This report analyzes and compares NAVY FEDERAL CREDIT UNION's employee health insurance and employee benefits with its industry and in Virginia 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
NAVY FEDERAL CREDIT UNION 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 NAVY FEDERAL CREDIT UNION. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: NAVY FEDERAL CREDIT UNION continually evaluates its team members to determine the potential and direction of employees' careers. The excellent tools that NAVY FEDERAL CREDIT UNION uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: By using a good coaching and mentoring program, NAVY FEDERAL CREDIT UNION can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: NAVY FEDERAL CREDIT UNION offers top-notch development resources to enable its employees to grow on a personal and a professional plan. With access to top-notch intern programs and seminars, employees can learn new skills and stay at the top of their fields.
- GED REIMBURSEMENT: NAVY FEDERAL CREDIT UNION has an exceptional GED policy and offers to pay full costs for employees who want to obtain a GED.
- LEADERSHIP PROGRAMS: NAVY FEDERAL CREDIT UNION offers a wide variety of top-notch courses and seminars for every team member who aspires to a leadership position. Employees are encouraged by NAVY FEDERAL CREDIT UNION to grow as leaders and learn how to make tough calls.
- ONBOARDING: NAVY FEDERAL CREDIT UNION is aware of the difficulties that new employees might experience when they join the team. That's why NAVY FEDERAL CREDIT UNION has a solid 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, NAVY FEDERAL CREDIT UNION implemented a solid Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: NAVY FEDERAL CREDIT UNION 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 | NAVY FEDERAL CREDIT UNION | Industry | Virginia |
|---|---|---|---|
| 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
NAVY FEDERAL CREDIT UNION 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 NAVY FEDERAL CREDIT UNION's superb maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: NAVY FEDERAL CREDIT UNION has an impressive counseling program for its employees and their family members. Team members are encouraged by NAVY FEDERAL CREDIT UNION 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 impressive counseling program offers help any time of the day, seven days a week. Even a certain number of family sessions is included.
- DENTAL PLAN: Team members at NAVY FEDERAL CREDIT UNION 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. NAVY FEDERAL CREDIT UNION partially pays for dentures and braces as well.
- HEALTH INSURANCE: NAVY FEDERAL CREDIT UNION offers a good health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: NAVY FEDERAL CREDIT UNION 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. NAVY FEDERAL CREDIT UNION provides educational material and seminars.
- HEALTHCARE SPENDING ACCOUNTS: NAVY FEDERAL CREDIT UNION has a top-notch 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: NAVY FEDERAL CREDIT UNION has a great maternity support program with helpful resources for its expecting team members in an effort to make their pregnancy go as smooth as possible.
- TELEHEALTH: NAVY FEDERAL CREDIT UNION has a solid 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. NAVY FEDERAL CREDIT UNION can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: NAVY FEDERAL CREDIT UNION has an extraordinary 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 | NAVY FEDERAL CREDIT UNION | Industry | Virginia |
|---|---|---|---|
| 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
NAVY FEDERAL CREDIT UNION 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: NAVY FEDERAL CREDIT UNION 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 NAVY FEDERAL CREDIT UNION 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, NAVY FEDERAL CREDIT UNION provides resources which will help team members decide what to do with their 401(k) plan. NAVY FEDERAL CREDIT UNION offers a suitable vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: NAVY FEDERAL CREDIT UNION does not offer adoption assistance reimbursement.
- BONUS PAY: NAVY FEDERAL CREDIT UNION has an outstanding 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: NAVY FEDERAL CREDIT UNION cooperates with partners and team members are eligible for superior discounts for a primary childcare.
- COMMUTER BENEFIT: NAVY FEDERAL CREDIT UNION 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: NAVY FEDERAL CREDIT UNION 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: NAVY FEDERAL CREDIT UNION has an extraordinary 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: NAVY FEDERAL CREDIT UNION offers a great life insurance policy to its team members for an affordable price. NAVY FEDERAL CREDIT UNION 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: NAVY FEDERAL CREDIT UNION 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: NAVY FEDERAL CREDIT UNION recognizes the importance of giving back to the community so it offers a great volunteer time off program for its team members. Employees are encouraged to spend up to 20 working hours per year, paid by NAVY FEDERAL CREDIT UNION, on volunteer work of their choice.
- PARENTAL LEAVE: NAVY FEDERAL CREDIT UNION has an impressive parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | NAVY FEDERAL CREDIT UNION | Industry | Virginia |
|---|---|---|---|
| 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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