Rewarding our people at Ultimate Software means rewarding ALL of us. We are all owners. We all receive important medical and dental coverage for ourselves and our loved ones. Great stuff, but fairness goes far beyond that at Ultimate. We all have a chance to go to off-site meetings at exciting locations. We are all recognized as important contributors, and have opportunities for a variety of bonuses and awards. Most important, we all have a voice that our leaders want to hear and many avenues for sharing ideas.
Compensation for All UltiPeeps…Beyond Salary
We believe our total compensation package to be above the average for nearly all positions in our industry and in the geographic areas where we do business.
Ownership in Ultimate — All our people are awarded ownership in Ultimate as new hires. In recent years, the ownership is in the form of restricted shares. In previous years, the ownership was in stock options.
Medical coverage — Our healthcare coverage is employer-paid for all our employees and their family members (an open access PPO plan) — at no premium cost to our employee.
Prescription coverage — Our prescription coverage is employer-paid for all our employees and their family members (an open access PPO plan) — at no premium cost to our employee.
Vision coverage — Our vision coverage is employer-paid for all our employees and their family members (an open access PPO plan) — at no premium cost to our employee.
Domestic partner coverage — When domestic partners are married, their benefits coverage is the same as that for other Ultimate employees and their spouses — at no premium cost to our employee.
Dental coverage — Our dental coverage is employer-paid for employees and their families and domestic partners with a choice of an HMO or PPO dental plan — at no premium cost to our employee.
401(k) — Ultimate matches employee contributions to the 401(k) plan at 35% with no cap on the matching amount (unlike some companies that, for example, may match at 50% but limit the match to the first 4% of the employee’s salary, making the match effectively 2%). Ultimate also makes this match every pay period for UltiPeeps rather than waiting until the year’s end. All our people have the option of participating, via pretax payroll deductions and are eligible after three months of service prior to open enrollment (November or June) and if 18 years of age or older. 85% of UltiPeeps participate in our 401(k) plan.
Life insurance for employee — Ultimate provides life insurance coverage for every employee equal to his or her current annual salary — up to a maximum of $600,000, i.e., a person earning $150,000 annually has $150,000 in life insurance coverage at no cost to the employee (other than the tax required by IRS for coverage above $50,000 — and our people have the option of refusing coverage above $50,000 if they like).
Life insurance for spouse Ultimate provides life insurance coverage of $10,000 for every employee’s spouse—at no premium cost to our employee.
Long-term disability — All our employees have LTD coverage for 60% of their salary starting on the 91st day of disability with no premium cost to our employee, and they have the option to purchase additional LTD coverage via payroll deduction.
Part-time employee benefits — After working with Ultimate 9 months and averaging 30 or more hours a week, part-time employees receive medical, dental, vision, and prescription coverage for the employee and their families—at no premium cost to our employee. As of 7/1/15, they also receive Paid Sick Leave at a rate of 1 hour of sick leave for every 30 hours worked.
Other Benefits that are paid for by Ultimate for all our employees:
- Associate Assistance Program for employee and family household members
- Access to IBM SE Associates’ Federal Credit Union
- Tuition reimbursement for a maximum of $5,250 per year
- 100% certification program reimbursement directly related with current position (with manager approval)
- Paid time off bank
- Maternity/paternity leave with pay after giving birth
- Maternity/paternity leave with pay for adopting a baby
Other benefits available to all associates at group discounted rates include:
- Identity Theft Shield Membership
- Pet Assure Membership
- Child Alert Center (CAC)
- Prepaid Legal Services
- Short-Term Disability
- Critical Illness Protection
- Cancer Medical Plan
- Supplemental Long-Term Disability
Practices that Contribute to Sense of Fairness:
- Bonuses take many forms at Ultimate: shares of ULTI stock for annual performance, cash cards for instant spot bonuses, cash and trips associated with awards, and a variety of both large and small gifts for performance and significant life events. All employees are eligible for awards and bonuses.
- All awards are based on employee votes or nominations…or they are based on objective performance measurements (such as dollar-value of business generated).
- Our CEO Scott Scherr talks to everyone in the company with equal warmth and attention. He is open and generous to all, no matter what job they have. When he buys flowers from the visiting flower vendor, he buys for anyone who happens to be around. He doesn’t pick and choose people who might be perceived as favorites. He sets the tone, and the tone is all-inclusive.
- Reward trips are given to people in all departments, based upon performance, not just to Sales and Services people with quotas. Every employee in every department has the opportunity to enjoy an annual meeting outside of the office at a resort location.
- Awards are typically given to mid- and lower-level employees and exclude senior leaders.
- Nearly all departments have either team advisory boards in place or anonymous surveys so that team members can share their ideas, proposals, and grievances with the management team.