This report analyzes and compares HORMEL FOODS' employee health insurance and employee benefits with its industry and in Minnesota 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
HORMEL FOODS 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 HORMEL FOODS. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: HORMEL FOODS continually evaluates its team members to determine the potential and direction of employees' careers. The exceptional tools that HORMEL FOODS uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: HORMEL FOODS believes that an excellent coaching and mentoring program is necessary for the employees to thrive, expand their skill set, and become the best in their field.
- DEVELOPMENT RESOURCES: HORMEL FOODS encourages its team members to work on their existing skills and gain new ones continually. By providing suitable development resources, HORMEL FOODS supports their team members on their journey to perfection. Employees have a wide range of suitable resources at their disposal for professional and personal growth.
- GED REIMBURSEMENT: HORMEL FOODS does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: HORMEL FOODS is always on the lookout for new leadership material and offers valuable development programs for its team members. With access to valuable resources, HORMEL FOODS ensures that team members with a potential for becoming leaders can achieve their goals.
- ONBOARDING: HORMEL FOODS is aware of the difficulties that new employees might experience when they join the team. That's why HORMEL FOODS has a valuable Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: HORMEL FOODS 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 HORMEL FOODS.
- TUITION REIMBURSEMENT: HORMEL FOODS has a top-notch Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at HORMEL FOODS.
Benefit | HORMEL FOODS | Industry | Minnesota |
|---|---|---|---|
| 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
HORMEL FOODS 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 HORMEL FOODS's superb maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: HORMEL FOODS is aware of the fact that its employees can sometimes experience stress at the workplace or have some other psychological issues. That's why HORMEL FOODS implemented a good 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 good counseling program includes nutritional and fitness information as well.
- DENTAL PLAN: Team members at HORMEL FOODS have a first-class dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. HORMEL FOODS partially pays for dentures and braces as well.
- HEALTH INSURANCE: HORMEL FOODS provides an extraordinary health insurance plan that covers all sorts of medical expenses for employees and their families, including hospital stays and surgical procedures.
- HEALTH PLAN INCENTIVES: In an effort to improve the wellbeing and quality of life of its team members, HORMEL FOODS offers valuable 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: HORMEL FOODS has a first-class 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: HORMEL FOODS offers an excellent maternity support program which enables expecting mothers to access quality resources, administrative assistance, and support every single day.
- TELEHEALTH: HORMEL FOODS has a valuable 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. HORMEL FOODS can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: HORMEL FOODS 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 | HORMEL FOODS | Industry | Minnesota |
|---|---|---|---|
| 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 suitable financial benefits at HORMEL FOODS. 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. HORMEL FOODS offers suitable life insurance with affordable rates, as well as parental leave for expecting mothers. Employees who decide to adopt a child can expect HORMEL FOODS to partially cover the expenses.
- 401(K) PLAN: HORMEL FOODS knows how important it is to think about retirement and start saving on time. That's why it offers a valuable 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 HORMEL FOODS 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, HORMEL FOODS provides resources which will help team members decide what to do with their 401(k) plan. HORMEL FOODS offers a valuable vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: HORMEL FOODS has a great 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: HORMEL FOODS has a great 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: HORMEL FOODS does not offer childcare discount.
- COMMUTER BENEFIT: HORMEL FOODS acknowledges the fact that some team members have high commuting costs so it offers them superior commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: HORMEL FOODS has a valuable 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: HORMEL FOODS has a suitable 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 suitable coverage for a short-term disability that replaces a certain percentage of salary for a certain period of time.
- LIFE INSURANCE: HORMEL FOODS offers a great life insurance policy to its team members for an affordable price. HORMEL FOODS participates with 50% of the costs of the policy which makes it enticing for employees to buy it. Beneficiaries of team members can expect to get up to 1 year worth of employee's salary.
- PAID TIME OFF: HORMEL FOODS realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why HORMEL FOODS has a remarkable vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: HORMEL FOODS has a remarkable volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, HORMEL FOODS stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: HORMEL FOODS has a suitable parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | HORMEL FOODS | Industry | Minnesota |
|---|---|---|---|
| 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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