Creating a “best place to work” means putting benefits and policies into place that eliminate the need for job-hopping, said Allison Felix, president and COO of Cassaday & Co.
The company has long-standing family-friendly policies, such as a $5,000 annual allotment to dependent care for each employee, for childcare or eldercare. There’s also a true family feel within the staff, which includes two sets of siblings; a mother, son and daughter; and the founder and his three sons.
Organizational compensation focuses more on bonuses than salary, as employee pay is based largely on the firm’s gross revenue. This approach incentivizes an ownership mentality, Felix said. Cassaday also adds 5% to employees’ 401(k) plans and another 2% to their defined-benefit accounts. “You’re rewarded through longevity,” she said.
Family-friendly policies and revenue-based compensation have also helped make the firm particularly female-friendly, with women leading nine out of 10 departments. “There is no glass ceiling. It’s the same ceiling for everyone,” Felix said.
Due to the pandemic, the firm expanded its PTO rollover. Employees were allowed to roll over up to 80 unused PTO hours (previously 40) into 2021 because of travel restrictions during the pandemic.