This report analyzes and compares CONCHO RESOURCES' employee health insurance and employee benefits with its industry and in Texas 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
CONCHO RESOURCES 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 CONCHO RESOURCES. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: CONCHO RESOURCES believes that career planning of each employee is a key to a successful business and offers valuable opportunities so that the employees can reach their full potential. CONCHO RESOURCES has valuable resources at its disposal to achieve this goal.
- COACHING AND MENTORING: CONCHO RESOURCES offers remarkable coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
- DEVELOPMENT RESOURCES: CONCHO RESOURCES offers remarkable development resources to enable its employees to grow on a personal and a professional plan. With access to remarkable intern programs and seminars, employees can learn new skills and stay at the top of their fields.
- GED REIMBURSEMENT: CONCHO RESOURCES has a valuable GED reimbursement policy for its team members and participates with 1/4 of the costs for obtaining a GED.
- LEADERSHIP PROGRAMS: CONCHO RESOURCES offers a wide variety of top-notch courses and seminars for every team member who aspires to a leadership position. Employees are encouraged by CONCHO RESOURCES 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 CONCHO RESOURCES offers an extraordinary Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: CONCHO RESOURCES 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 CONCHO RESOURCES.
- TUITION REIMBURSEMENT: CONCHO RESOURCES 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 CONCHO RESOURCES.
Benefit | CONCHO RESOURCES | Industry | Texas |
|---|---|---|---|
| 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
CONCHO RESOURCES has good health benefits that enable its team members to have various basic and complex procedures covered. Besides, it offers good dental and vision plans where team members can rest count on covered preventive exams as well as some procedures. For bigger expenses. Employees have a good healthcare spending account at their disposal.
- COUNSELING: CONCHO RESOURCES is aware of the fact that its employees can sometimes experience stress at the workplace or have some other psychological issues. That's why CONCHO RESOURCES implemented a solid counseling program that helps team members during office hours. Employees can receive a psychological and emotional support during difficult periods of their time and learn how to effectively cope with stress. This solid counseling program includes nutritional and fitness information as well.
- DENTAL PLAN: CONCHO RESOURCES offers a suitable dental plan for its team members to take care of their basic dental needs. The plan covers preventive dental exams in full. Team members have an option to pay for a more inclusive dental plan with better coverage.
- HEALTH INSURANCE: CONCHO RESOURCES offers a good health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: CONCHO RESOURCES does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, CONCHO RESOURCES offers a valuable healthcare spending account where employees can deposit a part of their paycheck, free of taxes, and use it to pay hospital bills or other eligible expenses. Any remaining funds left at the end of the year are forfeited.
- MATERNITY SUPPORT PROGRAM: CONCHO RESOURCES has a great maternity support program with helpful resources for its expecting team members in an effort to make their pregnancy go as smooth as possible.
- TELEHEALTH: CONCHO RESOURCES does not offer telehealth.
- VISION PLAN: CONCHO RESOURCES offers a valuable Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | CONCHO RESOURCES | Industry | Texas |
|---|---|---|---|
| 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
Team members enjoy valuable financial benefits at CONCHO RESOURCES. They have a good variety of financial benefits at their disposal and can always count on financial help when it comes to disability or commuting. CONCHO RESOURCES offers valuable life insurance with affordable rates, as well as parental leave for expecting mothers. Employees who decide to adopt a child can expect CONCHO RESOURCES to partially cover the expenses.
- 401(K) PLAN: CONCHO RESOURCES knows how important it is to think about retirement and start saving on time. That's why it offers a solid 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 CONCHO RESOURCES 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, CONCHO RESOURCES provides resources which will help team members decide what to do with their 401(k) plan. CONCHO RESOURCES offers a solid vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: CONCHO RESOURCES does not offer adoption assistance reimbursement.
- BONUS PAY: CONCHO RESOURCES 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: CONCHO RESOURCES offers a great discount for primary childcare to its team members and enables them affordable prices.
- COMMUTER BENEFIT: CONCHO RESOURCES 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: CONCHO RESOURCES has a great daycare spending account that fills from each paycheck before taxes. This allows team members to partially cover costs of daycare while they are at work.
- DISABILITY: CONCHO RESOURCES offers a superb 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: CONCHO RESOURCES 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: CONCHO RESOURCES wants for its team members to lead a happy and fulfilled life so it has a suitable vacation policy for every employee. The number of paid vacation days depends on how long has a certain member been part of the team.
- PAID VOLUNTEER TIME OFF: CONCHO RESOURCES believes that extraordinary volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why CONCHO RESOURCES offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: CONCHO RESOURCES has a valuable parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | CONCHO RESOURCES | Industry | Texas |
|---|---|---|---|
| 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 |
Improve this report:
We have prepared CONCHO RESOURCES' benefits report with the best of our knowledge. If you believe some information here is incorrect, please click the link below and send as a note.
We will contact you and/or update the information in 2-5 business days.