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.
A significant portion of our investment in employees is made 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 continue 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.
Xcel Energy Benefits Package for Full-time, Non-bargaining Unit Employees
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 pay reasonable and affordable premiums for the HDHP plan. In aggregate, employees pay approximately 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 75 percent of dental plan premiums and up to 75 percent of vision plan premiums.
Xcel Energy covers the full cost of basic life insurance coverage and offers voluntary supplemental and dependent life insurance 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; adoption assistance; healthcare, dependent-care and transportation reimbursement accounts; transit pass subsidies; fitness center reimbursement; and wellness programs.
Professional development programs
Includes tuition reimbursement and a variety of internal and external development opportunities.
Xcel Energy provides a formula-driven basic 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 2014, 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 is 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 onsite biometric events to measure important health-related indicators, such as blood pressure, body mass index and cholesterol levels.
The number of participants in My Health Choices increased to more than 6,000 employees in 2014, and the company contributed nearly $2.4 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 use 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 2014. More than 550 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 1,200 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.
Additional Wellness Activity in 2014
Onsite flu shot clinics
Over 4,700 seasonal flu shots were given at over 80 sites. An additional 1,400 flu shots were administered through our new pharmacy benefit.
1,856 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
1,579 plan members received just under $196,000 in reimbursements for exercising at least eight times per month.
Onsite yoga classes
More than 800 yoga classes were held at eight locations.
53 employees volunteered to be Xcel Energy wellness ambassadors at 35 worksites, championing a culture of wellness in various work areas.
Total Rewards is more than pay and benefits; it also includes providing opportunities for the professional development of our employees. Xcel Energy is committed to the professional development of our employees and to maintaining an environment where learning and growth can occur. Employees are ultimately responsible for owning and managing their own professional development; however, we expect managers to encourage development through feedback, suggestions and support.
With this in mind, we offer employees resources and tools to support their personal and professional development, including a Learning Management System, which provides e-learning, virtual and traditional training options. We also provide employees with development planning tools, assessments and suggestions for practicing new skills and behaviors.
In 2014, employees completed a total of more than 420,073 internal learning opportunities. Additionally, our tuition reimbursement program provided approximately $979,000 to 352 employees in 2014.
|Learning Programs||Completions in 2014||Opportunities|
|Online Courses||235,976 completions of 2,730 course titles||We offer an extensive catalog of online courses for employees to complete, ranging from technical and computer application training to professional and management training to compliance-related education and more. Some of these training programs are mandatory.|
|Classroom Courses||181,441 completions of 1,896 course titles||Employees can choose to attend a number of different training programs that are taught in person, ranging from safety and compliance-related classes to professional development classes to technical trainings. Depending on job responsibilities, some of these courses are mandatory.|
|Career Development Assignment Program||24||The Career Development Assignment (CDA) Program is an intentional effort to support the development of high performing employees through cross-functional experience aligned to business needs. Employees may be pre-identified through succession planning or, in some cases, the opportunity may be posted.|
Developing strong leaders at Xcel Energy is increasingly important to our succession planning efforts. Almost 1,000 employees participated in leadership development programs last year.
|Program||Participants in 2014||Description|
|Talent Review||500+||Our talent review process identifies individuals who might be successors for critical positions at Xcel Energy. In all, about 230 key positions have been identified and more than 300 leaders have been assessed. Through this systematic process, executives and managers complete and discuss assessments regarding the long-term performance, leadership potential and career aspirations of their employees. Working in teams, they determine the developmental readiness of each employee, create customized development plans and identify talent gaps.|
|Path to Leadership||150||The Path to Leadership program prepares employees for future leadership roles by providing them with mentors and formal education to develop the skills needed to be successful in future leadership roles. In 2014, 150 employees completed the program and a new class of 150 kicked off their year-long session. About 50 leaders supported the program in a mentor or panel member capacity.|
|Front Line Leadership Development||199||Leaders of bargaining unit employees participated in the first module of the Front Line Leader program, covering topics like safety, business acumen and giving and receiving feedback. Module two of the program consisted of learning labs, which are experiential sessions with intact work groups where leaders practiced what they learned in module one. In 2014, 61 learning labs were completed.|
Xcel Energy believes that is it important to differentiate our investment and to reward top-performing employees accordingly. We rely on performance management and performance reviews to identify our top performers. The performance review process begins with setting clear and measurable individual objectives that align with and support the goals of Xcel Energy. It's important for employees to see how their work impacts the larger organization.
During the 2014 performance review process, non-bargaining employees and leaders at Xcel Energy were measured on not only what they accomplished, but also how they went about accomplishing their goals. This method of measurement supports efforts to create a performance-based culture by driving long-term continuous performance across the organization. Although job-specific expectations for each individual contributor have varied in the past, in 2014 we identified five common competencies that align with our corporate values and will be used going forward:
- Customer and Stakeholder Engagement
- Job and Business Expertise
- Operational Excellence
- Relationship Focused
Similarly, all leaders at Xcel Energy are consistently evaluated on how well they perform in five areas of leadership:
- Operations Management
- Talent Management
- Self Management
- Relationship Management
At Xcel Energy, our leaders hold calibration sessions to discuss performance rating distributions within their organizations. Calibration supports a consistent application of the rating scale across the organization, as well as differentiation of ratings to provide more significant rewards to top performers.