Camden a Market Leader
Compensation Management BUS 409
[ July 15, 2013 ]
Professor Marilyn Fitzpatrick
Camden a Market Leader
Camden Property Trust has stayed competitive in the job market by having one of the best compensation packages in its field. Camden has been consistently ranked since 2006 in Fortune Magazine’s Top 100 companies to work for. In 2006 they were ranked at number 50 and slowly worked their way up to number 41 in 2009. Then in 2010 they jumped to number 10. Camden is one of the largest multifamily real estate investment trusts (REIT) and was hit during the recession, but was able to stay successful by investing in its employees. Camden was able to continue to offer a very completive compensation package to lure talent and help develop talent that they already had. To stay a step ahead of everyone else Camden not only needs to offer traditional benefits like medical, but expand on them and think outside the box. Employees spend a lot of time at work, more than they do with their own families, so by offering benefits that help the family out as well is one good way to attract and keep loyal employees. A company’s employees are their number one investment; they can make or break a business. Camden’s dedication to their employees has not only made them a great place to work but a successful business as well. How Camden Stands Above the Rest
Although there are five companies listed under the category of construction/real estate Camden is the only real estate company on Fortune’s 2013 list. After the housing crash we just went through why would anyone even want to consider working in real estate? When working for the right company, a company that believes in its employees and compensates its employees it is the right move for anyone! Camden shows its investment in its employees by offering many of the traditional benefits that a lot of companies offer such as medical, dental, flexible spending accounts, life insurance, paid time off, short term disability and stock plans, but they put their own spin on these traditional benefits to cater to their employees. After the economy started to recover many companies did not replace the benefits they cut to save money. Many companies thought they have been doing the same hard work with less benefits all this time why increase it now, it is just more money that can go to our bottom line. Camden not only made sure these benefits were there but also benefits like dental and vision, that many companies do not cover. Not only does Camden offer theses, they have different tiers to make it more affordable so each employee can choose what they need. For a family with children they may want the more expensive plan where all the well baby checkups are 100% covered without a co-pay, for the single individual they may want the plan that is less out of their check but more when they go to the doctor because they do not need to go as often. Vision coverage is something many companies do not currently provide as part of their medical coverage. Many vision providers are aware of this and offer a discount for those that have insurance, for example the discount I received for my son’s glasses last week was 5%. With the high expense of glasses and contacts many people simply do not get them because they cannot afford them, and this can compound the problem. By adding this coverage Camden is encouraging their employees to take care of themselves properly, this makes the employees feel appreciated and usually happier in their jobs. One of the biggest draws to Camden’s compensation package would have to be their 401K package. With all the economic uncertainty the world has seen in the past several years this is something that is on the minds of many. The younger generation needs to start making plans for their retirement but many are clueless about how to go about this. Some employers have done completely away with 401K...
References: AIMCO. (2012). AIMCO Apartment Homes. Retrieved from AIMCO: http://www.aimco.com/careers/benefits-and-perks
CNN Money. (2013). Fortune 100 Best Companies to Work For. Retrieved from CNN: http://money.cnn.com/magazines/fortune/best-companies/2013/snapshots/10.html?iid=bc_sp_list
Martocchio, J. J. (2013). Strategic Compensation. Upper Saddle River : Pearson.
New York Stock Exchange. (2013, Feb 01). NYSE Euronext. Retrieved from New York Stock Exchange: http://www.nyse.com/about/listed/lcddata.html?ticker=CPT
Thurman, R. (2012, October 26). 10 Creative, Low-Cost Perks to Keep Nonprofit Employees Happy and Productive. Retrieved from Rosetta Thurman Empowering a New Generation of Leaders to Change the World: http://www.rosettathurman.com/2012/10/10-creative-low-cost-perks-to-keep-nonprofit-employees-happy-and-productive/
Trust, C. P. (2012). Camden Property Trust. Retrieved from Camden Living: http://www.camdenliving.com/careers/benefits/our-benefits/index.htm
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