This report analyzes and compares ILLINOIS TOOL WORKS' employee health insurance and employee benefits with its industry and in Illinois 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
ILLINOIS TOOL WORKS 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 ILLINOIS TOOL WORKS. first-class tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: ILLINOIS TOOL WORKS believes that career planning of each employee is a key to a successful business and offers good opportunities so that the employees can reach their full potential. ILLINOIS TOOL WORKS has good resources at its disposal to achieve this goal.
- COACHING AND MENTORING: ILLINOIS TOOL WORKS offers superb coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
- DEVELOPMENT RESOURCES: extraordinary development resources are what allows ILLINOIS TOOL WORKS to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in extraordinary workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: ILLINOIS TOOL WORKS does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: ILLINOIS TOOL WORKS believes that providing its team members with exceptional leadership programs is a crucial step in creating new leaders. By using exceptional tools that ILLINOIS TOOL WORKS provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: ILLINOIS TOOL WORKS offers a remarkable Onboarding program for its new team members. Employees receive a personalized support in an effort to bring them up to date and successfully integrate them into existing teams and projects.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, ILLINOIS TOOL WORKS implemented a suitable Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: ILLINOIS TOOL WORKS 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 ILLINOIS TOOL WORKS.
Benefit | ILLINOIS TOOL WORKS | Industry | Illinois |
|---|---|---|---|
| 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
ILLINOIS TOOL WORKS offers top-notch 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 ILLINOIS TOOL WORKS's top-notch maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: ILLINOIS TOOL WORKS wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its superior 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: Team members at ILLINOIS TOOL WORKS 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. ILLINOIS TOOL WORKS partially pays for dentures and braces as well.
- HEALTH INSURANCE: ILLINOIS TOOL WORKS offers a suitable 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, ILLINOIS TOOL WORKS offers good 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: ILLINOIS TOOL WORKS offers an outstanding healthcare spending account to its employees. Employees have an option to deposit a part of their salary into the account and use it for any medical or dental expenses not covered by their health plan. Employee's family members can use this funds as well.
- MATERNITY SUPPORT PROGRAM: Aware of the challenges that come with pregnancy, ILLINOIS TOOL WORKS has created a superb maternity support program to support its expecting team members.
- TELEHEALTH: ILLINOIS TOOL WORKS has implemented a remarkable telehealth policy for its members to use any time of the day, every single day. ILLINOIS TOOL WORKS covers all expenses of exams, doctor's opinions, and other services that can be done over the phone or via video call.
- VISION PLAN: ILLINOIS TOOL WORKS offers a great Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | ILLINOIS TOOL WORKS | Industry | Illinois |
|---|---|---|---|
| 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
ILLINOIS TOOL WORKS offers superb financial benefits for employees and their family members. A superb 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: ILLINOIS TOOL WORKS has an exceptional 401(k) plan is designed in such way that suitable team members can get the most out of it and enjoy many perks that come with it. For each employee's contribution of up to 6% of salary, ILLINOIS TOOL WORKS offers an exceptional program that matches it 100%, which is among the highest matches on the market. This way, 401(k) is the best option for employees who want to have a financial stability in their late years. There is no vesting period, so the contributions are immediately for the employee to keep right from the start. For those who need help managing their 401(k) plan, ILLINOIS TOOL WORKS offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: ILLINOIS TOOL WORKS has an extraordinary Adoption Assistance Reimbursement program. It is one of the best available as it covers various court fees and attorney costs for team members, even if the child comes from a foreign country.
- BONUS PAY: ILLINOIS TOOL WORKS has an impressive 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: ILLINOIS TOOL WORKS does not offer childcare discount.
- COMMUTER BENEFIT: ILLINOIS TOOL WORKS offers outstanding 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: ILLINOIS TOOL WORKS offers a top-notch 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: ILLINOIS TOOL WORKS 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: ILLINOIS TOOL WORKS offers a solid life insurance policy to its team members for an affordable price. ILLINOIS TOOL WORKS 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: ILLINOIS TOOL WORKS wants for its team members to lead a happy and fulfilled life so it has a good 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: ILLINOIS TOOL WORKS recognizes the importance of giving back to the community so it offers a solid volunteer time off program for its team members. Employees are encouraged to spend up to 20 working hours per year, paid by ILLINOIS TOOL WORKS, on volunteer work of their choice.
- PARENTAL LEAVE: ILLINOIS TOOL WORKS has a first-class parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | ILLINOIS TOOL WORKS | Industry | Illinois |
|---|---|---|---|
| 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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