Employee benefits and perks – Life science industry raises the bar

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

In the life sciences 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). 

Recently, 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

Marsh & McLennan Agency has one of the largest life sciences practices in the western U.S. MMA serves more than 2550 companies nationally 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.