AUM: $246 billion
"There's an ever-greater demand to be flexible," said Art Steinmetz, chairman and CEO of OppenheimerFunds. "Our younger employees have different expectations. They are looking for support in career development, work-life balance and social responsibility."
Recently, the unit of Massachusetts Mutual Life Insurance Co. (MassMutual), managing $246 billion across mutual funds and exchange-traded funds, has responded by moving to a "responsible" time-off program without a specific allocation for vacation, an approach the company says gives employees more flexibility in taking time off.
"It's an interesting cultural challenge and really requires transparency so that managers and employees can be more comfortable about taking time," Mr. Steinmetz said.
Such transparency also was on display when Mr. Steinmetz and New York-based OppenheimerFunds decided to boost the 401(k) match to a maximum of $5,000, rather than put those additional dollars toward helping employees pay down student debt.
"Saving more sooner is a better long-run financial decision compared to the short-term return on debt payoff," said Mr. Steinmetz, adding that the company took time to explain the trade-offs to employees.
Mr. Steinmetz and OppenheimerFunds support math literacy by encouraging employee volunteer efforts at Manhattan's National Museum of Mathematics. And OppenheimerFunds also added non-profit board training for senior vice presidents in New York and Denver to its mix of community outreach efforts.
"This is a place of continuous challenge," said one employee of the company, a two-time winner in Pensions & Investments' Best Places to Work in Money Management program.
"The company shifts its tactics while maintaining an eye to the long-term vision and strategic goals. If you have an entrepreneurial mindset, lack of complacency, and a desire for continuous improvement, this is a place where you can accomplish your career goals and grow as a professional."