Employee Well-Being: Fostering a Great Place To Work at Jazz Pharmaceuticals
Rhea-AI Summary
Jazz Pharmaceuticals' 2023 Corporate Sustainability and Social Impact Report highlights the company's commitment to employee well-being. The report outlines initiatives in financial, physical, mental, and emotional health. Key offerings include:
1. Competitive compensation with bonus plans and equity incentives
2. A global Employee Stock Purchase Plan
3. Comprehensive health benefits, including 25 therapy/coaching sessions annually
4. A Wellbeing Reimbursement Account, utilized by over 81% of eligible employees
5. Flexible work arrangements through 'Jazz Remix'
The company reports a decline in voluntary attrition from 13% to 7% and an 11% increase in job applications. A July 2023 survey showed high employee satisfaction with the Jazz Remix model, with 79% reporting improved overall satisfaction working at Jazz.
Positive
- Decline in voluntary employee attrition rate from 13% to 7%
- 11% increase in talent applying for roles at Jazz
- Over 81% of eligible employees have claimed reimbursement for well-being expenses
- 79% of employees reported improved overall satisfaction working at Jazz due to Remix program
- 85% of full-time employees used the flexibility offered by Jazz Remix to work from home or off-site
Negative
- None.
NORTHAMPTON, MA / ACCESSWIRE / October 9, 2024 / Jazz Pharmaceuticals:
Caring for the needs of our employees helps foster and secure the talent we need to drive our business.
Originally published in Jazz Pharmaceuticals' 2023 Corporate Sustainability and Social Impact Report
PROMOTING HEALTH AND WELLBEING
We have a strong commitment to provide a culture of care to our employees through a holistic approach focused on our employees' financial, physical, mental and emotional health and well-being. Our benefits and well-being offerings are designed to support our employees across each of these aspects, empowering them to choose the benefits that suit and benefit their personal well-being. We have a company-wide campaign called "Wellness Wednesdays" that is aimed at promoting well-being for all employees and we host both on-site and virtual opportunities for employees, to improve their health and wellbeing, including everything from in-office massage services to mental health related e-learning resources.
FINANCIAL WELLBEING
In addition to offering competitive base salaries, our compensation programs and practices are designed to support the financial well-being of our employees in multiple ways, including:
Cash Bonus Incentive Plans: All regular employees are eligible to participate in an annual global corporate bonus plan or a sales incentive plan, which rewards employees based on the company's achievement of pre-established annual goals (or sales targets in the case of sales incentive plans), as well as performance against their personal objectives.
Employee Equity Incentive Plans (EIP): All regular employees are eligible to receive equity incentive awards under the terms of our global EIP program, which fosters an ownership culture and provides employees with the opportunity to share in the long-term success they help create.
Employee Stock Purchase Plan (ESPP): In 2023, Jazz updated its ESPP program to apply globally to eligible employees, providing them with the ability to purchase Jazz stock at a discounted rate.
Equity Retirement Program: We provide eligible employees who retire from Jazz with continued vesting of a portion of their unvested equity awards to help support and enhance their financial well-being into retirement.
PHYSICAL, MENTAL AND EMOTIONAL WELLBEING
Our well-being offerings are designed to be inclusive and promote choice for our employees to use these benefits in the way that best suits their lifestyle.
We offer access to the Lyra Employee Assistance Program to all employees with a strong emphasis on health and well-being, including up to 25 face-to-face therapy/coaching sessions a year for our employees and their families.
In 2023, we introduced a Wellbeing Reimbursement Account, which reimburses employees for a wide array of expenses that support their overall well-being, empowering them to choose what is most important to them. To date, over
81% of our eligible employees have claimed reimbursement for well-being expenses.
Over
We run a wide variety of individual, team and global corporate wellness challenges, engaging employees to actively participate in global well-being events.
Our paid leave and time-off policies assist our employees through varying stages of life, often above and beyond what is mandated by local regulations, including for new parents (irrespective of gender or how their family is created) and family caregivers, as well as for bereavement and employee medical leave.
Our flexible approach to work through Jazz Remix provides our employees with the ability to better balance and manage both work and home needs.
OCCUPATIONAL HEALTH AND SAFETY
We continue to ensure proper workplace design with appropriate control measures implemented, such as personal protective equipment, contractor environmental, health and safety induction and compliance with relevant national and international health and safety standards, which help us create and sustain a safe workplace.
Our manufacturing and operations sites each have specific Environmental, Health, Safety and Security (EHSS) management systems, which apply to all employees and other persons (such as contractors) who may be affected by our activities. We track our health and safety key performance indicators monthly via cloud-based EHSS software.
Our manufacturing operations have Health and Safety Systems that are designed to fully comply with the requirements of the European Union Framework Directive for Health and Safety and to meet the requirements of section 6.4.6 of ISO 26000 (Labour Practices - Health and Safety at Work).
Offering Flexibility and Balance
We believe a flexible approach to balancing work and life benefits our employees and the company. In May 2022, we introduced Jazz Remix, which provides most employees with the flexibility to perform more individually oriented work from home and create their optimum routine to manage home and work commitments. Teams are empowered to meet periodically as needs require for collaboration and connection, and we leverage our office sites for in-person engagement. The power of flexibility builds a mutual trust and respect in all that we do.
Remote working is available for all employees where on-site presence is not essential to their role, which includes local and regional nuances to support flexible working in the way that is most appropriate for the local context. We are committed to a flexible working model that allows people to work from the location that best suits them, but also value the importance of meeting in person. To secure the benefits of remote working while recognizing the importance of in-person engagement, sites periodically hold connection events to offer in-person gathering opportunities. These connection events provide an opportunity for our employees to connect with leaders and their colleagues and engage in business updates and local activities to improve wellbeing. At the end of 2023,
Since introducing Jazz Remix, our employee voluntary attrition rate has declined from
JAZZ REMIX EMPLOYEE SURVEY RESULTS - PERCENTAGE OF EMPLOYEES WHO RESPONDED FAVORABLY
Results reference the Jazz Remix Employee Survey conducted in July 2023
View additional multimedia and more ESG storytelling from Jazz Pharmaceuticals on 3blmedia.com.
Contact Info:
Spokesperson: Jazz Pharmaceuticals
Website: https://www.3blmedia.com/profiles/jazz-pharmaceuticals
Email: info@3blmedia.com
SOURCE: Jazz Pharmaceuticals
View the original press release on accesswire.com
FAQ
What is Jazz Pharmaceuticals' employee attrition rate after implementing Jazz Remix?
How many therapy/coaching sessions does Jazz Pharmaceuticals offer employees annually?
What percentage of Jazz Pharmaceuticals employees have used the Wellbeing Reimbursement Account?
How has the Jazz Remix program affected job applications at Jazz Pharmaceuticals?
