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Stanley Consultants

By: Source: AARP.org Date Posted: 2006-08-30 10:08:47.731750-04:00

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Winning years: 2007,2006, 2004, 2002
Industry: Consulting Services
Location: Muscatine, IA
URL: www.stanleyconsultants.com

Highlights of 2007 Winning Strategies

Stanley Consultants formal phased retirement program is very popular, with about 75 percent of members continuing to work in a reduced capacity during the initial two years after the member's retirement date. In many cases, the member will begin to work reduced hours for a period of time before retirement, and then continue to work in some capacity following the retirement date, often for many years. The program is flexible; there are no rules or red tape involved with administering the program. Each case is tailored to the retiree's individual needs. The company promotes professional training and development with the support of a 2.5-million-dollar budget in 2006/2007. As a retirement bonus, retirees receive their sick leave balance (up to 400 hours) and paid AARP membership.

Additional Policies and Practices:

• Recruiting: Stanley Consultants attends trade shows sponsored by associated organizations and industry-sponsored trade shows to recruit mature workers.
• Workplace Culture/Continued Opportunities: To full- and part-time employees, the company offers these learning and development programs: tuition reimbursement, in-house classroom training, on-line training, certification classes, and external workshops and seminars. Employees must work at least 20 hrs/week to be eligible for the tuition reimbursement program, certification classes, and external seminars and workshops. In the past 12 months, 67% of Stanley employees participated in at least one of the training opportunities with an average of 18 hours spent in training. Based on employee surveys, these improvements have been made to policies/benefits: employee training enhanced by hiring a Training and Development Administrator, a new Personal Time Off (PTO) program increased flexibility, new short-term disability program introduced, and age-targeted financial retirement planning added. Employees may develop new skills with temporary assignments, team projects, and international travel. The company makes special accommodations for employees with special needs, including: elevated (standing) work stations, special chairs to accommodate a chronic back injury, customized chairs, split keyboard trays, wrist supports, ergonomic footrests, and preferred parking.
• Benefits/Health: Full- and part-time employees (working 20+ hrs/week) receive individual and family medical coverage, individual and family prescription drug coverage, individual and family vision and dental insurance, and short- and long-term disability. Health benefits for retirees pre-65 and 65+ include individual and spouse medical and drug coverage, vision and dental insurance, EAP services, and life insurance or other death benefit coverage. New hires are eligible for all these benefits upon retirement. Stanley offers an FSA plan to employees to cover their out-of-pocket health care costs, and the Member Charity Fund is a hardship fund with employee-donated funding.
• Benefits/Financial: Stanley offers a 401(k) (with company match) to employees who work at least 20 hours a week and stock options to full- or part-time employees working 19+ hrs/week. Employees may invest in lifecycle funds, and employees 50+ can make catch-up contributions. Employees receive financial planning information from staff members, from the firm that administers their 401(k), and from experts not associated with the 401(k). The company also holds a Benefits Fair which employees, retirees, and spouses may attend. Stanley offers short-term time off without pay and long-term leaves of absence without pay for caregiving. In addition, the company sponsors a special "time off" bank funded by member donations of vacation time. These wellness programs are offered to full- and part-time employees: flu shots, health screenings, smoking cessation programs, health club discounts, and weight loss programs. Seventy-nine percent of the company's employees have utilized at least one of these wellness benefits in the past 12 months. The company reimburses employees $100 annually for health club memberships, home exercise equipment, and related clothing. In addition, Stanley offers referral services to assist with childcare and eldercare to its full- and part-time employees.
• Benefits/Alternative Work Arrangements: Stanley offers these alternative work arrangements to its full- and part-time employees: flex-time, compressed work schedules, and a formal phased retirement program. Full-time employees are eligible to move to part-time work on a permanent and temporary basis.
• Opportunities for Retirees: Stanley currently has 101 retirees and an individual directly responsible for retiree relations. The company stays connected with its retirees by communicating regularly, inviting retirees to organization events/celebrations, providing ongoing access to retirement planning workshops/information, and formally acknowledging them when they retire. Retirees are offered temporary work assignments, consulting/contract work, telecommuting, full-time work, and part-time work.
• Age of Workforce: Thirty percent of Stanley employees are 50+. The average tenure of employees age 50+ is 10 years .

Winning Strategies 2006

Stanley Consultants formal and informal mentoring programs have been in place for more than forty years, providing mature mentors with personal satisfaction in being able to pass on their invaluable knowledge. A regularly held retirement training workshop, open to members 55+ and spouses, includes information on retirement planning as well as the opportunity to meet individually with trained retirement counselors.

Other Benefits:

• Workplace Culture/Continued Opportunities: The company offers the following learning and development programs to its full- and part-time employees: tuition reimbursement (5% used in past 12 months), in-house classroom training (65% used in past 12 months), on-line training (45% used in past 12 months), certification classes (20% used in past 12 months), and external seminars and workshops (20% used in past 12 months). Employees must work at least 20 hrs/week to be eligible for the tuition reimbursement, certification classes, and external seminars and workshops. The company promotes continuous learning and budgeted approximately $2.45 million this year for training and development. Long-service anniversaries are celebrated with announcements, parties, awards, and gifts.
• Benefits/Health: Full- and part-time employees (working at least 20 hrs/week) receive individual and family medical coverage, individual and family prescription drug coverage, individual and family vision and dental insurance as well as short- and long-term disability. One hundred percent of employees are enrolled in the individual medical insurance, prescription drug, vision, and dental plans while 34% of employees are enrolled in the individual and family medical insurance, prescription drug, vision, and dental plans. One hundred percent of employees are enrolled in the short and long-term disability plans. Health benefits for retiree's pre-65 and 65+ include individual as well as spouse medical and drug coverage, vision and dental insurance, EAP services, as well as individual life insurance or other death benefit coverage. Retirees 65+ also receive retiree and spouse life insurance or other death benefit coverage. New hires are eligible for all of the above benefits upon retirement. The company offers a health flexible spending account.
• Benefits/Financial: The company offers a 401(k) as well as a stock option/profit sharing retirement savings plan to its full- and part-time employees. The company contributes 4% of the employee's total compensation into the 401(k) and also makes an additional profit sharing contribution annually, typically 2% and a 1% stock bonus. The company offers referral services to assist with child care and elder care. In the past 12 months 15% of employees have used the child care referral services and 8% have used the elder care referral services. The company sponsors a special time-off bank funded by employee donations. The following wellness programs are offered to full- and part-time employees: flu shots, smoking cessation program, health club discounts, and weight loss programs. Sixty-two percent of employees have utilized at least one of the above benefits in the past 12 months.
• Benefits/Alternative Work Arrangements: The company offers the following alternative work arrangements to its full- and part-time employees: flex time, compressed work schedules, telecommuting, and a formal phased retirement program. Ten to 20 employees participate in the above alternative work programs at any given time. Full-time employees are eligible to move to part-time work on a permanent and temporary basis. The company's phased retirement program allows great flexibility in arranging reduced work schedules.
• Opportunities for Retirees: The company currently has 147 retirees. There is an individual who has a direct responsibility for retiree relations. The company stays connected with its retirees by communicating on a regular basis with the retiree, inviting retirees to organization events/celebrations, providing retirees with ongoing access to retirement planning workshops, and formally acknowledging retirees on the occasion of their retirement. Retirees are offered the following work arrangements: temporary work assignments, consulting/contract work, telecommuting, as well as full- and part-time work.
• Age of Workforce: Thirty-one percent of the company's employees are 50+. Seventeen percent of the company's past twelve month new hires are 50+. The average tenure of employees age 50+ is 11.5 years.