Firm also aims to fill 2,600 positions by year-end
USAA will be increasing the minimum pay of its employees and has revealed its target to hire 2,600 employees by the end of 2021.
The insurer will be raising its employees’ pay from $16 to $21 per hour, or $43,680 annually; the raise came into effect on October 10, 2021. USAA also stated that thanks to the raise, employees can earn an annual compensation package worth up to approximately $53,940 with their holiday bonus, annual performance incentive, 401(k) match, and pension – which is approximately $26 per hour.
"USAA's employees are the heart of our association and providing a competitive pay and benefits package is one way we reward them for providing exceptional service to military members and their families," said USAA president and CEO Wayne Peaco*ck. "Increasing our minimum pay and enhancing our already comprehensive benefits package helps ensure we're being responsive to our employees' needs and dynamically changing market conditions."
Coinciding with its pay raise, USAA also announced that it will fill 2,600 job positions by the end of the year. About 1,500 of those positions are located at the company’s headquarters in San Antonio. The other positions are spread throughout USAA’s other campuses across America, which include Phoenix (200), Tampa (200), Colorado Springs (100) and Dallas (100).
The insurer has underlined that many of the positions being offered have the option to work in a hybrid or remote model. Available positions include member service representatives, auto and property claims adjusters, data engineers, data scientists, IT analysts, software engineers, and underwriters.
To help drive recruitment efforts, USAA is also giving its employees who can refer their family or friends for a job at the company a referral bonus of up to $2,000.
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Now, let's delve into the key concepts mentioned in the article about USAA's recent actions:
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Minimum Pay Increase:
- USAA has implemented a significant raise in the minimum pay for its employees, increasing it from $16 to $21 per hour.
- This translates to an annual salary of $43,680, effective as of October 10, 2021.
- The pay raise is part of USAA's commitment to providing competitive compensation and benefits to its workforce.
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Total Compensation Package:
- With the increased minimum pay, employees can now earn an annual compensation package of up to approximately $53,940.
- This package includes various components such as a holiday bonus, annual performance incentive, 401(k) match, and pension.
- The calculated hourly rate for this comprehensive package is mentioned as approximately $26 per hour.
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Reasons Behind Pay Increase:
- USAA's President and CEO, Wayne Peaco*ck, emphasizes that the pay raise is a recognition of employees' role as the heart of the association.
- The move is aimed at rewarding employees for their exceptional service to military members and their families.
- USAA is positioning the pay increase and benefits package enhancement as a response to changing market conditions and the needs of its workforce.
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Hiring Targets:
- USAA has set a goal to hire 2,600 employees by the end of 2021.
- The hiring initiative is not limited to a specific location, with 1,500 positions planned for the company's headquarters in San Antonio.
- Additional positions are distributed across various USAA campuses, including Phoenix (200), Tampa (200), Colorado Springs (100), and Dallas (100).
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Remote Work Options:
- USAA highlights that many of the newly offered positions provide the flexibility of a hybrid or remote work model.
- This reflects a modern approach to workforce management, considering the evolving preferences and needs of employees.
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Referral Bonus Program:
- To boost recruitment efforts, USAA is incentivizing its existing employees by offering a referral bonus of up to $2,000 for referring family or friends to job positions within the company.
These strategic moves by USAA demonstrate a commitment to employee well-being, competitiveness in the job market, and adaptability to the changing dynamics of work, particularly in the context of remote and hybrid models.
