Established in 1983, Best Buy is one of the largest electronics retail chains in North America. According to CNBC, Best Buy has a 15% market share for consumer electronics in the United States. It also has stores in Canada and Mexico. The company is worth about $30 billion.
Best Buy’s employee base totals about 125,000. In 2018, the company made headlines when it improved its employee benefits offerings. Since many large corporations have been altering their benefits to include features that holistically address the unique needs of workers, Best Buy took steps to stay ahead of competitors. Employees also have opportunities to advance and transfer in this growing electronics chain.
Best Buy Employee Benefits Team
Kamy Scarlett, Chief HR Officer
Kamy Scarlett is a visionary leader who joined Best Buy in 2014. Her retail career began about 30 years ago. She brought plenty of experience in consulting and business operations with her to Best Buy. Kamy started her time with Best Buy in Canada and later moved to Minnesota. While she was in Canada, she supervised operations for more than 180 stores. Kamy is now responsible for overseeing talent development and employee welfare for all 125,000 employees. Regional HR managers and analysts work with her to carry out critical duties. In addition to her HR role, Kamy arranges and carries out operational tasks for all domestic stores. Additionally, Kamy is a board member of Greater MSP and of the Best Buy Foundation.
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What are Best Buy’s Employee Benefits?
Best Buy keeps its employees motivated, dedicated, and loyal by providing a comprehensive benefits package. Here are some key perks they offer all employees.
|Dental Insurance||Covers cleaning and basic dental care, employees rate it better than most dental insurance plans.|
|Vision Insurance||Vision coverage is included with some of the healthcare plans available and help will any optical needs.|
|Wellness Programs||Best Buy wants healthy employees so have implemented several wellness programs.|
|Maternity Leave||New mothers are offered 5 weeks of paid leave with an additional 7 weeks of unpaid leave.|
|Mental Health Counseling and Resources||Best Buy wants to ensure all staff are capable and in their right minds so offer employees access to mental health resources when necessary.|
|Employee Assistance Program||If employees are going through a hardship or need support they can reach out to Best Buy's assistance line.|
|401(k) Plan||Best Buy offers a full match on employee contributions up to the first 3% of employee pay, and an additional 50% match for the next 2%|
|Employee Stock Purchase Plan||Can be paid for via payroll deductions to help employees save for their future.|
|Life Insurance||To protect and provide for an employee's family in the even of an employee death.|
|Health Insurance||Different healthcare plans for employees to choose from, meaning there is an option for everyone.|
|Short and Long Term Disability Insurance||Will help protect an employee's income in the event they are unable to work for an extended period of time due to injury or illness.|
|Paid Time Off||Earned depending on how long an employee has been with the company. New full-time employees receive 88 hours of paid time off after one year of working for the company.|
|Pet Insurance||Insurance to keep your furry family members looked after.|
|Adoption Assistance||Helps parents who are adopting cover part of the related costs and fees.|
|Tuition Assistance||Tuition assistance is offered to full-time employees as long as they receive a grade average above a C.|
What Employee Benefits Is Best Buy Known For?
As it is with most global corporations, Best Buy’s benefits vary. Job functions and work hours determine some benefits. These are some of the notable Best Buy job benefits:
- 401(k) plan with generous matching for full-time and part-time employees.
- Multiple tiers of health insurance plans.
- Immediate earning of 10 vacation days and paid holiday eligibility after hiring.
- Dental and vision coverage at affordable rates.
- Special backup childcare program.
- Generous sick time and personal time allowances.
- Employee discounts on in-store purchases.
At Best Buy, the employee discount is based on the store’s cost to buy something. The discount is cost plus 10%. This means that if the store buys something for $50 and sells it for $200, the employee pays $55 for it. On many independent review sites, this is one of the highest-rated perks of working at Best Buy.
How Does Best Buy Help With Student Loans?
As a company that encourages people to be the best versions of themselves, Best Buy builds a culture that promotes education. Although the company does not offer student loan repayment as a benefit to regular employees, some workers qualify for the tuition reimbursement program. You can qualify for tuition assistance if you have completed 32 hours of work, spent at least six months at Best Buy, and are a full-time employee.
The tuition reimbursement program is based on calendar years. Undergraduate students are eligible for reimbursement up to $3,500, and graduate students may receive up to $5,250 per year. The program covers up to $325 in annual fees for undergraduate students and up to $525 annually for graduate student fees. This benefit also covers most textbook costs.
Tuition reimbursement programs are a huge help. However, American job seekers with student loans want to work for an employer that offers student loan support. That is why many companies are planning to introduce support programs as a part of their benefits package.
FutureFuel offers the best solution for corporations that want to or already offer student loan repayment benefits. Through this platform, employers can create accounts and help their employees pay their student loans faster. Employees can also sign up and manage their loans more efficiently.
How Do Best Buy Benefits Change for Different Jobs?
The main benefits apply to hourly and salaried workers. However, executives qualify for special benefits. The executive benefits are designed to improve retention. According to an annual proxy statement, Best Buy offers its executives stock options and performance share awards.
Although Best Buy does not publish a detailed list of its Canadian employee benefits, employees reported several benefits on review sites. One employee said that the company offers three weeks of paid vacation, which is more than the American stores offer. Another individual said that part-time workers in Canada are eligible for benefits after three months and can choose from several coverage tiers. The benefits are not rated as highly in Mexico by former employees, and they are not published online.
How Has Best Buy Improved Benefits Over Time?
One major change that Best Buy made to its employee benefits program in the past was eliminating a commission structure. This was done to build trust among customers. The original store concept included a commission for sales floor workers. However, the structure was also changed to add more self-service features. Some workers are still paid bonuses for outstanding sales, which vary in size for different departments and sales volumes.
The biggest improvements to the benefits package happened in 2018. One of the notable additions was Best Buy’s backup childcare benefit. After an employee who had just finished maternity leave was supposed to return to work, her daycare facility moved her child’s start date. She had to bring her baby to work, which inspired the company to add a backup childcare benefit. The benefit provides employees with 10 days of partially paid care per year. Employees simply pay a small co-pay, and Best Buy partners with Care.com to arrange the backup care.
When Best Buy added its Geek Squad home tech support, it provided vehicles for technicians to drive. Recently, the company was applauded for replacing its fleet with hybrid vehicles to reduce emissions.
Are Best Buy Careers Worth It?
Overall, most employees who review Best Buy’s benefits on independent sites rate the perks positively. The company especially gained more approval after it added new benefits in 2018. As more companies realize that part of social responsibility is taking care of the workforce, additional benefits are appearing in the packages and headquarters of companies around the world. Best Buy appears to be taking big steps to keep up with this trend. It also shows signs of continued growth and the ability to compete with global giants. In early 2019, its shares surged by 17%. This stability is good for anyone who is looking for a long-term career with a company that is not in danger of closing soon.
For those who prefer to work at home, there are occasionally remote support Best Buy jobs available. People who are committed to sustainable living and want the same from an employer may be happy with Best Buy. It has been praised for adding cooling systems and other features that reduce energy, and it has taken other steps to promote large-scale sustainability. The perks of part-time benefits, emergency childcare assistance, multiple health insurance options and generous time off are what most people like about Best Buy. Also, the company is rated highly for accepting and promoting a diverse and growth-oriented workplace culture.
Discover Best Buy Careers and Jobs
Since Best Buy is a growing company with more than 1,000 stores around the world, there are usually many available jobs. These are some top sites to search:
This is the company’s main career search page, which allows job seekers to look for jobs in specific regions, categories or levels.
This site allows searches by location or job type and features non-biased reviews.
This site features customized job searches and reviews for salaries, work environment, management quality and more.
This site lists current Best Buy jobs and allows searches based on location or job type.
Most independent job sites also allow users to register and sign up for email alerts when new Best Buy positions are posted.