When it comes to the benefits that accompany salary in a total compensation package, individual’s needs and desires differ. For some, medical, dental, and vision insurance coverage represents the top priority. Others place the highest value on maximizing paid time off (PTO). So why do most companies only offer their employees a one-size-fits-all benefits plan that fails to consider each person’s unique circumstances?
At Expedition Technology (EXP), flexibility is a core value woven into every aspect of our organization, including how we’ve designed our benefits. After all, not everyone requires a company’s healthcare insurance option, for example, and the employee receives nothing in return for not using the healthcare “benefit”. In that case, it’s not a benefit and it’s not fair to those who do not select it.
EXP takes a different approach to benefits by mandating as little as needed. Instead, we put flexibility, choice, and power in the hands of our team. Every employee receives an Individual Benefit Account (IBA) which provides funds for PTO, healthcare, other benefits, and even an annual bonus. Employees distribute those dollars as they see fit. It’s their money!
Those requiring medical coverage can assign IBA funds to pay for it. Those who would like more PTO can put their dollars there. Want a bigger bonus? No problem, shift the cash to that category. Didn’t end up taking all planned PTO this year? No worries, any remaining IBA balance gets paid out at the end of the year. Our employees can even draw from their IBA each pay period, rather than receiving a year-end lump sum payment.
Traditional benefit plans provide no flexibility to the employee. Individuals know which benefits are most meaningful and impactful for themselves and their families. EXP believes our team deserves the right to make these decisions, and we gladly give it to them.
Please take a moment to learn more about our company, our benefits, and how our IBAs work. Check out our open positions. We’re growing rapidly, and I hope this look at how we’re different encourages you to consider joining us on our Expedition!