Total Rewards is your benefits and compensation package and is comprised of 4 elements: Compensation benefits, Retirement benefits, Health benefits, and Work/Life benefits.
For an overview of your new benefits, review the New Hire Benefits Overview. Complete benefits information will be available on your first day of employment.
Your compensation includes your salary and incentive pay, as well as our spot bonus program. Farmers paydays are biweekly every other Friday. Our compensation programs support our pay for performance philosophy in the following components:
Farmers Insurance is dedicated to providing its employees with a competitive base salary program designed to attract, motivate, and retain well-qualified personnel. This program recognizes position responsibilities and provides equal pay opportunities for employees doing equal work.
Annual Merit Performance Increase:
Base salary may be adjusted according to our pay for performance, which is an integral part of the Compensation Management program. The performance of every employee is reviewed by his or her supervisor to determine contribution to department goals and objectives. A performance salary increase is granted accordingly.
The Spot Bonus program is a discretionary program designed to provide an immediate award for an outstanding contribution, which is above and beyond normal job duties. All regular employees are eligible for this program.
The Short Term Incentive Plan reinforces the pay for performance philosophy which links the business performance with individual performance. STIP is an incentive amount paid to an individual designed to motivate, focus and reward employees for successfully achieving specific organizational and individual performance objectives.
Total Rewards Statements:
Employees receive a Total Rewards statement annually, which provides an overview of the compensation and benefits received in the prior year as well as details about their individual compensation and benefits package for the current year.
Farmers provides two valuable retirement benefit plans:
- 401(k) Savings Plan* (6% dollar for dollar Company match)
- Cash Balance Pension Plan (100% Company funded). Note: Pension Plan accruals cease and accrued benefits are frozen on 12/31/2018. Effective 1/1/2019 the 401(k) Savings Plan will be enhanced with an additional 4% Company contribution (in addition to th 6% Company match).
*Please note; a few weeks after your start date, you will receive a letter from Vanguard with more information about enrolling in the Farmers Group, Inc. 401(k) Savings Plan.
An Overview of your medical plan options can be found in your New Hire Benefits Overview. Detailed information about your medical plan options will be available on your first day of your employment.
To learn more about Health Savings Accounts, which can be used with our High Deductible medical plans, view the following informational videos:
Your Work/Life benefits include a variety of programs such as career development, tuition assistance, paid time off, adoption assistance, legal services, the Employee Assistance Program, membership in the Farmers Insurance Group Federal Credit Union, and more.
Once you have started at Farmers, you will be able to review detailed information about each of these programs on our company intranet website called “Farmers Today.”