This report analyzes and compares LIFE TIME FITNESS' 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
LIFE TIME FITNESS 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 LIFE TIME FITNESS. first-class tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: LIFE TIME FITNESS believes that career planning of each employee is a key to a successful business and offers suitable opportunities so that the employees can reach their full potential. LIFE TIME FITNESS has suitable resources at its disposal to achieve this goal.
- COACHING AND MENTORING: LIFE TIME FITNESS does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: LIFE TIME FITNESS 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: LIFE TIME FITNESS has a superior policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: LIFE TIME FITNESS believes that providing its team members with outstanding leadership programs is a crucial step in creating new leaders. By using outstanding tools that LIFE TIME FITNESS provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: LIFE TIME FITNESS does not offer onboarding.
- RECOGNITION PROGRAMS: LIFE TIME FITNESS 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 LIFE TIME FITNESS.
- TUITION REIMBURSEMENT: LIFE TIME FITNESS has a good Tuition Reimbursement Program and participates with up to 25% of the costs for team members who want a job-related certificate or a degree.
Benefit | LIFE TIME FITNESS | 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
LIFE TIME FITNESS 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 LIFE TIME FITNESS's first-class maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: LIFE TIME FITNESS is aware of the fact that its employees can sometimes experience stress at the workplace or have some other psychological issues. That's why LIFE TIME FITNESS implemented a valuable 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 valuable counseling program includes nutritional and fitness information as well.
- DENTAL PLAN: Team members at LIFE TIME FITNESS have a top-notch dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. LIFE TIME FITNESS partially pays for dentures and braces as well.
- HEALTH INSURANCE: LIFE TIME FITNESS offers a superior health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: LIFE TIME FITNESS offers its team members top-notch health plan incentives. Team members are encouraged to take a proactive approach to their health and take care of their BMI, sugar and fat in their blood, and other biometrics. LIFE TIME FITNESS provides educational material and seminars.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, LIFE TIME FITNESS offers a great 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: LIFE TIME FITNESS has a valuable maternity support program with helpful resources for its expecting team members in an effort to make their pregnancy go as smooth as possible.
- TELEHEALTH: LIFE TIME FITNESS has an exceptional telehealth policy that provides its employees and their family members with a great variety of fully covered telehealth services from health professionals all over the country. This way, employees can get medical help even in the middle of the night.
- VISION PLAN: LIFE TIME FITNESS provides a first-class Vision Plan covers all sorts of eye-related medical assistance for its team members, with an additional option for covering the costs of glasses and contact lenses.
Benefit | LIFE TIME FITNESS | 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
LIFE TIME FITNESS offers first-class financial benefits for employees and their family members. A first-class 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: LIFE TIME FITNESS has an extraordinary 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, LIFE TIME FITNESS offers an extraordinary 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, LIFE TIME FITNESS offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: LIFE TIME FITNESS does not offer adoption assistance reimbursement.
- BONUS PAY: LIFE TIME FITNESS offers first-class bonuses to team members who excel in their field of work, provide extraordinary results for LIFE TIME FITNESS, and encourage others to do the same.
- CHILDCARE DISCOUNT: LIFE TIME FITNESS does not offer childcare discount.
- COMMUTER BENEFIT: LIFE TIME FITNESS offers impressive 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: LIFE TIME FITNESS 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: LIFE TIME FITNESS 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: LIFE TIME FITNESS 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: LIFE TIME FITNESS 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: LIFE TIME FITNESS believes that exceptional volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why LIFE TIME FITNESS offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: LIFE TIME FITNESS has an outstanding parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | LIFE TIME FITNESS | 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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