Hy-Vee Builds Up Employee Benefits
Hy-Vee Inc. has provided incentives to becoming an essential worker at its locations by giving more than $167.2 million in bonuses and other benefits to its employees in 2020.
With sales of $11 billion annually, Hy-Vee’s more than 88,000 employees have the opportunity to share in the company’s success through a variety of ways.
The employee-owned company launched a variety of new and enhanced employee benefits and perks last year as part of its mission to be the “Best Place to Work in America, ” including:
• 10% Employee Discount on Groceries: Employees and their families saved more than $30.6 million in grocery discounts in 2020.
• Holiday Pay: On select holidays, Hy-Vee retail employees can earn an extra $1 to $2 an hour. In 2020, more than $2.2 million was awarded in holiday pay.
• Employee Appreciation Bonuses: In a show of appreciation for long hours worked during COVID-19, Hy-Vee gave employees 10% bonuses on their hours worked during specific time frames, resulting in $28.3 million shared in additional bonuses.
• Enhanced 401(k) Plan: Employees who participate in Hy-Vee’s 401(k) plan can become employee-owners in Hy-Vee through the employee ownership stock fund. Beginning Sept. 28, 2020, Hy-Vee increased the matching contribution to 50% for every dollar contributed, up to the first 7% of pay, and all active employees became 100% vested in current and future matching contributions. In 2020, Hy-Vee gave nearly $29.9 million in matching contributions.
• Part-Time Insurance: Eligible part-time employees are enrolled in a supplemental life insurance policy provided by Hy-Vee, and eligible part-time employees can select from a variety of health care plans with an employer contribution.
• Tuition Assistance: Hy-Vee partnered with Nebraska-based Bellevue University on the new Hy-Vee Tuition Assistance Program, with a number of options for all employees and their immediate family members. Under the program, eligible employees can receive as much as $10,500 in tuition assistance each year.
• Pharmacy Bonuses: Hy-Vee pharmacists and pharmacy technicians who assist with Hy-Vee’s rapid antigen COVID-19 testing receive an additional $250 to $500 bonus for participating in the public-health program.
• 90th Anniversary Gifts: In honor of Hy-Vee’s 90th anniversary in 2020, more than $1 million in prizes were randomly given away to employees across the company.
Most recently, Hy-Vee rolled out free rapid antigen COVID-19 testing for its employees. Hy-Vee offers the testing at 47 Hy-Vee pharmacy locations via an outdoor drive-thru testing process.
Other benefits the retailer introduced over last year include free employee membership for Care.com, access to PerkSpot for special discounts, two weeks of paid parental leave, adoption reimbursement and fertility reimbursement.
Additionally, Hy-Vee’s newest subsidiary, Vivid Clear Rx, will offer affordable pharmacy benefits management services to associates.
The food retailer also offers a generous bonus system that rewards employees for their hours worked throughout the year, each and every year. In 2020, Hy-Vee shared $68.7 million in bonuses to full-time employees and $6.5 million in bonuses to part-time employees.
“Our goal for 2020 was to build upon Hy-Vee’s current benefit offerings to bring better compensation, better services and better opportunities to our employees and their families,” said Randy Edeker, Hy-Vee’s chairman, CEO and president. “As we start 2021, we will continue to bring more benefit offerings to our employees as we further our mission to be the best place to work in America.”
The employee-owned Hy-Vee, the parent company of Vivid Clear Rx, operates more than 275 retail stores across eight Midwestern states. The company is No. 33 on The PG 100, Progressive Grocer’s 2020 list of the top food and consumables retailers in North America.