• Recruitment
• Workforce Trends

• Retention Strategies
• Workplace Law

• Benefits
• Best Employers Program

Massachusetts Institute of Technology

Winning years: 2006, 2005, 2003
Industry: Education-Post Secondary
Location: Cambridge, MA
URL: www.mit.edu

Winning Strategies 2006

MIT fosters a lifelong learning environment that serves the diverse needs of its community of approximately 11,000 employees, 36% of whom are age 50 or older.

The Institute also remains connected with its retirees through such programs as the MIT/ Lincoln Laboratory Retiree Associations, MIT Quarter Century Club, MIT Campus Partners, and MIT Senior Focus. Retirees may remain engaged with the Institute through many activities such as special seminars, luncheons and dinners, and planned trips. Since 1998, the William Dickson Tuition Scholarship has awarded eligible retirees with grants up to $1,000 per year for study at accredited institutions.

Below is a summary of some of the Institute's programs for both employees and retirees:

• Recruiting: MIT uses Operation ABLE, a senior placement agency, as well as employee and retiree referrals to target mature workers.
• Workplace Culture/Continued Opportunities: The Institute offers the following learning and development programs to full- and part-time employees (working at least half-time): tuition reimbursement, in-house classroom training, on-line training, and certification classes. Long-service anniversaries are celebrated with announcements, parties, and awards.
• Benefits/Health: Full- and part-time employees (working at least half-time) are eligible for full benefits. Benefits include individual and family medical including vision coverage, prescription drug coverage and dental insurance, long-term care insurance and long-term disability. Ninety percent of employees are enrolled in individual or family medical and prescription drug coverage plans, while 80% of employees are enrolled in individual or family dental plans. The long-term care plan is offered to individuals and extended family members. The Institute also offers health and child/elder-care flexible spending accounts, tuition reimbursement and a children's scholarship program. The following wellness programs are also available: flu shots, health screenings, health risk appraisals, smoking cessation programs, health club discounts, exercise programs, weight loss programs, and stress management training programs. The Institute offers on-site child care, referral services to assist with child/elder care, and back-up child/elder care.
  
  Available health benefits for retirees pre-age 65 and age 65 and older include medical and drug coverage for individuals as well as spousal/domestic partners and dependents. Some plans include vision coverage. Other retiree benefits include life insurance, long-term care insurance, and Employee Assistance Programs.
• Benefits/Financial: MIT offers a defined benefit and a 401(k) retirement savings plan to eligible full- and part-time employees. The Institute matches employee contributions dollar for dollar up to 5% of eligible compensation for the 401(k) plan. The 401(k) offers more than 300 investment options including lifecycle funds. Employees age 50 and over can make "catch-up" contributions to their 401(k). The defined benefit plan provides a lifetime monthly income for retirees.
• Benefits/Alternative Work Arrangements: MIT offers alternative work arrangements to eligible full- and part-time employees including: flex time, compressed work schedules, job sharing, and telecommuting. Full-time employees are eligible to move to part-time work on a permanent or temporary basis. Employees who wish to phase into retirement have the opportunity to reduce schedules in current roles and apply for part-time positions as they become available. The Institute fosters a flexible work environment and has written guidelines to assist managers in accommodating workers' needs.
• Opportunities for Retirees: The Institute currently has approximately 5,000 retirees and has a dedicated staff responsible for retiree relations. The Institute continues to engage its retirees by communicating on a regular basis, inviting retirees to MIT events, providing retirees with ongoing access to retirement planning workshops, and formally acknowledging retirees on the occasion of their retirement. Retirees are offered work arrangements such as: temporary work assignments, consulting/contract work, telecommuting, as well as full- and part-time work.
• Age of Workforce: Of the company's total number of employees, 36% are 50+. In the past 12 months, 10% of the Institute's new hires were age 50 or older. The average tenure of employees age 50 or older is 18.5 years.