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  • Insurances, 401(k) Plans Nearly Universal URR Benefits

    April 19, 2017 | By NACE Staff

    Trends & Predictions
    A hiring manager reviews a benefits package.

    TAGS: compensation, salaries, benchmarks, spotlight

    Spotlight for Recruiting Professionals

    Insurance coverage and company-matched 401(k) retirement plans are nearly universal benefits offered by employers responding to NACE’s 2016 Recruiting Compensation Benchmark survey to their employees involved in college recruiting.

    Virtually all firms provide these employees with the entire range of insurance coverages, including medical (offered by 100 percent of respondents), dental (100 percent), life (99.2 percent), and vision (97.4 percent) insurances. (See Figure 1.)

    The median employer contribution for the medical insurance premium for the employee’s coverage is 80 percent; for the employee’s dependents, it is 70 percent. This tends to vary by the size of the company, with smaller firms covering a more generous part of the medical insurance premium.

    The deductible connected with medical insurance for which the employee is responsible is around $1,300 for the employee and $1,500 for the employee’s dependents. Again, there are differences based on the size of the company and the industry. Firms with between 500 and 2,500 employees are noteworthy for the very low deductibles connected with their health insurance plans, with medians of $300 for the employee and $600 for the employee’s dependents.

    Ninety-five percent of firms in the survey offer a company-matched 401(k) retirement plan. The median match is up to 5 percent of the employee’s salary and there is very little variation in the match except for the smallest firms in the survey. Firms with fewer than 500 employees have a median match of only up to 4 percent of the employee’s salary.

    The vast majority of employers (84 percent) offer tuition reimbursement for an employee to pursue an advanced degree. For the most part, the employer will pay 100 percent of the tuition. The major exception is with small employers; among those with 500 employees or fewer, the median tuition reimbursement is less than 60 percent.

    NACE’s 2016 Recruiting Compensation Benchmark survey was conducted among NACE employer members during the summer of 2016. The survey was open from July 25, 2016, until October 17, 2016. It was sent to 945 employer organizations and responses were received from 174 member companies—an 18.4 percent response rate. The 2016 Recruiting Compensation Benchmark Report is available in MyNACE to members who participated or whose organizations participated in the survey. An executive summary of the 2016 Recruiting Compensation Benchmark Report is also available.

    Figure 1: Percentage of Employers That Offer Insurance

    Insurance Type Percentage of Employers That Offer
    Medical 100%
    Dental 100%
    Life 99.2%
    Vision 97.4%
    Source: 2016 Recruiting Compensation Benchmark Report, National Association of Colleges and Employers