Con Edison offers a competitive compensation and benefits program to attract and retain management and union employees. The wages and benefits of union personnel are negotiated with their respective labor unions Local 1-2, Utility Workers Union of America and Local 3 and 503, International Brotherhood of Electrical Workers.
In 2011, we conducted a comprehensive evaluation of our compensation and benefits programs for management employees (Total Rewards) which included: leadership interviews, focus groups, and surveys to find out our management employees preferences for their Total Rewards programs. Total Rewards include everything the employee perceives to be of value resulting from the employment relationship including compensation, paid holidays, vacation, sick leave, long-term disability insurance, medical insurance, a prescription drug plan, vision care, dental plan, commuter transportation reimbursement accounts, health-care and dependent-care reimbursement accounts, group term life insurance, a stock purchase and 401(k) savings program with a company match and retirement benefits.
The company also provides wellness programs that include annual flu vaccinations, a smoking cessation program, in-house counseling services for employees and family members with substance abuse problems, outside work-home wellness counseling for employees and their families, eldercare counseling and information services, life-planning seminars and discounted admission to cultural institutions.
Based on employee feedback, external benchmarking and review of alternative designs, changes were made to our Total Rewards programs covering management employees effective January 1, 2013. These changes reflect best practices and reallocated costs of the compensation and benefit programs in order to continue offering a market-competitive compensation and benefits package. At the same time, these changes will help the company mitigate long-range cost increases related to pensions and health care.