This report analyzes and compares BANCORPSOUTH's employee health insurance and employee benefits with its industry and in Mississippi State.
Providing a smart employee benefits package is critical for attracting top talent and retaining valuable employees. Today, employee benefits play a vital role when candidates consider accepting a job offer.
Many companies offer today over-the-top perks, like yoga classes, haircuts, catered meals, and acupuncture. In this report, we focus however on traditional benefits. It's a work in progress that we will expand and update on a regular basis.
This report contains the following sections
Career benefits
BANCORPSOUTH has top-notch career benefits that have a great impact on employees' career. There are several coaching and mentoring programs, as well as onboarding program for new employees to help them fit in the BANCORPSOUTH. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: BANCORPSOUTH believes that career planning of each employee is a key to a successful business and offers great opportunities so that the employees can reach their full potential. BANCORPSOUTH has great resources at its disposal to achieve this goal.
- COACHING AND MENTORING: By using a good coaching and mentoring program, BANCORPSOUTH can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: exceptional development resources are what allows BANCORPSOUTH to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in exceptional workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: BANCORPSOUTH has an impressive GED policy and offers to pay full costs for employees who want to obtain a GED.
- LEADERSHIP PROGRAMS: BANCORPSOUTH is always on the lookout for new leadership material and offers solid development programs for its team members. With access to solid resources, BANCORPSOUTH ensures that team members with a potential for becoming leaders can achieve their goals.
- ONBOARDING: Whether the newcomer is an entry-level employee or a seasoned manager, coming to a new place of work is never easy. That's why BANCORPSOUTH offers an exceptional Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: BANCORPSOUTH knows that dedicated team members are hard to come by so it has an outstanding Recognition program for those who stand out and continually contribute to BANCORPSOUTH.
- TUITION REIMBURSEMENT: BANCORPSOUTH has a superb Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at BANCORPSOUTH.
Benefit | BANCORPSOUTH | Industry | Mississippi |
|---|---|---|---|
| Career planning Benefits | |||
| Coaching and mentoring Benefits | |||
| Development resources Benefits | |||
| GED reimbursement Benefits | |||
| Leadership programs Benefits | |||
| Onboarding Benefits | |||
| Recognition programs Benefits | |||
| Tuition reimbursement Benefits |
Healthcare benefits
BANCORPSOUTH offers remarkable health benefits to its employees, of which some can be used by employee's family members. Besides an affordable healthcare insurance and a dental plan that includes recounstruction surgery, team members can enjoy BANCORPSOUTH's remarkable maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: BANCORPSOUTH does not offer counseling.
- DENTAL PLAN: Team members at BANCORPSOUTH have a remarkable dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. BANCORPSOUTH partially pays for dentures and braces as well.
- HEALTH INSURANCE: BANCORPSOUTH provides an exceptional health insurance plan that covers all sorts of medical expenses for employees and their families, including hospital stays and surgical procedures.
- HEALTH PLAN INCENTIVES: BANCORPSOUTH offers its team members top-notch health plan incentives. Team members are encouraged to take a proactive approach to their health and take care of their BMI, sugar and fat in their blood, and other biometrics. BANCORPSOUTH provides educational material and seminars.
- HEALTHCARE SPENDING ACCOUNTS: BANCORPSOUTH has a remarkable healthcare spending account available for their team members. Funds that are placed there are tax-free and can be used for medical necessities. Whatever money is left in the account at the end of the year is automatically carried over to the next year.
- MATERNITY SUPPORT PROGRAM: BANCORPSOUTH has a valuable maternity support program with helpful resources for its expecting team members in an effort to make their pregnancy go as smooth as possible.
- TELEHEALTH: BANCORPSOUTH has an outstanding telehealth policy that provides its employees and their family members with a great variety of fully covered telehealth services from health professionals all over the country. This way, employees can get medical help even in the middle of the night.
- VISION PLAN: BANCORPSOUTH offers a great Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | BANCORPSOUTH | Industry | Mississippi |
|---|---|---|---|
| Counseling Benefits | |||
| Dental Plan Benefits | |||
| Health Insurance Benefits | |||
| Health Plan Incentives Benefits | |||
| Healthcare Spending Accounts Benefits | |||
| Maternity support program Benefits | |||
| Telehealth Benefits | |||
| Vision Plan Benefits |
Financial benefits
BANCORPSOUTH offers top-notch financial benefits for employees and their family members. A top-notch 401(k) plan makes sure that employees have a secure retirement, while a generous, fully paid parental leave allows expecting mothers and fathers to enjoy their child's first year. Along with paid vacations, employees can enjoy fully paid commuting as well.
- 401(K) PLAN: BANCORPSOUTH has an outstanding 401(k) plan is designed in such way that suitable team members can get the most out of it and enjoy many perks that come with it. For each employee's contribution of up to 6% of salary, BANCORPSOUTH offers an outstanding program that matches it 100%, which is among the highest matches on the market. This way, 401(k) is the best option for employees who want to have a financial stability in their late years. There is no vesting period, so the contributions are immediately for the employee to keep right from the start. For those who need help managing their 401(k) plan, BANCORPSOUTH offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: BANCORPSOUTH has a suitable Adoption Assistance Reimbursement program that pays certain fees associated with the adoption process. With this program, the employees can rest assure that at least some of the costs will be covered.
- BONUS PAY: BANCORPSOUTH has an outstanding bonus plan. It makes sure that hardworking team members are properly rewarded for their individual contribution to projects as well as their cooperation with other team members.
- CHILDCARE DISCOUNT: BANCORPSOUTH cooperates with partners and team members are eligible for top-notch discounts for a primary childcare.
- COMMUTER BENEFIT: BANCORPSOUTH offers impressive commuter benefits for its team members and enables them to pay for all sorts of transportation fees, regardless of their distance from the place of work and the costs involved.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: BANCORPSOUTH offers an outstanding daycare program for its employees. Team members can withdraw funds from a flexible spending account to cover all sorts of expenses related to daycare or eldercare.
- DISABILITY: BANCORPSOUTH offers a remarkable short-term disability coverage for its team members. Through disability program, part of the employee's salary is replaced by the coverage for a limited time. This enables team members to have a financial stability during the difficult period of their lives and helps them to get back on track.
- LIFE INSURANCE: BANCORPSOUTH has a first-class life insurance program and offers fully paid life insurance policies for its team members. The policy pays around two years worth of salary to employees' beneficiaries. Option to buy additional coverage is available for every team member.
- PAID TIME OFF: BANCORPSOUTH realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why BANCORPSOUTH has a superior vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: BANCORPSOUTH has a first-class volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, BANCORPSOUTH stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: BANCORPSOUTH has a great parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | BANCORPSOUTH | Industry | Mississippi |
|---|---|---|---|
| 401(k) plan Benefits | |||
| Adoption assistance reimbursement Benefits | |||
| Bonus pay Benefits | |||
| Childcare discount Benefits | |||
| Commuter benefit Benefits | |||
| Daycare flexible spending account Benefits | |||
| Disability Benefits | |||
| Life insurance Benefits | |||
| Paid time off Benefits | |||
| Paid volunteer time off Benefits | |||
| Parental leave Benefits |
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