When it comes to compensation and benefits, General Mills offers a comprehensive, flexible and fully competitive total remuneration package.
Performance Incentive
In addition to a competitive base salary, salaried employees at all levels are eligible for annual cash incentive compensation. We provide everyone with an incentive opportunity because we believe all employees make a difference in meeting our most important goals. We strive to be a top performer in our industry and a superior performer overall. Our compensation system is designed to provide top cash compensation if we achieve these ambitious goals.
Base salaries are reviewed annually and merit increases are given based on your personal performance and your position's external market value. Incentives are also evaluated and paid out annually based on your performance, General Mills Canada's performance and the overall corporate performance.
Medical and Dental Coverage
Medical coverage for non-occupational illnesses and injuries is company paid for employees and eligible dependents. The plan pays 100 percent of semi-private hospital room expenses and 90 percent of prescriptions and other eligible expenses not covered by Provincial Health Care Plans.
Out of Province coverage for emergency medical care is covered at 100 percent. Coverage for health practitioners, vision, hearing and foot care is covered at 90 percent, subject to limitations.
The overall lifetime maximum for medical benefits is $1,000,000.
Dental coverage is company paid for employees. The plan pays 100 percent of preventative and diagnostic eligible expenses, and 60 percent of eligible major restorative services. Dental benefits are covered at $1,500 per person per year. Orthodontia is covered at $2,000 per person, per lifetime.
Disability and Life Insurance Benefits
A combination of full salary continuation, short-term disability (66 percent of total earnings) and long term benefits (50 percent of earnings) provide for income security in the event of an accident or illness.
Company paid Group Life Insurance is provided in an amount equal to an employee's total annual earnings up to a maximum of $300,000.
Employee paid Group Life Insurance is available to a maximum of five times total annual earnings.
Employee paid Dependents Life Insurance is available up to $300,000 for a spouse and $20,000 for each child.
Company paid Accidental Death and Dismemberment Insurance is provided in an amount equal to an employee's total annual earnings up to a maximum of $300,000.
Employee paid Accidental Death and Dismemberment Insurance is available up to six times the total annual earnings or a maximum of $500,000 for both the employee and dependents.
Pension Plan
A non-contributory pension plan that is fully funded and paid for by the company provides for a basic level of income security at retirement (1% of final average earnings for each year of credited service) at age 62 or later. Benefits are fully vested after two years of employment.
Flexible Pension
This is an optional component of the pension plan that allows employees to enhance their defined benefit by making tax deductible contributions through payroll. This allows employees to tax shelter additional retirement savings without reducing their RRSP contribution room. Employees are eligible to join the plan upon joining the company.
Registered Retirement Savings Plan
Through the Registered Retirement Savings Plan and a unique Non-Registered Retirement Savings Plan, employees may contribute up to 5 percent of their annual earnings towards retirement savings, and the company will contribute 50 percent of employees' annual payroll contributions. An additional annual variable match of up to 50 percent will be paid based on Division performance at the end of the fiscal year. Recent history has the average variable match at 50 percent for a combined total of a 100 percent match of employee contributions. Employees are eligible to join the plans upon joining the company.
Stock Purchase and Stock Options
The Company has a stock purchase service that offers full-time employees an opportunity to buy General Mills common stock at any time without paying brokerage commissions or other charges.
Our senior managers and professionals receive regular stock awards and are eligible to participate in stock matching plans. To further the alignment between our employees and our shareholders, we also provide periodic stock option grants to all General Mills employees.
Vacation and Statutory Holidays
Time away from work is important for you to achieve a balance between the demands of work and home while leaving time for you. To help meet this challenge we offer a generous and competitive vacation plan.
Employees with less than one year of continuous employment are entitled to prorated vacation time in the current year.
Beginning January 1 of the following year employees will receive vacation based on the following schedule:
Under 5 years -- 15 days
Five years but less than fourteen -- 20 days
Fourteen or more years -- 25 days
Vacation may be taken in half-day increments
In addition, the company provides 13 paid holidays each year.
Educational Assistance
Education is an important part of career and personal development. At General Mills we value and support continuing education by reimbursing employees for costs associated with tuition, registration and laboratory fees in addition to 50 percent for textbooks. Only courses that are related to an employee's current position or positions to which the employee may reasonably aspire are eligible for this reimbursement.
Employee Referral Program
The key to General Mills' future success centers on our ability to attract and retain new employees, because we believe our people will continue to be the major factor in achieving our growth goals. Since our employee know what it takes to be successful at General Mills, referred employees usually have the skills, experience, loyalty and performance we look for. If an employee recommends a new hire, as part of this program, he or she will receive a referral bonus. The General Mills Employee Referral Program provides employees with an opportunity to be involved in recruiting their future co-workers.
Employee Support Programs
General Mills Canada recognizes that employees face unique challenges and responsibilities at various times in their lives and has programs to assist families, relocating employees and those considering retirement.
The Lifeworks program offers a broad range of referral services for such things as childcare, eldercare, pre-school programs, family counseling and community services.
The Family Relocation Program assists relocating families with community acclimatization and referrals for such services as doctors, dentists and lawyers. In addition, spouses are offered assistance with developing their careers in their new location.
Fifty Plus is a program designed to help employees consider some of the important aspects of retirement and assist in planning to make retirement successful and fulfilling.
