This report analyzes and compares COVANCE's employee health insurance and employee benefits with its industry and in New Jersey 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
COVANCE offers great career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. COVANCE believes that every employee has a valuable set of skills so it helps them plan their careers with great developmental resources and mentorships.
- CAREER PLANNING: COVANCE continually evaluates its team members to determine the potential and direction of employees' careers. The impressive tools that COVANCE uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: By using a solid coaching and mentoring program, COVANCE can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: COVANCE offers superb development resources to enable its employees to grow on a personal and a professional plan. With access to superb intern programs and seminars, employees can learn new skills and stay at the top of their fields.
- GED REIMBURSEMENT: COVANCE does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: COVANCE does not offer leadership programs.
- ONBOARDING: COVANCE does not offer onboarding.
- RECOGNITION PROGRAMS: COVANCE knows that dedicated team members are hard to come by so it has an excellent Recognition program for those who stand out and continually contribute to COVANCE.
- TUITION REIMBURSEMENT: COVANCE does not offer tuition reimbursement.
Benefit | COVANCE | Industry | New Jersey |
|---|---|---|---|
| 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
COVANCE 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 COVANCE's superb maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: COVANCE is aware of the fact that its employees can sometimes experience stress at the workplace or have some other psychological issues. That's why COVANCE implemented a suitable 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 suitable counseling program includes nutritional and fitness information as well.
- DENTAL PLAN: Team members at COVANCE have a superior dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. COVANCE partially pays for dentures and braces as well.
- HEALTH INSURANCE: COVANCE offers a good health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: COVANCE does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: COVANCE 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: Aware of the challenges that come with pregnancy, COVANCE has created a top-notch maternity support program to support its expecting team members.
- TELEHEALTH: COVANCE has a suitable telehealth policy available for its team members. Employees have access to exams and opinions over the phone which saves them a lot of time and stress. COVANCE can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: COVANCE has an exceptional Vision Plan for its team members who can count on coverage of a wide variety eye exams and procedures, as well as vision-related medical devices.
Benefit | COVANCE | Industry | New Jersey |
|---|---|---|---|
| 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
COVANCE 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: COVANCE has a superior 401(k) plan as it realizes that many of its team members are concerned with the future and want to retire with a sizable retirement fund. COVANCE provides a 401(k) plan where employees can rest assured that the money they put aside will allow them to live comfortably in retirement. Employees are encouraged to invest up to 5% in 401(k) by a superior COVANCE has Matching program that matches 75% of employees' contributions. Whatever COVANCE contributes, it becomes 100% vested after a 2-year period after which the employees can keep even if they leave COVANCE. Recognizing that every team member is unique, with specific needs and goals, COVANCE keeps their members informed about their 401(k) options.
- ADOPTION ASSISTANCE REIMBURSEMENT: COVANCE has a superior Adoption Assistance Reimbursement program in place for employees who are planning to adopt a child. Most of the adoption fees are eligible to be reimbursed by COVANCE.
- BONUS PAY: COVANCE has a good bonus plan that takes into account the individual efforts of a certain team member, as well as the results that those efforts generated.
- CHILDCARE DISCOUNT: COVANCE offers a great discount for primary childcare to its team members and enables them affordable prices.
- COMMUTER BENEFIT: COVANCE offers extraordinary 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: COVANCE offers a superb daycare policy for its members, with a flexible spending account which team members can use to pay for various daycare expenses for when they are at work.
- DISABILITY: COVANCE 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: COVANCE has a superior 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: COVANCE realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why COVANCE has a superior vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: COVANCE has a superior volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, COVANCE stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: COVANCE has a solid parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | COVANCE | Industry | New Jersey |
|---|---|---|---|
| 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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