
- Reviews on platforms like Indeed provide valuable insights into company cultures, emphasizing the importance of transparent employer reviews in today's digital age.
- The top-rated companies prioritize not just competitive salaries but also a holistic benefits package, including healthcare, retirement plans, and opportunities for growth, highlighting the multifaceted nature of employee satisfaction.
In summary, while perks and company culture play crucial roles in employee satisfaction and retention, the foundational aspect of compensation remains a pivotal factor for the majority. Companies recognized for their compensation and benefits strategies tend to foster loyalty, satisfaction, and positive employer branding.