This report analyzes and compares HANCOCK FABRICS' 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
HANCOCK FABRICS has superb 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 HANCOCK FABRICS. superb tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: HANCOCK FABRICS offers superior possibilities for career planning to its team members. Whether it's an expert position or an entry-level position, HANCOCK FABRICS makes sure that every single team member takes the full advantage of superior career planning programs.
- COACHING AND MENTORING: By using a suitable coaching and mentoring program, HANCOCK FABRICS can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: HANCOCK FABRICS 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: HANCOCK FABRICS has a valuable GED reimbursement policy for its team members and participates with 1/4 of the costs for obtaining a GED.
- LEADERSHIP PROGRAMS: HANCOCK FABRICS offers a wide variety of superb courses and seminars for every team member who aspires to a leadership position. Employees are encouraged by HANCOCK FABRICS 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 HANCOCK FABRICS offers an extraordinary Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: HANCOCK FABRICS has a top-notch Recognition program in place and makes sure that team members who constantly achieve extraordinary results and work well with others are properly rewarded for their efforts.
- TUITION REIMBURSEMENT: HANCOCK FABRICS does not offer tuition reimbursement.
Benefit | HANCOCK FABRICS | 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
HANCOCK FABRICS offers first-class 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 HANCOCK FABRICS's first-class maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: HANCOCK FABRICS wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its first-class 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: HANCOCK FABRICS offers a solid 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: HANCOCK FABRICS offers a good health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: In an effort to improve the wellbeing and quality of life of its team members, HANCOCK FABRICS offers solid 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: To financially help its team members with medical emergencies, HANCOCK FABRICS offers a suitable 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: Aware of the challenges that come with pregnancy, HANCOCK FABRICS has created a top-notch maternity support program to support its expecting team members.
- TELEHEALTH: HANCOCK FABRICS 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. HANCOCK FABRICS can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: HANCOCK FABRICS has an excellent 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 | HANCOCK FABRICS | 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
HANCOCK FABRICS 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: HANCOCK FABRICS knows how important it is to think about retirement and start saving on time. That's why it offers a great 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 HANCOCK FABRICS 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, HANCOCK FABRICS provides resources which will help team members decide what to do with their 401(k) plan. HANCOCK FABRICS offers a great vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: HANCOCK FABRICS has a remarkable 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 HANCOCK FABRICS.
- BONUS PAY: HANCOCK FABRICS offers top-notch bonuses to team members who excel in their field of work, provide extraordinary results for HANCOCK FABRICS, and encourage others to do the same.
- CHILDCARE DISCOUNT: HANCOCK FABRICS offers a valuable discount for primary childcare to its team members and enables them affordable prices.
- COMMUTER BENEFIT: HANCOCK FABRICS acknowledges the fact that some team members have high commuting costs so it offers them remarkable commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: HANCOCK FABRICS has a solid 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: HANCOCK FABRICS 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: HANCOCK FABRICS offers an exceptional 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 exceptional life insurance package contains dependent policies as well.
- PAID TIME OFF: HANCOCK FABRICS realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why HANCOCK FABRICS has a superb vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: HANCOCK FABRICS has a superb volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, HANCOCK FABRICS stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: HANCOCK FABRICS has a valuable parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | HANCOCK FABRICS | 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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