Winning years: 2008, 2007, 2006, 2005, 2004, 2003
Industry: Financial Services
Location: Memphis, Tenn.
2008 Rank: 7
Highlights of 2008 Winning Strategies
One of AARP’s top-10 Best Employers for Workers Over 50 in 2008, First Horizon has implemented numerous strategies to address the needs of an aging workforce. It assigns employees age 50+ to a Retiree Employee-Services Relationship Manager, who works exclusively with the 50+ employee and provides counseling to help with the retirement-planning process. All employees, retirees, and their families, benefit from access to Mayo Clinic resources, including a 24-hour nurse line, the Tobacco Quitline, and online Mayo health resources, at no individual cost. The average tenure of employees age 50+ is 11.95 years.
Additional Policies and Practices:
Recruiting: First Horizon uses placement agencies for older job-seekers to target mature workers and retirees.
Workplace Culture/Continued Opportunities: To its full- and part-time employees, First Horizon offers the following learning and development programs: tuition reimbursement, in-house classroom training, online training, and certification classes. In the past 12 months, 100 percent of First Horizon employees participated in at least one of its educational opportunities, with an average of 50 hours spent in training.
The company celebrates long-service anniversaries with announcements, parties, awards, and gifts. Based on employee feedback, First Horizon has made the following improvements to policies and benefits: adding a new parental leave benefit, providing health benefits to domestic partners, implementing FirstDollars (a cash benefit and part of the flexible dollars program), offering vision care and an improved dental program, implementing a high-deductible health plan for employees who enroll in health-savings accounts, and offering accident insurance coverage.
Employees have opportunities to gain new experiences by working on temporary assignments in other departments and on team projects.
Examples of the job accommodations that First Horizon offers include large computer monitors with magnifiers, ergonomically designed chairs, height adjustments on work stations to meet physical needs, parking spaces near the employee entrance, and headsets and job customization for hearing-impaired employees.
Benefits/Health: Full- and prime-time employees working 20 or more hours per 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. The company offers individual and family long-term-care insurance to all employees regardless of weekly hours worked.
Health benefits for retirees under age 65 and 65+ include individual and spousal medical and drug coverage, EAP services, long-term care insurance, and life insurance or other death-benefit coverage. New hires are eligible for all these benefits upon retirement. The company offers employees flexible-spending accounts and flexible dollars to help cover out-of-pocket health care costs.
Benefits/Financial: First Horizon offers a 401(k) with an employer match to its full- and part-time employees. Employees may invest in lifecycle funds, and employees 50+ can make catch-up contributions.
Employees receive financial-planning information from staff members, from online tools from the firm that administers the 401(k), and from LifeWorks. The company offers short-term time off without pay and long-term leaves of absence without pay to allow for caregiving. In addition, the company supports workplace flexibility.
The following wellness programs are offered to full- and part-time employees: flu shots, health screenings, health-risk appraisals, smoking cessation programs, health club discounts, physical activity and exercise programs, weight loss programs, and stress management training. Forty-two percent of the company’s employees have used at least one of its wellness benefits in the past 12 months.