Psst: It’s not Apple, Facebook or Google
It pays to work here.
Workers at Costco Wholesale are the happiest with their pay and benefits, according to employer reviews from more than 18 million employees, released Tuesday by Indeed.
And a look at what the company offers to even hourly employees may reveal why. Both part-time and full-time hourly employees — in addition, of course, to salaried employees — receive perks like low-cost health care coverage, which is a rarity. Full-time hourly employees are benefit-eligible on the first of the month after working 90 days (or 450 hours); part-time hourly workers are eligible on the first of the month after working 600 hours or 180 days. “Not only do we provide our employees with a full spectrum of benefits, but employees also may elect coverage for their spouses, children and domestic partners,” Costco notes on its website.
Costco is followed by Kaiser Permanente, Verizon and FedEx Express as the spots where workers are happiest with their pay and compensation. Both Verizon and FedEx have some unique benefits: FedEx provides paid leave for those getting married, and Verizon has an employee relief fund for natural disaster victims.
But what’s particularly interesting is that perk-heavy Apple only takes the No. 5 spot on the list, and the likes of Google and Facebook aren’t in the top 15. What this shows is that happiness with your pay and benefits is “relative,” according to Indeed. “A retail company’s average compensation package may not come close to the average compensation package of a software firm, but when an organization leads its industry [in terms of pay and benefits], it can secure a place among the top organizations overall,” the report concluded.
Top-rated companies for compensation and benefits
Companies ranked most highly by employees
While pay and benefits are important — a study released in February showed that more income makes us happier up to about $105,000 a year in the U.S. — but they are just one component of what makes us happy at work. Other things matter too, like having job security, autonomy, and good relationships with both management and coworkers, research shows.
Whatever the magic combination for your happiness at work is, one thing is clear: Companies should care. The reason? Happier workers are more productive. Indeed, happy workers are 12% more productive than average, and unhappy workers are 10% less productive, according to research from economists at the University of Warwick. “We find that human happiness has large and positive causal effects on productivity. Positive emotions appear to invigorate human beings,” the researchers write.
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