Top 7 Best Buy benefits
So you’re thinking about applying for a job at Best Buy.
But that’s got you wondering:
Does Best Buy offer any employee benefits to the people who work there? How do they compare to the benefits I’m already receiving?
Employee benefits are an important part of every new job offer, and great benefits can make or break your decision to accept it.
This article will discuss the main benefits Best Buy employees get, how they work, and some pros and cons to Best Buy’s benefits packages.
What is Best Buy?
Best Buy is a large, multinational consumer electronics retailer.
Major product categories include:
Whiteware (fridges, washing machines)
TV and audio
Laptops and computers
Gaming consoles and accessories
As of 2021, Best Buy has 1159 physical locations across the world, mostly located in the U.S., Canada, and Mexico.
As you can see from the above graph, the number of physical stores Best Buy has is steadily declining, down some 600 stores from a high in 2013/2014.
But that doesn’t mean the company isn’t performing well, and you shouldn’t take this as a sign of a company to avoid working for.
In fact, the opposite is true, with Best Buy seeing an 8.3% growth in revenue during 2020.
The reason for the decline in physical presence is that Best Buy’s sales model is moving increasingly online (bestbuy.com) as the company looks to compete with eCommerce giants like Amazon.
Best Buy’s online division is growing rapidly compared to its physical channel.
So, what does all of this mean for you as a job seeker?
It means that while jobs at Best Buy have traditionally been in-store positions like customer service rep or cashier, the availability of these kinds of jobs will decline and will be replaced with positions such as:
Remote customer service assistant
Ecommerce and marketing employees
What are employee benefits?
Employee benefits (sometimes known as perks) are a type of non-wage compensation (paid over and above your salary or hourly wage) that are part of an employee’s total remuneration package.
Such benefits may, in some cases, be required by state or federal law, though most are typically provided voluntarily by the employer.
Common examples of employee benefits include:
Paid time off
Employee Assistance Program
Retirement savings plans
Employee wellness initiatives
So, of these potential benefits, what does Best Buy offer current employees?
What benefits does Best Buy offer employees?
Let’s break down seven benefits that Best Buy offers its employees.
1. Health insurance
Health insurance is a kind of insurance that covers employees for part or all of the cost of covering medical expenses.
There are a variety of different kinds of health insurance, each with specific inclusions and exclusions and different payment structures.
For example, some health coverage plans insure specific costs up to 80%, with the policyholder being required to co-pay the remaining 20%.
Most health insurance plans cover costs such as:
Regular doctor’s visits
Pregnancy, maternity, and newborn care
Rehabilitative and habilitative services
Best Buy’s official policy for health insurance benefits is “Medical, Prescription Drug, and Behavioral Health Coverage.”
Comments from full-time employees at Best Buy give us a little more detail:
Best Buy offers a variety of different policy choices.
There is a stand-down period for certain costs (meaning you can’t claim certain expenses until you’ve been employed for a given period of time).
The cost of adding others to your policy (like a spouse for a family member) can be high.
Part-time employees are exempt unless they work over 30 hours a week.
2. Other physical and mental health benefits
Aside from medical insurance, there are several other common mental and physical health benefits that employers usually offer. Best Buy offers a number of benefits over and above their health insurance plans, including:
Critical illness insurance
Maternity support and paid leave
Mental health resources
3. Employee discount
It’s not uncommon for companies who sell consumer goods (like Best Buy) to offer some form of employee discount plan.
Reports for employees at Best Buy show that the company’s employee discount is pretty significant.
For the majority of products, employee Best Buy purchases are at cost plus 5%.
So, if an item sells for $100 but costs the company $50, Best Buy employees can purchase it for $52.50.
There are certain exclusions to this discount.
Price-protected brands like Apple are not eligible for employee discounts, and the majority of smaller accessories like charging cables are either ineligible or have a much smaller discount available.
Employees also get Geek Squad services (Best Buy’s tech support and repair division) at a discounted rate.
4. 401(k) plan
401(k) is a retirement savings plan that employers can offer to allow employees to invest a percentage of their earnings to save for their retirement.
401(k)s aren’t mandatory, but they’re fairly common. Employers will often match your contribution up to a certain limit.
For example, a common scenario is where the employer matches your contributions 50 cents on the dollar up to 6% of your salary.
While Best Buy does offer a 401(k) contributions plan, there doesn’t seem to be a lot of consistency around matching plans.
Employee’s who’ve shared their plans mention agreements such as:
Matching up to 5%
100% matching up to 3% of your salary, then 50% up to 5% of your salary
No matching at all
No 401(k) for part-timers
Employer matching only after one year
Matching up to 4%
Based on this inconsistency, it’s likely that different matching plans are offered based on your role and may be open to negotiation.
5. Other financial benefits
Best Buy offers a couple of other financial benefits, as well.
The company offers incentive pay for certain roles, where employees can earn additional pay for hitting targets. This is common in sales roles, for example.
Best Buy also offers an employee stock purchase plan, where those who work at Best Buy may have an opportunity to purchase shares in the company at a discounted rate.
6. Social well-being benefits
Employee benefits aren’t always insurance policies.
They can be as simple as offering wellness initiatives such as additional paid time off or free healthy food in the workplace.
Best Buy offers several social well-being benefits, including:
Paid time off
Workplace wellness initiatives
7. Corporate campuses
Best Buy also aims to improve its employees’ on-site experience by providing a number of on-campus services.
For example, some corporate campuses have:
Sandy’s Place Café
Fitness and wellness centers
FAQ about Best Buy benefits
Let’s answer some frequently asked questions about Best Buy.
Does Best Buy treat employees well?
Ultimately your experience working at Best Buy will depend largely on the people you work with.
However, Best Buy does offer a great employee benefits package and regularly ranks as one of the top 50 places to work in the U.S.
Do Best Buy employees get a discount?
Yes, employees at Best Buy can purchase products at a discounted rate. This varies from product to product, with certain items (such as Apple products) being excluded.
This discount can be as much as half of the retail price for certain items.
How much does Best Buy pay hourly?
The average hourly rate at Best Buy is $14 per hour.
This varies significantly by position, with most Best Buy employees earning between $10 and $21 an hour.
Do part-time Best Buy employees get benefits?
Yes, part-time Best Buy employees get some benefits, but they don’t have access to all of the benefits that full-time employees do, such as a 401(k) plan.
Ready to apply for a job at Best Buy?
Overall, Best Buy offers a reasonably comprehensive benefits package for full-time employees.
Best Buy employees get health insurance, a variety of other mental and physical health benefits, 401(k) matching, and a fantastic employee discount.
What’s not to love?
Are you looking to apply for a job at Best Buy? Check out current openings on the Jobcase job board.