We have the tools and resources to easily help our employees understand and manage their finances. For employees on the front lines serving our customers, helping them become financially secure puts us in a far more powerful position to fulfill our mission.
Increasingly, employees want to work for a company that has a purpose beyond profit.1 Making employees a key beneficiary of our mission ties them closely to our purpose and creates a more engaged, happier, and more productive workforce.
Our employee compensation programs are designed and administered with considerations that include:
- Pay for Performance.
- Pay for the Role.
- Competitive Market for Employee Talent.
- Pay Equity.
- Balanced Compensation Structure.
In addition to exclusive employee benefits, we make many of the products and services offered to customers also available to employees. For example, our efforts to support students and their families to prepare for college through College Covered® are particularly useful to employees.
401(k) Programs
In general, Americans aren’t saving enough for retirement. Fifteen percent of the population have no retirement savings and 22 percent have less than $5,000.2
We offer our employees a range of benefits to help them save money for retirement.
Our comprehensive 401(k) benefits include several features that make it easy for employees to save for retirement:
- A fixed contribution of 3 percent from Discover, even if employees don’t contribute on their own.
- A dollar-for-dollar matching contribution of up to 5 percent.
Investment Support
We also provide resources to help employees as they build their financial future. We offer retirement investment support that includes free online planning tools that give employees an annual retirement evaluation to show progress toward savings goals, with guidance on topics such as saving for college and optimizing social security benefits. We also offer personalized investment advice (for a fee) through our own account management services.
Stock Incentive Plans
Allowing employees to benefit from the company’s long-term growth helps to both motivate and retain employees. We offer two options:
- The Long-Term Stock Incentive, which promotes long-term value creation; and
- The Discover Employee Stock Purchase Plan, which provides eligible employees the opportunity to purchase shares of Discover common stock at a discounted price. Eligible employees may elect a payroll deduction that is credited to a purchase account. At the end of each quarterly offering period the funds in employees’ purchase account are used to buy shares of Discover stock.
AWARDS AND RECOGNITION
It’s important that our employees know how much we appreciate their hard work. Our awards and other recognition highlight exceptional efforts made by employees and offer everything from simple acknowledgement to valuable rewards.
President’s Award
Our top honor is the President’s Award. For 30 years, we’ve given this annual award to employees who have achieved exemplary business results while exhibiting our values. Winners are nominated by their peers and are deemed the “best of the best.” They receive a cash reward and a gift. In 2019, our CEO & President presented 167 employees with the President’s Award.
Pinnacle of Excellence
Selected by senior leadership, the Pinnacle of Excellence is the most distinguished award a team leader or non-exempt employee in the field can receive. In 2019, we recognized 73 employees for their leadership and outstanding contributions to the company at a ceremony at our Riverwoods, Illinois, headquarters, where they were greeted with cheers and applause as they arrived. Winners received an all-expense paid trip to Chicago that included a variety of classic city events.
