Xcel Energy is committed to providing employees with a market-competitive compensation and benefits package. We seek to offer programs that are aligned with the external market and attractive to our employees, while finding ways to manage costs to keep our benefits programs financially viable.
Our Total Rewards Statement tool is offered to most of our employees and shows them the full value of the benefits package we provide. It offers a personalized snapshot of pay and benefits information, as well as links to additional program and service information. Employees can access their individual statements online.
|10%||Retirement Benefits Summary||$8,874|
|17%||Health and Welfare Benefits Summary||$15,653|
|4%||Other Cash Compensation||$3,784|
|9%||Pay for Time Off||$8,004|
|Total Rewards Value||$91,377|
A significant portion of our investment in employees is made yearly through a benefits package that remains consistently competitive in the marketplace. Our benefits package for employees often exceeds 40 percent of base pay.
Xcel Energy continues to offer a basic pension plan along with a 401(k) savings plan, which is a demonstration of our commitment to partnering with employees to meet their long-term financial goals. Unlike many employers who have frozen pension plans or reduced contributions to 401(k) accounts, we have continued to contribute to these plans as a sign of our commitment to provide savings vehicles that allow employees to be fully engaged while working, yet able to exit the workforce at an appropriate age. At Xcel Energy, we balance financial and workforce objectives with providing a fair and market-based benefits package, resulting in our ability to recruit and retain the best talent to serve our customers.
|Medical plan||Includes medical, pharmacy and a Health Savings Account (HSA). Employees who enroll in our High Deductible Healthcare Plan (HDHP) are able to contribute pre-tax dollars to an HSA that can be used to offset current or future healthcare expenses not covered by the plan. This account accrues tax-free interest, is owned by the employee and carries over year to year. Employees paid small premiums for the HDHP in 2013. In aggregate, employees pay 25 percent of healthcare costs through their premiums, deductibles and co-insurance expenses; Xcel Energy pays the remaining 75 percent.|
|Dental and vision||Xcel Energy covers between 60 and 75 percent of dental plan premiums and up to 75 percent of vision plan premiums.|
|Life insurance||Xcel Energy covers the full cost of basic life insurance coverage and offers voluntary supplemental and dependent life insurance coverage.|
|Disability coverage||Xcel Energy covers the full cost of long-term disability coverage for eligible employees and provides salary continuation in the form of short-term disability, paid time off (PTO), vacation and sick leave.|
|Work/life balance programs||Includes Employee Assistance Program; tuition reimbursement; adoption assistance; healthcare, dependent-care and transportation reimbursement accounts; transit pass subsidies; and wellness programs.|
|Pension||Xcel Energy provides a pension plan to help employees prepare for a financially secure retirement. The pension benefit is based on an employee’s length of service and eligible compensation.|
|401(k) savings plan||Xcel Energy’s 401(k) Savings Plan allows employees to save for their future through automatic payroll deductions (pre-tax, Roth 401(k) after-tax or a combination of both). Employees can choose to invest their contributions using a variety of options (cash, bond and stock investments). Xcel Energy matches a portion of employee contributions. For new, non-bargaining unit and SPS bargaining unit employees, we automatically enroll new hires at 4 percent pre-tax savings with an automatic 1 percent annual escalation until 10 percent is reached. This results in a guaranteed company match of 2 percent for employees who do not waive coverage.|
Notes on benefits:
- Coverage for eligible dependents includes medical, dental, vision, life insurance and AD&D insurance.
- Employees whose families are composed of domestic partners and/or children of domestic partners have participated in Xcel Energy benefits since 1992.
- Bargaining unit benefits are based on the contract negotiated with a specific local union.
Health and Wellness
Studies have shown organizations that invest in their employees’ health and wellness have a more satisfying and productive work environment. Plus, investments in wellness support more educated healthcare consumerism and help us manage long-term cost increases related to healthcare. In 2013, our focus on wellness continued with a number of opportunities offered to employees.
My Health Choices
My Health Choices is our voluntary wellness rewards program that began in 2012. It’s designed to encourage healthy lifestyle choices for employees and their covered spouses or domestic partners through financial incentives. More than 4,500 members participated in the program in the first year, with nearly 3,100 employees attending on-site bio-metric events to measure important health-related indicators, such as blood pressure, body mass and cholesterol levels.
The number of participants in My Health Choices increased to more than 5,800 employees in 2013, and the company contributed just over $2.3 million toward the program. By taking steps to monitor and improve their health, participants were eligible to receive up to $450 deposited into a health savings account. Not only did the participants reap financial rewards, but they and their families also benefited in other ways, such as:
- Increased knowledge of personal health
- Increased knowledge of healthy choices related to identified health risks
- Increased preventive benefit utilization supporting early disease detection
- Earlier cancer detection through regular preventive screenings
- Weight loss across the employee population
- Disease progression slowdown
- Better clinical compliance for those managing their chronic health conditions
Additionally, Xcel Energy continued to offer wellness coaching and care management programs in 2013. More than 230 employees participated in United Healthcare coaching programs focusing on topics like weight management, exercise, nutrition, tobacco use cessation, heart healthy lifestyle, stress management and diabetes. More than 1,000 employees participated in care management programs that offer assistance to those with conditions such as asthma, coronary artery disease, cancer, chronic obstructive pulmonary disease, diabetes and heart failure.
|On-site flu shot clinics||3,145 seasonal flu shots were given at 55 sites. An additional 1,100 flu shots were administered through our new pharmacy benefit.|
|Health assessments||1,281 employees took the assessment to determine their health risk score and were offered programs to assist them in improving or maintaining health.|
|Fitness center reimbursement program||1,666 plan members received $204,000 in reimbursements for exercising at least eight times per month.|
|On-site yoga classes||721 yoga classes were held at eight locations.|
|Wellness ambassadors||53 employees volunteered to be Xcel Energy wellness ambassadors at 35 worksites, championing a culture of wellness in various work areas.|