Benefit Package of AT&T, Sprint, and Verizon

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Maasai Mara University *

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101

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Management

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Nov 24, 2024

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1 Benefit packages of AT&T, Sprint, and Verizon Name Institution Date Benefit Package of AT&T, Sprint, and Verizon

2 A benefits package is a set of benefits that an employer provides to their employees. This section aims to allow you to explore the different benefits packages offered by AT&T, Sprint Corporation, and Verizon companies. In most cases, the employer is the one who decides what benefits are provided, and these decisions often vary according to the requirements of the position. Employees demand a diverse selection of packages. As a result, the human resources department has been tasked with evaluating how they might come up with benefits packages that will assist retain employees. Particularly appealing to prospective workers are competitive benefits packages. Because of its effect on an individual's level of happiness, the quality of the benefits package offered to potential employees is a consideration in the hiring process. AT&T is a multinational telecommunications conglomerate that provides mobile phone services, fixed-line internet access, and other services. It was founded in 1885 as the American Telephone and Telegraph Company. AT&T Corporation offers a lot of benefits to its employees. They offer a competitive salary, medical insurance coverage for families, life insurance coverage for employees, and more. The company has over 203,000 employees ("AT&T: Number of Employees 2010-2022," n.d.). AT&T offers non-traditional benefits like on-site fitness centers or discounted gym memberships. The turnover rate for AT&T employees is very high, with many employees leaving their jobs in a year. The high turnover rate at AT&T is due to the company's inability to provide a work-life balance. Employees are often required to work long hours and are unable to spend time with their families. This leaves them feeling unappreciated and unfulfilled at work, which leads them to leave the company eventually. Sprint Corporation offers a variety of products and services to consumers, including wireless service, home phone service, broadband internet access, and satellite TV service. Sprint has been in business for over 50 years now. It continues to grow with its comprehensive benefits

3 package, including medical benefits for its employees and their spouses or domestic partners. Sprint corporation offers health care coverage with no deductible and competitive premiums, a retirement plan matching up to 4% of salary, tuition reimbursement up to $5,250 per year (up from $3,000), adoption assistance up to $2,500 per child (up from $1), and family caregiving leave with. Sprint Corporation had close to 28,500 people working for the company. Since its peak in 2011, when around 40,000 individuals were working for the firm, there has been a relative drop in that number (Statista, n.d.). Verizon is an American multinational telecommunications conglomerate and the largest U.S. wireless communications provider. They provide their services to businesses, governments, and consumers worldwide. Verizon offers a wide range of products and services like wireless, broadband, phone service, TV service, internet security software, and more. 132200 workers are working at Verizon, roughly 130000 based in the United States. Verizon Communications has a market capitalization of over $200 billion, making it the world's largest telecommunications company. The company expanded its product portfolio in 2015 by acquiring AOL Inc., which gave it a significant stake in the online content industry and access to new advertising technology; Yahoo! enabled Verizon to offer digital content as part of its media properties. Verizon has been having a high turnover rate for its employees. The company has been struggling to retain its employees. Last year, the company had more than 10,000 employees leave, which is a 3% turnover rate (Macrotrends, 2022). This is an exceptionally high number considering that the average turnover rate in the United States is approximately 3%. Verizon needs to find out what factors are causing their employees to leave and then take measures to fix them or improve the company's image.

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4 AT&T company offers a comprehensive benefits package for their employees. Sprint and Verizon have a reputation for being the cheapest carriers in the United States. However, AT&T offers the most comprehensive benefits package over Sprint and Verizon. The benefits that AT&T offers are not just limited to its employees but also all of its customers. Their benefits include tuition assistance, wellness programs, and retirement planning services. These benefits make it easier for AT&T employees to work smarter and live better. AT&T offers various benefits, including healthcare, retirement plans, and even tuition reimbursement. Sprint and Verizon are not as generous with their benefits as AT&T is. They offer a limited number of benefits that are less than what AT&T offers. In addition, AT&T's employee benefits now include coverage for a midwife during pregnancy and labor, adaptive payments, surrogate services, reproductive medication and treatments, room service to lead workers to facilities and services, and parental leave coverage (Gilchrist, 2021). The benefits packages of AT&T, Sprint, and Verizon are very similar. They all offer healthcare coverage with a deductible and a co-payment for prescriptions, dental care coverage with a $25 per year deductible and a $1,000 per year maximum out-of- pocket limit for dental expenses, and vision care coverage with no deductible or maximum out- of-pocket limit. They also offer life insurance coverage with an annual benefit for employees on the payroll for more than one year. The company that offers the most comprehensive benefits package is AT&T. AT&T is the only company that offers a 401k plan with a 100% match, two weeks of paid parental leave, and an adoption assistance program. Verizon offers a 401k plan with a 50% match, one week of paid parental leave, and an adoption assistance program (Glassdoor, n.d.). Sprint corporation offers a 401k plan with a 0% match, one week of paid parental leave, and no adoption assistance programs. AT&T is the company that brings in the most money of any of its competitors

5 throughout the globe, bringing in a staggering 161.5 billion U.S. dollars in 2020, which is far more than the 117.5 billion U.S. dollars that Verizon brings in as its closest competitor (Statica, 2020). AT&T is responsible for assets worth 525.76 billion U.S. dollars, which is higher than most other telecommunications firms. However, it is still a considerable distance behind China Telecom Corporation, which has an investment portfolio of around 984.38 billion U.S. dollars.

6 References AT&T: Number of Employees 2010-2022 | T. (n.d.). Retrieved September 5, 2022, from www.macrotrends.net website: https://www.macrotrends.net/stocks/charts/T/at-t/number- of-employees#:~:text=Interactive%20chart%20of%20AT%26T%20(T Dano, M. (2017, June 14). Employee headcount: The rise and fall of job numbers at Verizon, AT&T, T-Mobile and Sprint. Retrieved September 5, 2022, from Fierce Wireless website: https://www.fiercewireless.com/wireless/employee-headcount-rise-and-fall-job-numbers- at-verizon-at-t-t-mobile-and-sprint Gilchrist, T. (2021, October 11). AT&T Answers Call for Hybrid Work Model, Offers New Benefits. Retrieved September 5, 2022, from Los Angeles Business Journal website: https://labusinessjournal.com/media/t-answers-call-hybrid-work-model-offers-new- benefi/ Glassdoor. (n.d.). AT&T Benefits. Retrieved from https://www.glassdoor.com/Benefits/AT-and-T- US-Benefits-EI_IE613.0,8_IL.9,11_IN1.htm Macrotrends. (2022). Verizon: Number of Employees 2010-2022 | VZ. Retrieved from www.macrotrends.net website: https://www.macrotrends.net/stocks/charts/VZ/verizon/number-of-employees Statica. (2020). Wireless subscriptions market share by carrier in the U.S. from 1st quarter 2011 to 1st quarter 2022. Retrieved from Statista website: https://www.statista.com/statistics/199359/market-share-of-wireless-carriers-in-the-us- by-subscriptions/

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7 Statista. (n.d.). Corporation number of employees from 2011 to 2019. Retrieved from Statista website: https://www.statista.com/statistics/482561/sprint-corporation-employee- numbers/ The Editors of Encyclopedia Britannica. (2018). AT&T Corporation | American company. In Encyclopædia Britannica . Retrieved from https://www.britannica.com/topic/ATandT- Corporation

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