This report analyzes and compares LOWE???S' employee health insurance and employee benefits with its industry and in North Carolina 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
LOWE???S offers solid career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. LOWE???S believes that every employee has a valuable set of skills so it helps them plan their careers with solid developmental resources and mentorships.
- CAREER PLANNING: LOWE???S continually evaluates its team members to determine the potential and direction of employees' careers. The impressive tools that LOWE???S uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: By using a great coaching and mentoring program, LOWE???S can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: LOWE???S encourages its team members to work on their existing skills and gain new ones continually. By providing valuable development resources, LOWE???S supports their team members on their journey to perfection. Employees have a wide range of valuable resources at their disposal for professional and personal growth.
- GED REIMBURSEMENT: LOWE???S does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: LOWE???S believes that providing its team members with extraordinary leadership programs is a crucial step in creating new leaders. By using extraordinary tools that LOWE???S provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: LOWE???S is aware of the difficulties that new employees might experience when they join the team. That's why LOWE???S has a great Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: LOWE???S 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: LOWE???S does not offer tuition reimbursement.
Benefit | LOWE???S | Industry | North Carolina |
|---|---|---|---|
| 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
LOWE???S provides exceptional health benefits to enable team members and their families to have the best healthcare available, including telehealth services and consultations with various health professionals. Whether it's a fully covered dental plan or an exceptional maternity support program, employees can rest assure that their health needs are fully met.
- COUNSELING: LOWE???S has an outstanding counseling program for its employees and their family members. Team members are encouraged by LOWE???S to talk freely with experts about everything that bothers them. Whether it's something at the workplace or something at home, experienced counselors are there to help. This outstanding counseling program offers help any time of the day, seven days a week. Even a certain number of family sessions is included.
- DENTAL PLAN: LOWE???S cares about its team members' dental health so it offers an extraordinary dental plan for employees and their family members that fully covers all sorts of preventative dental care as well as reconstructive surgeries and other orthodontia services.
- HEALTH INSURANCE: LOWE???S provides an outstanding health insurance plan that covers all sorts of medical expenses for employees and their families, including hospital stays and surgical procedures.
- HEALTH PLAN INCENTIVES: LOWE???S is aware of the fact that a healthy employee is a productive employee so it offers impressive health plan incentives for its team members. Some of the perks are lowered premium rates, individual consultations with nutritionists and physicians, and regular checkups.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, LOWE???S offers a valuable 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, LOWE???S has created a remarkable maternity support program to support its expecting team members.
- TELEHEALTH: LOWE???S has implemented a remarkable telehealth policy for its members to use any time of the day, every single day. LOWE???S covers all expenses of exams, doctor's opinions, and other services that can be done over the phone or via video call.
- VISION PLAN: LOWE???S 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 | LOWE???S | Industry | North Carolina |
|---|---|---|---|
| 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
LOWE???S 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: LOWE???S knows how important it is to think about retirement and start saving on time. That's why it offers a suitable 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 LOWE???S 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, LOWE???S provides resources which will help team members decide what to do with their 401(k) plan. LOWE???S offers a suitable vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: LOWE???S 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 LOWE???S.
- BONUS PAY: LOWE???S 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: LOWE???S cooperates with partners and team members are eligible for superb discounts for a primary childcare.
- COMMUTER BENEFIT: LOWE???S has a good commuting policy and offers commuter benefits that allow eligible team members to cover their transportation or parking costs up to a certain distance from the place of work.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: LOWE???S 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: LOWE???S has an impressive disability program available for eligible team members. Whether it's a short- term or a long-term disability, team members can rest assured that their financial status won't be compromised even when they are not working. Once the short-term disability coverage expires, employees have the option to enjoy long-term disability coverage.
- LIFE INSURANCE: LOWE???S offers a suitable life insurance policy to its team members for an affordable price. LOWE???S 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: LOWE???S has an extraordinary vacation program for its team members with a great deal of paid vacation days. Team members can spend those days at their own pace, any time of the year. Various national and personal holidays are taken into account as well.
- PAID VOLUNTEER TIME OFF: LOWE???S 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 LOWE???S, on volunteer work of their choice.
- PARENTAL LEAVE: LOWE???S has a superb parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | LOWE???S | Industry | North Carolina |
|---|---|---|---|
| 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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