Psychological Assessment Resources, Inc. (also known as PAR, Inc.)
"We are committed to providing the best benefits package we can as an organization. After all, how can we expect our employees to take exceptional care of our customers if we aren't taking exceptional care of our employees?"
– Bob Smith, CEO, Psychological Assessment Resources (PAR, Inc.)
Company Facts
- Location: Lutz, FL
- Type of business: Test publishing
- Number of employees: 60
- Founded: 1978
- Web site: www.parinc.com
Benefit highlights
- 100% employer-paid PPO medical insurance premiums for employees
- 82% - 90% employer-paid PPO medical insurance premiums for dependents
- 401(k) plan, including Roth 401(k) feature, with employer match of 100% up to 3% of pay deferred, then 50% match up to the next 2% deferred; average employee deferral of 8% percent
- Profit-sharing plan with average company contribution of 8% of eligible compensation
- 100% employer-paid premiums for short- and long-term disability insurance and group term life insurance
Percent of employees participating in 401(k) plan: 93%
How they've continued to protect the financial security of employees in this economy: The company remains committed to maintaining its benefit program despite the impact to the bottom line. "We feel that it's well worth the investment. We'd rather sacrifice profit to be sure that our employees are well taken care of," said Cathy Smith, Vice President, Community Relations at PAR, Inc. Instead the company is looking at modifying or expanding its programs. The company beefed up its wellness program and started offering employees one-on-one sessions with a financial professional.
Other interesting facts:
- Creating a series of “financial wellness" seminars with customized content for both younger and older employees
- Recently increased tuition reimbursement benefit and matching level for employees' charitable contributions
- Provides free biometrics screenings to all employees and significant others
Why Judges Selected PAR, Inc.
Watch a video of comments from 10 Best judge John McClain.
Read the transcript
"PAR was chosen for their commitment to benefit education by providing one-on-one education to their employees for financial advicesors and financial assistance. PAR is proud of their ability to continue to offer a self-funded medical plan that which enables them to amend the plan and modify the plan to meet the employee needs."
— John McClain, 10 Best judge and Vice President of Human Resources at NORCAL Mutual Insurance Company, winner The Principal 10 Best Companies—2008.
