Employee benefits exist on a wide spectrum.
There are those that are legally mandated, such as health insurance; there are those that are expected, like paid time off; and there are fringe benefits that many companies don’t offer, such as wellness stipends and stock options. Most companies do more than the bare minimum, but the benefits employees receive are unique to that business.
Job seekers keep a sharp eye out for benefits, as they can dramatically improve a person’s quality of life — at work and beyond. In 2022, Built In reported that 60 percent of candidates seriously consider benefits when choosing to accept or reject a job offer, and 69 percent of current employees claimed they would be more loyal to a company with a wide range of available benefits.
The types of benefits each person is looking for will vary, but overall, their top priorities can be sorted into a few broad categories. According to Built In’s 2022 Candidate Insight Report, people look for companies that offer comprehensive insurance, work-life balance and mental health support, along with financial assistance such as 401(k) matching. What that looks like will differ between companies, but touching each of those categories is critical to create a good benefits package.
This month, Built In LA is highlighting a few key benefits from two local companies that address one or more of those needs. Invoca and ABL Space Systems have different packages, but each of them reflects investment in their employees. Check out their full list of benefits at Built In LA’s website.
What they do: Invoca uses AI to track marketing, sales and customer service phone calls, create transcripts and trace the customer path from advertising on. Invoca’s technology can derive insights from the data provided by these customer calls to improve overall consumer experience.
Comprehensive time off: In addition to a robust PTO policy that starts at 20 days off for all full-time employees, Invoca offers up to six weeks of paid and protected family leave to welcome recently born or adopted children. This is on top of 13 paid holidays, five sick days, three volunteer days and an extra week off after seven years at the company.
Health and wellness: Invoca has several benefits connected to employee health and wellness, both physical and mental. In addition to medical, dental and vision insurance, the company offers a wellness subsidy and mental and emotional support through WorkLifeMatters.
What they do: Founded by veterans of SpaceX and Morgan Stanley, ABL Space Systems strives to make orbital launch seem like it isn’t rocket science. Its mission of innovation and simplification is paying off: In September, it completed a “wet dress rehearsal” of its first proper rocket liftoff.
Student Loan Aid: Getting into space engineering can be challenging — and expensive. To mitigate the latter, ABL Space Systems contributes to its employees monthly student loan payments. With that financial burden lessened, team members can better focus on their personal and professional goals.
Financial Opportunities: The company offers 401(k) matching, with 100 percent match up to 3 percent contribution and 50 percent from 3 to 5 percent. In addition, ABL Space Systems supports company investment by offering stock options to all of its employees.
