American Family Insurance commits to a livable wage
The company’s minimum pay rate moves to $15 an hour
To attract talent and create a positive impact on employees and communities where they do business, American Family Insurance raised its minimum hourly pay rate for employees to $15 per hour across all its 19 operating states, the company said today. The small number of employees with pay rates below this threshold – about 100 out of more than 8,900 employees at the company – had their pay increased in late July.
A livable wage amount may vary by region, state and even by city, but a $15 minimum hourly rate has gained favor in recent years as a general benchmark that raises living standards to a level higher than the federal poverty rate. The livable wage calculates costs of living, including food, child care, health care, housing, transportation, and other necessities.
“Providing a livable wage aligns with our values and, frankly, is the right thing to do,” says Jim St. Vincent, American Family Insurance chief human resources officer. “It will also have a positive impact on the communities where we live and work, adding to our local economies and sending a message to future talent that we invest in our workforce.”
Three years ago, American Family raised its minimum hourly rate to the prevailing livable wage in Dane County, Wisconsin, where its national headquarters is located, and has increased that level as needed to stay above that rate. The $15 hourly rate moves us above the livable wage across the company’s operating territory.
This increase in American Family’s minimum pay rate is part of a healthy compensation and benefits package which also includes retirement benefits, flexible work arrangements and training and development opportunities. American Family also offers immediate vesting of 401(k) company contributions and a pension benefit after three years.
In addition to competitive health plans, American Family has generous paid time-off and paid leave programs such as maternity, parental leave and volunteer time. The company also recognizes the importance of overall wellness to engagement and productivity. American Family has an established employee mind and body wellness program with financial incentives.
About American Family Insurance
Madison, Wisconsin-based American Family Insurance group, celebrating its 90th anniversary in 2017, is the nation's 13th-largest property/casualty insurance group and ranks No. 315 on the Fortune 500 list. The company sells American Family-brand products, including auto, homeowners, life, business and farm/ranch insurance, primarily through its exclusive agents in 19 states. American Family affiliates (The General and Homesite) also provide options for consumers who want to manage their insurance matters directly over the Internet or by phone. Web www.amfam.com; Facebook www.facebook.com/amfam; Twitter www.twitter.com/amfam.
The company’s minimum pay rate moves to $15 an hour.