Employee Benefits and Retention Strategies

The provided document is an analysis of employee benefit packages in the telecommunications industry, specifically focusing on Verizon, AT&T, and Sprint. It highlights the key strategies employed by these companies to attract and retain top talent, including health benefits, insurance schemes, banking facilities, and diversity initiatives. The document concludes that Verizon offers one of the most attractive employee benefit packages in the industry, making it competitive in the market.

Employee benefits

Table of Contents
INTRODUCTION ..........................................................................................................................3
Main Body ......................................................................................................................................3
CONCLUSION................................................................................................................................6
REFFERNCES ................................................................................................................................7
.........................................................................................................................................................7

INTRODUCTION
Employee Benefits are the the perks or the incentives offered to an employee in addition
to the salary. It includes medical, disability, life insurance, retirement and other fringe benefits
(Topolosky, 2014). The project is based on evaluating the benefits package of three similar
companies: AT&T, Sprint and Verizon. These organisations are operating in
telecommunication industry which are known to provide wireless and internet based services.
This project will attempt to discuss each company's history and demographics as well as the
employee benefits it offers to its employees.
Main Body
Employee Benefits are the incentives or the fringe benefits which are provided to the
employees over and above their salaries and wages. These benefits are offered by the
organisation so as attract and retain talent and differentiates business from its competitors.
AT&T organisation
It is an American multinational conglomerate holding company which is the largest
provider of fixed telephone services in United States and is the second largest provider of mobile
telephone services. Its services includes Satellite television, fixed line telephone services,
network security, digital television and many more. It has around 268 thousand employees
serving in U.S( AT&T, 2019)
Demographics

AT&T, includes a diverse and a inclusive workforce to create a culture in which
employees have the opportunity to grow and develop at the work place. It includes employees
from all backgrounds, genders, ages and disabilities so as to have more access to knowledge and
ideas. From the data at the end of 2017. AT&T Workforce it consist of 31% of female and 43%
people of colour. Moreover women are 35% are women's are managers. Apart from this
management consist of 44% of their workforce and 56% of front line employees. In addition to
this retention rate fir women at AT&T was 82%. Moreover in 2018 company employed around
268 thousand people and had over 150 million connections across its wireless service
(Workforce Diversity, 2019). It has been analysed that respective company consist of diversity
of workforce which leads to generation of ideas and concepts and allows employees to work
collaboratively.
Employee Benefits at AT&T
At AT&T, employees are provided with welfare options as a part of their employ
wellness scheme, such as group health coverage which is sponsored by their employer and in
which business pays a large portion of workers health insurance premium. The Respective
company provides health, dental and vision benefits to its employees. It also provides group life
insurance, short term disability insurance for accidents and illness and death benefits which
covers certain causes of death. Apart from these benefits company provide defined pension and
contribution plans by providing them a fixed sum of amount when they retire. These are the
effective fringe benefits provided to the employees which helps AT&T to retain their employees
for a long time period (Kuznetsova, 2013).
Sprint Organisation

It is an American telecommunication company that provides wireless and internet
services. It is the fourth largest mobile network operator and serves around 57.7 million
suscribers. Its services include wireless voice, messaging and broadband services through
various subsidiaries such as Boost Mobile, Virgin Mobile and Assurance Wireless brands(Sprint
falls to number four among wireless carriers . 2019).
Demographics
Sprints total employees decreased from 31,000 in 2015 to 30,000 to 2016 and then 28,
000 in 2015. There is a downfall for the company as number of employees are decreasing. This
shows that respective company is not able to provided efficient benefits to its employees this
leads to increased employee turnover(Employee Headcount, 2019).
Employee Benefits
Sprint organisation has medical plans which covers dental and vision benefit plans for its
employees. It also includes supplemental insurance plan as a benefit for its employees. Other
benefits include flexible spending accounts which has the provision of health care and dependent
care and also has retirement health reimbursements arrangements which benefits the customer
over and above their salaries and wages. It also offers a bonus paid 20% quarterly and 40% in the
fourth quarter over and above their wages and salaries in their annual financial year. This
bonuses are paid as to motivate the employee against their work done and serves as an employee
benefit program in which extra amount is provided to employees according to specific quarterly
basis. These are the various employee benefits which assist them to retain employees in
organisation for long time period (Benefits, 2019).

Verizon
It is a American multinational telecommunication company which provides wireless
products and services and wholly owned subsidiary of Verizon Communications. It is the largest
wireless telecommunication provider in U.S. It is also second largest telecommunication in
terms of revenue after AT&T. It is listed on New York stock exchange and have more than 144,
500 employees within the company( Verizons Communication, 2019).
Demographics
Verizon consist of employees from all age groups and encourages employee involvement
ranging from different nations. As analysed from the data of 2017, Verizon consist of 65.5%
women workforce are remaining as men belonging from USA. Therefore respective organisation
consist diversity of workforce. Apart from this 29.7% of women represent senior management,
president and above. There is a high employee turnover from 2017 to 2016 as in 2016 number of
employees were 173,300 employees and reduced to 161,000 employees in 2017.(Employee
Headcount, 2019)
Employee Benefits

There are various attractive benefits for the employees under Verizon such as paid leaves
for new parents up to 8 weeks. It provides competitive salaries and performance based incentives
as well as discounts on Verizon products. It has various insurance benefits and health plans and
dependent care spending accounts, a healthy pregnancy program and an Employee assistance
Program. It has other vacation policy, holidays and life long learning such as tuition assistance,
award winning on the job training and access to industry research. Apart from this the Employee
assistance program includes professional assistance for child services, elder care and mental
health services. These are attractive employee benefits programmes which assist the company to
attract and retain employees for a long time period (Hameed, Ramzan and Zubair, 2014).
A cost benefit analysis helps to measure company's profit to the costs it is incurring
against providing services to the customers and benefits to the employees. Sprint uses Satellite
transmission for video content distribution but after the development of IP networks these
expenses for the company was reduced and eliminated. Another method company adopted is the
use of web casts which allows the employees to interact with each other at a distant location.
This also reduced the cost to the company as employees can effectively interact. This helps them
to minimise the cost and gain major profits in functioning their business activities. This helps the
company in giving more employee benefits as by reducing cost, Sprint can provide more benefits
to its employees to work productively. Moreover Verizon saves on cost by ensuring employees
goes through a well training program which are of high standards and competence. This program
undertaken by Verizon helps them to perform their work efficiently and this leads to reduce
employee turnover. These are the various programmes undertaken by the respective companies
in order to gain the maximum benefits against the cost incurred in providing services to the
customers. These also employee benefits to work efficiently and in a dedicated manner towards

the success of organisation. This leads to the improvements in the work based outcomes of the
employee and fosters increased participation in the programs. In comparison to Verizon and
Sprint, AT&T have a effective and a competitive cost benefit package as they invest in
recruiting the highest qualified professionals which enables them to spend less on training
programmes and leads to increased efficiency in the work place. This assist the respective
company to gain maximum profitability against the cost incurred in recruiting the highly
professionalised candidates.
Based on the analysis of employment benefits which are offered by these companies it is
analysed that Verizon has the most attractive employee benefit package. The justification for the
same is that they provide options from savings to learning for employees and families which
assist them to remain competitive I.e it includes employee benefits plans regarding learning
additional courses, training programmes and includes benefits packages for employees family
and children which makes them competitive in comparison to AT&T and Sprint.
CONCLUSION
From the above report information demonstrates that that attractive employee benefits
assist the company to retain employees within the organisation. Considering the analysis carried
out in the report, it can be concluded that Verizon is offering one of best employee benefit
package in the telecommunication industry. Verizons Health benefits, insurance schemes and
banking facilities offered are unmatchable in this sector. Moreover company should also include
a diversity of the workforce to have proper sharing of knowledge and ideas and adopts an
effective cost benefit package so as to remain competitive in the environment.

REFFERNCES
Books and Journals
Topolosky, P.S., 2014. Linking employee satisfaction to business results. Routledge.
Kuznetsova, O.N., 2013. The new model of accounting of employee benefits of the entity. In the
World of Scientific Discoveries, Series A. 1(1), pp.46-53.
Hameed, A., Ramzan, M. and Zubair, H.M.K., 2014. Impact of compensation on employee
performance (empirical evidence from banking sector of Pakistan). International
Journal of Business and Social Science. 5(2).
Shahid, A. and Azhar, S.M., 2013. Gaining employee commitment: Linking to organizational
effectiveness. Journal of Management Research. 5(1). p.250.
Das, B.L. and Baruah, M., 2013. Employee retention: A review of literature. Journal of Business
and Management. 14(2). pp.8-16.
Online
Workforce Diversity. 2019. [Online]. Availabe Through:<https://about.att.com/csr/home/issue-
brief-builder/people/workforce-diversity.html>
Benefits. 2019. [Online]. Availabe Through:<https://www.sprint.com/en/benefits.html>
Employee Headcount, 2019. [Online]. Availabe
Through:<https://www.fiercewireless.com/wireless/employee-headcount-rise-and-fall-
job-numbers-at-verizon-at-t-t-mobile-and-sprint>
Verizon Communications. 2019. Available
Through<https://www.forbes.com/companies/verizoncommunications/#1983576b4314>

Sprint falls to number four among wireless carriers . 2019. [Online]. Available
through :<https://www.vox.com/2015/8/4/11615316/sprint-falls-to-no-4-among-
wireless-carriers-by-number-of-subscribers>