One important way we embody our values is by serving and supporting our employees through programs that allow them to flourish and do their best. We offer a variety of benefits and perks that show our respect for our employees and their families. Highlighted below are several benefits that are remarkable in our industry. For a complete overview of the employee benefits program, visit REI.jobs.
We believe it's important to offer all employees health care benefits they can afford. Part-time employees who work fewer than 20 hours per week (and who aren't eligible for our Flex Plan benefits) can enroll in health care coverage through our PaTH program.
Full-time and eligible part-time employees (working more than 20 hours per week) get a variety of medical options through our Flex Plan. In 2010, we also made sure our health care benefits met requirements put in place through the Patient Protection and Affordable Care Act.
Good health and well-being are attributes everyone hopes to enjoy throughout their lifetime, but we know good health doesn't just happen. In 2010, we continued REI Health Quest, a points-based wellness incentive program that helps employees focus on personal health management. All employees, regardless of status, can participate in this program.
In 2010, REI implemented initial phases of a comprehensive health and absence management strategy, including:
Because of this strategy, the co-op saw a 2 percent increase in health benefit expense for 2010 (per employee per year), the lowest incremental increase in several years.
Eligible employees share in the co-op's financial success through our industry-leading REI Retirement and Profit Sharing Plan.
All employees may contribute their own pay to REI's Retirement and Profit Sharing Plan as well as take advantage of retirement planning and investment advice from our retirement plan administrator.
Incentives for Performance
Employees receive Xcels Annual Incentive Plan awards based on how well the co-op performs overall and how each division or store performs. Individual employee performance also factors into how much employees receive each year.
As a result of outstanding performance in 2010, 100 percent of eligible employees received a payout under the Xcels Plan. The total employee payout was $33 million.
Our focus on providing employees comprehensive benefits hasn't wavered, even in a lagging economy. We continually look for ways to improve our benefit package to make sure it's relevant to employee needs.
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