Benefits/Financial: Employees working 20 or more hours per week are offered a 401(k) plan with employer match, a money-purchase defined contribution plan, and stock options, profit sharing, or a similar plan. All new hires are automatically enrolled in the 401(k) plan, employees age 50 and over can make catch-up contributions to their plan, and employees may choose to invest in lifecycle funds that automatically re-allocate assets based on age or proximity to retirement.
Employees are offered financial education via staff members, from the staff of the financial services firm that administers their savings plan, and from external financial planning experts. Michelin's benefits team provides free all day pre-retirement seminars to employees and spouses.
Short- and long-term leaves of absence without pay are offered to allow for caregiving.
Full- and part-time employees are offered flu shots, health screenings, health risk appraisals, health club discounts, as well as physical activity and weight loss programs. Additional wellness benefits offered to full-time employees include a chronic condition management program, smoking cessation programs and stress management training.
Michelin offers referral services to assist with child care, grandchild care and eldercare to employees working 20 or more hours per week.
Benefits/Alternative Work Arrangements: The following alternative work arrangements are offered to employees working at least 20 hours per week: flextime, compressed work schedules, telecommuting, job sharing and a formal phased retirement program. The formal phased retirement program allows employees with 10 or more years of service to work up to 35 hours per week while maintaining benefits. Full-time employees are eligible to move to part-time work on a permanent or temporary basis.
Opportunities for Retirees: Michelin has 17,649 retirees and an individual directly responsible for retiree relations. The company stays connected to its retirees by communicating on a regular basis, inviting retirees to organization events, providing ongoing access to retirement planning workshops and information and by formally acknowledging retirees when they retire. Retirees are offered full- and part-time work opportunities.
Age of Workforce: Thirty-eight percent of Michelin employees are age 50 and over. The average tenure of those employees is 24.7 years.
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