Photo by Thomas Broening
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Nice Workplace (If You Can Get It)
November & December 2005
AARP's 2005 Best Employers for Workers Over 50
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Our fifth annual hot list of employers is bigger than ever-thanks to a crop of applicants totaling twice last year's and an abundance of perks and programs. We present the 50 AARP Best Employers for Workers Over 50, starting with our top 10...
1. Stanley Consultants, Inc., Muscatine, Iowa
Consulting Services
846 employees; 34% over 50 (53% of managers, 77% of executives)
Recruiting: 3
Training and Development: 5
Health Benefits: 5
Pension Plans: 3
Alternative Work Arrangements: 5
Wow Factors Stanley's phased-retirement program, in which 75% of its employees participate, allows for customized arrangements to fit each retiree's needs. Additional benefits tailored to older employees include international assignments and mentoring and coaching roles. Further proof that Stanley is committed to attracting and keeping older workers: in the past 12 months, 26% of the company's new hires were over the age of 50.
2. Scripps Health, San Diego, California
Health Care
10,155 employees; 29% over 50 (42% of managers, 61% of executives)
Recruiting: 5
Training and Development: 4
Health Benefits: 5
Pension Plans: 3
Alternative Work Arrangements: 5
A Guide to the Ratings
We evaluated each employer's performance on a range of work force practices and policies beneficial to 50-plus workers.
The five key criteria that follow were rated from 1 (worst) to 5 (best) and calculated along with other qualities to arrive at each employer's overall ranking.
Recruiting AARP reviewed how companies seek out older workers. Among the measures: Are ads placed in publications targeting diverse age groups? Do materials appeal to workers of all ages?
Training and Development An important part of any job is keeping skills sharp. AARP evaluated not only the skill-enhancing programs these companies provided but also how proactive they were in encouraging older workers to take part. Ditto for perks such as tuition assistance. Training-and-development ratings also take into account whether or not the employer regularly conducts employee opinion surveys and provides opportunities for new experiences, such as cross-training and temporary assignments.
Health Benefits This seems like a given, but we dug a little deeper to assess each company's medical, prescription-drug, vision, and dental insurance coverage, including the percentage of the premium that workers are required to pay and whether these benefits are offered to part-time workers and retirees. We also looked for extras like long-term care insurance.
Pension Plans Key measures: Do the companies offer traditional defined-benefit plans and/or defined-contribution plans? Do they have other financial incentives like stock options or profit sharing? Do they offer resources to help workers make informed decisions about retirement savings?
Alternative Work Arrangements We looked for opportunities like telecommuting and flextime, which are particularly important to workers with caregiving responsibilities. Another grade booster: phased retirement, in which employees receive benefits while working fewer hours.
Wow Factors Scripps's life cycle employment program assists workers in planning for their personal needs at every stage of life, from increasing family time and putting children through college, to caring for parents and protecting assets. In response to the needs of the 50-plus worker, the company recently added retiree health insurance to its benefits and created a tax-free health account for retirees to save toward additional medical expenses.
3. Bon Secours Richmond Health System, Richmond, Virginia
Health Care
5,108 employees; 29% over 50 (38% of managers, 41% of executives)
Recruiting: 5
Training and Development: 5
Health Benefits: 5
Pension Plans: 5
Alternative Work Arrangements: 5
Wow Factors Employees at Bon Secours can enroll in 50 different classes and development programs, held at varying times and locations to accommodate individual schedules. The company provides a 50% subsidy for eldercare and sick-child-care services, and employees can have home health-professional assistance with their dependents up to 10 days per year.
4. Deere & Company Moline, Illinois
Industrial Equipment and Machinery
26,124 employees; 35% over 50 (38% of managers, 69% of executives)
Recruiting: 5
Training and Development: 4
Health Benefits: 5
Pension Plans: 5
Alternative Work Arrangements: 5
Wow Factors Deere requires all managers and supervisors to participate in a recently developed training course on avoiding age discrimination. Part-time employees can also receive health coverage for working as little as one hour per week. Plus, full- and part-time employees benefit from stock options, profit sharing, or similar plans.
5. Cornell University Ithaca, New York
Education
12,082 employees; 40% over 50 (43% of managers, 82% of executives)
Recruiting: 5
Training and Development: 5
Health Benefits: 5
Pension Plans: 5
Alternative Work Arrangements: 5
Wow Factors This Ivy League university allows employees and retirees to enroll-gratis-in up to six credits of course work each semester. For employees interested in more casual learning, the extramural study program has noncredit courses on topics from gardening to bird watching-also free. Plus, retirees can enroll in a comprehensive "wellness program," which includes gym membership and classes, for only $168 a year.
6. Massachusetts Institute of Technology Cambridge, Massachusetts
Education
10,594 employees; 32% over 50 (45% of managers, 85% of executives)
Recruiting: 5
Training and Development: 5
Health Benefits: 4
Pension Plans: 4
Alternative Work Arrangements: 5
Wow Factors The university's Center for Work, Family, and Personal Life offers MIT employees seminars on pertinent topics from driving and aging to home care for elders and negotiating job flexibility. For workers with college-age children, MIT's Children's Scholarship Program provides fully paid tuition benefits to faculty children who are admitted to the university, and in some cases to other colleges nationwide.
7. First Horizon National Corporation Memphis, Tennessee
Financial Services
12,568 employees; 20% over 50 (22% of managers, 35% of executives)
Recruiting: 3
Training and Development: 4
Health Benefits: 5
Pension Plans: 5
Alternative Work Arrangements: 5
Wow Factors 50-plus workers are assigned to a retiree relationship manager, who works one-on-one with each worker to ensure that he or she makes informed decisions on retiree health insurance, pensions, and stock options. First Horizon's exceptional flexible-work options, including a program that allows employees to reduce their schedules to part-time while still receiving full benefits, helped make it one of our three recipients of the Bernard E. Nash Award for Innovation†, which honors employers with innovative work practices.
8. Brevard Public School System Viera, Florida
Education
8,839 employees; 40% over 50 (47% of managers, 80% of executives)
Recruiting: 3
Training and Development: 4
Health Benefits: 5
Pension Plans: 5
Alternative Work Arrangements: 2
Wow Factors The school system provides both a defined-benefit pension plan and a defined-contribution plan, and workers at Brevard can take up to two years of leave for caregiving. An indicator of employee satisfaction: 90% of retiring teachers express a desire to continue working for the Brevard Public School System as substitutes.
9. Yale-New Haven Hospital New Haven, Connecticut
Health Care
6,370 employees; 24% over 50 (40% of managers, 67% of executives)
Recruiting: 5
Training and Development: 5
Health Benefits: 3
Pension Plans: 3
Alternative Work Arrangements: 4
Wow Factors Yale-New Haven Hospital recently implemented a "Have It Your Way" shift option for the nursing staff to allow for greater flexibility. Additionally, YNHH is one of the few hospitals in the country to incorporate a performance incentive plan to annually reward employees for the hospital's performance. In the last four years, the hospital has paid out more than $10 million to employees participating in the plan.
10. Lee Memorial Health System Fort Myers, Florida
Health Care
6,262 employees; 36% over 50 (43% of managers, 54% of executives)
Recruiting: 5
Training and Development: 5
Health Benefits: 4
Pension Plans: 2
Alternative Work Arrangements: 5
Wow Factors Workers at Lee Memorial can take advantage of free health clinics and an in-house mail-order pharmacy, which has drastically reduced employee drug costs. The company's best perk: full- and part-time employees can take advantage of the Seasonal Months Off program, which allows them to take time off for up to six months per year while still maintaining their health and life insurance at the same rate.
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