Employee benefits and perks-- the life science industry raises the bar

How do companies compete for talent in a nearly full-employment economy?

In the life science industry in California, firms are doing it by sweetening their employee benefits and perks, according to a survey of 120 California life science companies by Marsh & McLennan Agency, LLC., (MMA).

“Life science companies are responding to competitive pressure by offering a richer set of employee benefits now on par or better than the technology industry,” said Chris Williams, CEO of MMA’s West Region. “Attracting top-tier talent in California’s high-cost regions, where many life science companies are located, means innovating and staying ahead of the competition.”

MMA’s survey found that life science companies are being more generous with retirement benefits, financial wellness solutions, work-life balance accommodations, mental and physical health benefits, flexible work schedules, paid time off (PTO) and leave policies, along with numerous convenience perks to reduce the stress on workers.

Among the topline findings:

• 9 out of 10 employers surveyed offer a retirement plan
• 77 percent offer a flexible spending account; 62 percent offer a health savings account
• 39 percent have an onsite gym and 19 percent offer a gym reimbursement
• 70 percent  of employers offer flexible work schedules
• 19 percent provide financial planning, savings or education programs
• 29 percent offer commuter benefits or stipend

“California’s tech industry has been a pioneer of unique perks and benefit offerings, but life science companies are upping their game to compete for the best and the brightest,” Williams said.

Marsh & McLennan Agency has one of the largest life science practices in the U.S., serving more than 2,500 companies in the pharmaceutical, medical device and biotechnology sectors. The firm offers customized insurance and risk management strategies for all phases of business development, from emerging growth through commercialization.