Hy-Vee's $167 million employee bonuses
Hy-Vee Inc. gave more than $167.2 million in bonuses and other benefits to its employees in 2020. Over the last year, Hy-Vee introduced a variety of new and enhanced employee benefits.
“Our goal for 2020 was to build upon Hy-Vee’s current benefit offerings to bring better compensation, better services and better opportunities to our employees and their families,” said Randy Edeker, Hy-Vee’s chairman, CEO and president. “As we start 2021, we will continue to bring more benefit offerings to our employees as we further our mission to be the best place to work in America.”
Hy-Vee also seeks to hire more than 10,000 employees to fill positions across its eight states. Employees are eligible to begin taking advantage of the benefits after 30 days of employment.
As an employee-owned company, Hy-Vee’s more than 88,000 employees have the opportunity to share in the company’s success through a variety of ways. New employee benefits and perks launched in 2020 include:
• 10 percent Employee Discount on Groceries: Employees and their families saved more than $30.6 million in grocery discounts in 2020.
• Holiday Pay: On select holidays, Hy-Vee retail employees can earn an extra $1 to $2 an hour. In 2020, more than $2.2 million was awarded in holiday pay.
• Employee Appreciation Bonuses: In a show of appreciation for long hours worked during COVID-19, Hy-Vee gave employees 10 percent bonuses on their hours worked during specific timeframes, resulting in $28.3 million shared in additional bonuses.
• Enhanced 401(k) Plan: Employees who participate in Hy-Vee’s 401(k) plan can become employee owners in Hy-Vee through the employee ownership stock fund. Beginning Sept. 28, 2020, Hy-Vee increased the matching contribution to 50 percent for every dollar contributed, up to the first 7 percent of pay; and all active employees became 100 percent vested in current and future matching contributions. In 2020, Hy-Vee gave nearly $29.9 million in matching contributions.
• Part-time Insurance: Eligible part-time employees are enrolled in a supplemental life insurance policy provided by Hy-Vee, and eligible part-time employees can select from a variety of health care plans with an employer contribution.
• Tuition Assistance: Employees and their immediate family members are eligible to enroll at Bellevue University and receive annual tuition assistance. Under the program, eligible employees can receive as much as $10,500 in tuition assistance each year.
• Pharmacy Bonuses: Hy-Vee pharmacists and pharmacy technicians who assist with Hy-Vee’s rapid antigen COVID-19 testing receive an additional $250 to $500 bonus for participating in the public health program.
• 90th Anniversary Gifts: In honor of Hy-Vee’s 90th anniversary in 2020, more than $1 million in prizes were randomly given away to employees across the company.
Most recently, Hy-Vee announced free rapid antigen COIVD-19 testing to its employees. Hy-Vee offers the rapid antigen testing at 47 Hy-Vee pharmacy locations via an outdoor drive-thru testing process.
Other benefits Hy-Vee introduced over the year include: free employee membership for Care.com, access to PerkSpot for special discounts, two weeks of paid parental leave, adoption reimbursement and fertility reimbursement.
In addition to the new and enhanced benefits, Hy-Vee also offers a generous bonus system that rewards employees for their hours worked throughout the year each and every year. In 2020, Hy-Vee shared $68.7 million in bonuses to full-time employees and $6.5 million in bonuses to part-time employees.