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Employee Retention of Service Corp International

Employee Retention of Service Corp International

Discuss Employee Retention of Service Corp International within the Human Resources Management (H.R) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; Service Corporation International (NYSE: SCI) is North America’s largest provider of end-of-life arrangements and services. With its headquarters in Neartown, ...

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Employee Retention of Service Corp International
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Pratik Kukreja
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pratikkk
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Employee Retention of Service Corp International - April 16th, 2011

Service Corporation International (NYSE: SCI) is North America’s largest provider of end-of-life arrangements and services. With its headquarters in Neartown, Houston, Texas, United States,[2][3] SCI operates more than 1500 funeral homes and 400 cemeteries in 43 states, eight Canadian provinces, and Puerto Rico.
The European Financial Service Centre of the multinational industrial corporation was established by merging four European service centres in the early 2000s. The service centre provides financial and acquisition services to the companies within the multinational corporation.

The spread of domestic service centres presented a major challenge also to the company in 2009, because finding and retaining adequate staff became even more difficult. In Budapest and within the catchment area of Budapest and the major industrial centres, growing shortage of young labour with excellent foreign language skills and highly competent in a profession (finance, accounting, acquisitions, IT, etc.) emerged. It was particularly true in case of less common languages (Scandinavian languages, languages of minor countries, Slavic languages), and most often the service centres were / have been forced to hire language teachers as well.
The service centre referenced in our case study has also operated in such an environment.

In the last quarter of 2009, the approximately 100-strong company lost nine employees to the draining effect of the competition. The departing co-workers included experts with special knowledge and key managers. Internal uncertainty and a bad work climate became commonplace. The departure of the No. 1 leader also added to the inner tension. It was at that point that a new company head arrived, who was an experienced financial expert, knew the company well, and was also esteemed in the market as a leading authority.

The Compensation Committee is a committee of Service Corporation International’s (the “Company”)
Board of Directors (the “Board”). The Board has delegated to the Compensation Committee its
responsibilities relating to compensation of the Company’s executive officers and other senior level
management. The purpose of the Compensation Committee is to discharge the Board’s responsibilities
relating to compensation of the Company’s executives in accordance with applicable rules and
regulations. The primary function of the Compensation Committee is to review the executive
compensation program of the Company to ensure that it is adequate to attract, motivate and retain
competent executive personnel and that it is directly and materially related to the short-term and longterm
objectives of the Company and its stockholders as well as the operating performance of the
Company.

Functions
• The Compensation Committee shall periodically review director compensation and make
recommendations to the Nominating and Corporate Governance Committee for changes if warranted.
• The Compensation Committee shall periodically review and approve the Company’s compensation
strategy to ensure that management is rewarded appropriately for its contributions to Company
growth and profitability and that the executive compensation strategy supports organization
objectives and stockholder interests.
• The Compensation Committee shall attempt to ensure the executive compensation program of the
Company is related to the Company’s financial performance and return on Company common stock,
and the performance of the individual executive officer.
• The Compensation Committee shall review appropriate criteria for establishing performance targets
and determining annual corporate and executive performance ratings.
• The Compensation Committee shall, as appropriate, determine appropriate levels of executive
compensation by periodically conducting a thorough competitive evaluation, reviewing proprietary
and proxy information, and consulting with and receiving advice from an independent executive
compensation consulting firm.
• The Compensation Committee shall ensure that the Company’s executive stock option plan, longterm
incentive compensation plan, annual incentive compensation plan and other executive
compensation plans are administered in accordance with compensation objectives, and shall make
recommendations to the Board with respect to such plans.
• The Compensation Committee shall approve (or recommend to the full Board for approval), subject,
where appropriate, to submission to stockholders, all new equity-based compensation programs.
• The Compensation Committee shall consider the Company’s officer benefit and compensation
programs and approve such programs subject, where appropriate, to stockholder or Board approval.
• The Compensation Committee shall consider proposals with respect to the creation of and changes to
the Company’s executive compensation program.
• The Company’s Board of Directors shall conduct an annual performance evaluation of the
Compensation Committee, which may be done in conjunction with the annual evaluations of the
Board and committees thereof conducted by the Nominating and Corporate Governance Committee.

Pros
Family Service employees work with families who have recently lost a loved one and come in to make cemetery and funeral arrangements. It can be very rewarding to work with families and feel as if you are making a difference in their lives.

Large company with some opportunities for growth and upward mobility.
Cons
Often there is so much work involved due to the piling on and tight regulations that it takes up quite a bit of time. You are often too busy make the sales necessary in order to make more than the low base that we are given. There is much emphasis on taking care of families and those people who embrace that ideal, usually last for a time but need to ultimately leave because they can't make enough money to live on. People rarely get two days off in a row and often work weekends and evenings yet have to juggle very carefully because the company does not want to pay overtime.

Retention

Health Care
Medical Plan
Dental Plan
Vision Plan
SCI Disability Program
Short Term disability – Salary Continuation Program
Long-Term Disability
Life Insurance
Basic Life Insurance
Accidental Death or Dismemberment Insurance
Employee Supplemental Life Insurance
Spouse Supplemental Life Insurance
Dependent Child Life Insurance
Retirement & Other Plans
SCI 401(k) Retirement Savings Plan
SCI Employee Stock Purchase Plan
Flexible Spending Account
Dependent Care Flexible Spending Account
Other Benefits
Vacation
Holidays
Paid Sick Leave
SCI Sam Lucas Scholarship Fund
Tuition Reimbursement
Employee Assistance Program
Funeral & Cemetery Benefits
GM/Ford Discount Program
Service Corporation International (SCI) is North America's leading provider of deathcare products and services. We have more than 22,000 dedicated employees who provide the finest funeral, cremation, and cemetery services to hundreds of thousands of families each year. Operating from a network of more than 2,000 funeral homes and cemeteries, the people of SCI assist families with compassion and guidance at difficult times, helping them celebrate the significance of lives that have been lived, and preserving memories that transcend generations, with dignity and honor.

Strengthening and Modernization

As it refined its network and introduced name brand funeral services in the early years of the new century, the Company also made significant improvements to its financial condition and infrastructure. Between 2002 and 2006, SCI reduced its net debt(total debt minus cash) by more than $1.0 billion, increased operating cash flow, and simplified its field management organization to enhance efficiency, performance, and accountability. It also improved business and sales processes, tightened internal controls, strengthened corporate governance standards, and established the finest training and development system in its industry. For its shareholders, SCI returned value through more than $335 million in share repurchases, and it resumed payment of a regular quarterly dividend in early 2005, the first since 1999. By the beginning of 2006, SCI was a noticeably different organization than that of five years earlier. The Company was operating at a profit, with robust cash flows and resources and the most efficient infrastructure in its history. It was from this new position of strength that SCI took a giant step toward future success by acquiring its biggest competitor, Alderwoods Group, in November 2006. As SCI looks to the future, the addition of more than 600 funeral homes and cemeteries in the Alderwoods network provide an expanded geographic footprint that will enable SCI to serve families in 46 states, eight Canadian provinces, the District of Columbia and Puerto Rico.
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