COMPENSATION, BENEFITS AND INCENTIVES

COMPENSATION, BENEFITS AND INCENTIVES

The majority of the companies nominated as a Top Mortgage Workplace offer standard health and life benefits, such as medical and dental coverage and life insurance, although very few companies offer retirement plans. Competitive bonuses and healthcare benefits were among employees’ top reasons for naming their employer a Top Mortgage Workplace.

Outside of the standard benefits, a few companies also offer wellness benefits, such as gym membership reimbursement and occasional in-house physiotherapy and massage therapy sessions. One organization takes its care for employees’ health to the next level: “We provide lunch-and-learns on several topics to assist our employees. We do a monthly meditation series at lunchtime and offer healthy free snacks in our café for all employees to enjoy. Our employees have access to the local Moksha Yoga studio for drop-in classes and the Goodlife Fitness studio for drop-in fitness workouts that are all paid for. Wellness education also includes financial seminars about budgeting, buying your first home, the importance of savings for retirement and much more.”

In terms of compensation, 85% of employees said they were satisfied with their compensation, while 86% reported being satisfied with their company’s bonus structure. There’s a wide variety of bonus structures on offer throughout the mortgage industry, including an organization that offers a bonus after an employee completes a ‘tier’ of training. Other companies offer bonuses based on sales goals and performance. “We have been very fortunate to provide an annual bonus to all eligible full-time employees that range from a minimum target of 5% annual salary to a maximum of 25% annual salary, depending on the employee's level and position within the company,” one organization said of its bonus structure.

Other popular benefits offered by Top Mortgage Workplaces include unlimited time off, sabbaticals and critical illness insurance.

What benefits are offered to employees?
Medical coverage: 74%
Dental coverage: 68%
Long-term disability: 59%
Life insurance: 56%
Disability benefits: 53%
 
Does your organization offer a retirement plan?
10 to 25 employees:

Yes: 9%
No: 91%
26 to 100 employees:
Yes: 18%
No: 82%
101 to 500 employees:
Yes: 56%
No: 44%
500+ employees:
Yes: 100%
No:  0%
 
Does your organization offer a bonus or incentive program?
Yes: 94%
No: 6%
 
Does your organization offer any wellness programs or incentives?
Yes: 53%
No: 47%
 
Does your organization offer sabbaticals?
Yes (paid): 0%
Yes (unpaid): 35%
No: 65%
 
Does your organization offer loyalty leave?
10 to 25 employees:
Yes: 9%
No:  91%
26 to 100 employees:
Yes: 8%
No:  92%
101 to 500 employees:
Yes: 44%
No:  56%
500+ employees:
Yes: 33%
No:  67
 

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