This report analyzes and compares CARMAX's employee health insurance and employee benefits with its industry and in Virginia 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
CARMAX has first-class 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 CARMAX. first-class tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: CARMAX offers remarkable possibilities for career planning to its team members. Whether it's an expert position or an entry-level position, CARMAX makes sure that every single team member takes the full advantage of remarkable career planning programs.
- COACHING AND MENTORING: CARMAX does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: impressive development resources are what allows CARMAX to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in impressive workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: CARMAX has a remarkable policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: CARMAX offers a wide variety of superior courses and seminars for every team member who aspires to a leadership position. Employees are encouraged by CARMAX to grow as leaders and learn how to make tough calls.
- 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 CARMAX offers an extraordinary Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, CARMAX implemented a valuable Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: CARMAX has a remarkable Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at CARMAX.
Benefit | CARMAX | Industry | Virginia |
|---|---|---|---|
| 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
CARMAX offers superb 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 CARMAX's superb maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: CARMAX wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its superb counseling program enables the team members to talk with experts 24/7. Employees can receive practical fitness and nutritional tips, talk about their problems, and learn effective techniques for dealing with stress and anxiety. Team members can count on confidentiality at all times.
- DENTAL PLAN: CARMAX cares about its team members' dental health so it offers an exceptional dental plan for employees and their family members that fully covers all sorts of preventative dental care as well as reconstructive surgeries and other orthodontia services.
- HEALTH INSURANCE: CARMAX offers a first-class health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: In an effort to improve the wellbeing and quality of life of its team members, CARMAX offers great health plan incentives for its employees. Employees have at their disposal various resources through which they can learn about their health and how to improve it.
- HEALTHCARE SPENDING ACCOUNTS: CARMAX has a superb 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: CARMAX offers an outstanding maternity support program which enables expecting mothers to access quality resources, administrative assistance, and support every single day.
- TELEHEALTH: CARMAX does not offer telehealth.
- VISION PLAN: CARMAX offers a solid Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | CARMAX | Industry | Virginia |
|---|---|---|---|
| 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
CARMAX offers superior financial benefits for employees and their family members. A superior 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: CARMAX knows how important it is to think about retirement and start saving on time. That's why it offers a suitable 401(k) plan that enables every team member to build a decent retirement fund at their own pace. Team members are allowed to put aside up to 4% of their salary and CARMAX will match 50% of it. The employees can choose from multiple investment plans, according to their wishes and lifestyles. For those who are not sure about their investment options, CARMAX provides resources which will help team members decide what to do with their 401(k) plan. CARMAX offers a suitable vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: CARMAX 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: CARMAX has an excellent 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: CARMAX has an impressive childcare discount policy for its employees and offers attractive rates for eligible childcare centers.
- COMMUTER BENEFIT: CARMAX has a suitable commuting policy and offers commuter benefits that allow eligible team members to cover their transportation or parking costs up to a certain distance from the place of work.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: CARMAX 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: CARMAX has a good disability program in place that takes care of team members who sustained an injury or suffer from an illness that causes them disability. Eligible team members are offered a good coverage for a short-term disability that replaces a certain percentage of salary for a certain period of time.
- LIFE INSURANCE: CARMAX offers an outstanding life insurance program. It is one of the best in the country and offers free life insurance for team members. The policy pays up to three years worth of salary to beneficiaries. This outstanding life insurance package contains dependent policies as well.
- PAID TIME OFF: CARMAX realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why CARMAX has a superb vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: CARMAX believes that excellent volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why CARMAX offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: CARMAX has an excellent parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | CARMAX | Industry | Virginia |
|---|---|---|---|
| 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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