How can a Mutual company add $15 billion to its net worth over the last 2 years with over $100 billion in the bank not have the lowest insurance rates in the market and the highest paid employees??? How can executives get 6 figure bonuses but at the same time all the other employees don’t get a bonus because of some crazy auto goal executive created? Hoarding all this money at State Farm is Not good for its employees, Customers and the US economy!
9 replies (most recent on top)
If State Farm paid every employee a $10,000 bonus for hanging in there and doing more than ever in the history of the company from a production standpoint which is the case, it would cost the company well less than one percent of what the company is saving every year after the corporate tax rate reduction was approved (which reduced the rate from 35 to 21percent). Company is saving hundreds of millions from the corporate tax reduction which is quickly elevating the company worth, but NOT your worth.
You are forgetting that we are each given $2,000 in free cash each year toward our deductible, and the fact we had 0% health insurance increase in 2019. SF pays about $12k per employee per year for health insurance, we have a good plan.
And you clearly don’t know a thing about technology or our tech strategy. Our App just won 5 awards for top app last week. And our pipeline is pretty full, PLM will revolutionize our business at the end of 2019 and into 2020. We have industry leading vendors who are changing their tech stack based on strategy from SF. You just really don’t know what you’re talking about.
Paying more than the industry would be for long term employees, not new employees. One of the reasons SF would like to get rid of long term employees and agents under the old contract. They could also use some of the billions to pay down the $5000 family deductible to a more reasonable deductible. My friends and family can't believe SF high deductible health insurance for their employees and only one option.
SF no longer a leader in anything but incompetence and a management structure from 100 years ago. It can longer respond to technology and information of today's challenges. They think they still manage resources instead of information. I can't wait to retire.
My guess is we have the highest paid employee s. All I hear is we can't find a job that pays like SF.
My guess is we have the highest paid employee s. All I hear is we can't find a job that pays like SF.
Congrats, you still have a job. That's your reward. Move along.
Should read "reaping the rewards"
Corporate tax cuts, a rising market, and good management from the Investments department raised net worth. Executives went along for the ride and are reading the rewards.
Our executives increased our worth by 15 billion? They deserve a huge bonus. Thank you execs.