This report analyzes and compares MERITOR's employee health insurance and employee benefits with its industry and in Michigan 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
MERITOR 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 MERITOR. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: MERITOR believes that career planning of each employee is a key to a successful business and offers valuable opportunities so that the employees can reach their full potential. MERITOR has valuable resources at its disposal to achieve this goal.
- COACHING AND MENTORING: MERITOR believes that an exceptional coaching and mentoring program is necessary for the employees to thrive, expand their skill set, and become the best in their field.
- DEVELOPMENT RESOURCES: excellent development resources are what allows MERITOR to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in excellent workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: MERITOR has an excellent GED policy and offers to pay full costs for employees who want to obtain a GED.
- LEADERSHIP PROGRAMS: MERITOR is always on the lookout for new leadership material and offers solid development programs for its team members. With access to solid resources, MERITOR ensures that team members with a potential for becoming leaders can achieve their goals.
- ONBOARDING: MERITOR is aware of the difficulties that new employees might experience when they join the team. That's why MERITOR has a great Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, MERITOR implemented a solid Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: MERITOR realizes that continuous education is a key to success so it has an exceptional Tuition Reimbursement Program and pays full costs for college degrees or job-related certificates.
Benefit | MERITOR | Industry | Michigan |
|---|---|---|---|
| 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
MERITOR 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 MERITOR's top-notch maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: MERITOR does not offer counseling.
- DENTAL PLAN: Team members at MERITOR 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. MERITOR partially pays for dentures and braces as well.
- HEALTH INSURANCE: MERITOR offers a first-class health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: MERITOR is aware of the fact that a healthy employee is a productive employee so it offers excellent 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: MERITOR 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, MERITOR has created a superb maternity support program to support its expecting team members.
- TELEHEALTH: MERITOR has a great 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. MERITOR can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: MERITOR offers a suitable Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | MERITOR | Industry | Michigan |
|---|---|---|---|
| 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
MERITOR offers superior financial benefits for employees and their family members. A superior 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: MERITOR has a superior 401(k) plan as it realizes that many of its team members are concerned with the future and want to retire with a sizable retirement fund. MERITOR provides a 401(k) plan where employees can rest assured that the money they put aside will allow them to live comfortably in retirement. Employees are encouraged to invest up to 5% in 401(k) by a superior MERITOR has Matching program that matches 75% of employees' contributions. Whatever MERITOR contributes, it becomes 100% vested after a 2-year period after which the employees can keep even if they leave MERITOR. Recognizing that every team member is unique, with specific needs and goals, MERITOR keeps their members informed about their 401(k) options.
- ADOPTION ASSISTANCE REIMBURSEMENT: MERITOR does not offer adoption assistance reimbursement.
- BONUS PAY: MERITOR 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: MERITOR has an exceptional childcare discount policy for its employees and offers attractive rates for eligible childcare centers.
- COMMUTER BENEFIT: MERITOR offers extraordinary 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: MERITOR offers an exceptional daycare program for its employees. Team members can withdraw funds from a flexible spending account to cover all sorts of expenses related to daycare or eldercare.
- DISABILITY: MERITOR has an outstanding 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: MERITOR offers an impressive 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 impressive life insurance package contains dependent policies as well.
- PAID TIME OFF: MERITOR realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why MERITOR has a superior vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: MERITOR has a superb volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, MERITOR stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: MERITOR has a suitable parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | MERITOR | Industry | Michigan |
|---|---|---|---|
| 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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