This report analyzes and compares NEW YORK LIFE INSURANCE CO's employee health insurance and employee benefits with its industry and in New York 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
NEW YORK LIFE INSURANCE CO has superior 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 NEW YORK LIFE INSURANCE CO. superior tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: NEW YORK LIFE INSURANCE CO continually evaluates its team members to determine the potential and direction of employees' careers. The impressive tools that NEW YORK LIFE INSURANCE CO uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: By using a suitable coaching and mentoring program, NEW YORK LIFE INSURANCE CO can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: impressive development resources are what allows NEW YORK LIFE INSURANCE CO to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in impressive workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: NEW YORK LIFE INSURANCE CO does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: NEW YORK LIFE INSURANCE CO is always on the lookout for new leadership material and offers good development programs for its team members. With access to good resources, NEW YORK LIFE INSURANCE CO ensures that team members with a potential for becoming leaders can achieve their goals.
- ONBOARDING: Whether the newcomer is an entry-level employee or a seasoned manager, coming to a new place of work is never easy. That's why NEW YORK LIFE INSURANCE CO offers an impressive Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, NEW YORK LIFE INSURANCE CO implemented a solid Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: NEW YORK LIFE INSURANCE CO has a valuable 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 | NEW YORK LIFE INSURANCE CO | Industry | New York |
|---|---|---|---|
| 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
NEW YORK LIFE INSURANCE CO 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 NEW YORK LIFE INSURANCE CO's top-notch maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: NEW YORK LIFE INSURANCE CO does not offer counseling.
- DENTAL PLAN: NEW YORK LIFE INSURANCE CO cares about its team members' dental health so it offers an excellent 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: NEW YORK LIFE INSURANCE CO offers a first-class health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: NEW YORK LIFE INSURANCE CO offers its team members superb 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. NEW YORK LIFE INSURANCE CO provides educational material and seminars.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, NEW YORK LIFE INSURANCE CO 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: Aware of the challenges that come with pregnancy, NEW YORK LIFE INSURANCE CO has created a top-notch maternity support program to support its expecting team members.
- TELEHEALTH: NEW YORK LIFE INSURANCE CO 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: NEW YORK LIFE INSURANCE CO has an excellent 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 | NEW YORK LIFE INSURANCE CO | Industry | New York |
|---|---|---|---|
| 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
NEW YORK LIFE INSURANCE CO 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: NEW YORK LIFE INSURANCE CO 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 NEW YORK LIFE INSURANCE CO 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, NEW YORK LIFE INSURANCE CO provides resources which will help team members decide what to do with their 401(k) plan. NEW YORK LIFE INSURANCE CO offers a suitable vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: NEW YORK LIFE INSURANCE CO 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: NEW YORK LIFE INSURANCE CO has a solid 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: NEW YORK LIFE INSURANCE CO does not offer childcare discount.
- COMMUTER BENEFIT: NEW YORK LIFE INSURANCE CO has a suitable 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: NEW YORK LIFE INSURANCE CO 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: NEW YORK LIFE INSURANCE CO 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: NEW YORK LIFE INSURANCE CO offers a valuable life insurance policy to its team members for an affordable price. NEW YORK LIFE INSURANCE CO 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: NEW YORK LIFE INSURANCE CO realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why NEW YORK LIFE INSURANCE CO has a top-notch vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: NEW YORK LIFE INSURANCE CO believes that exceptional volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why NEW YORK LIFE INSURANCE CO offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: NEW YORK LIFE INSURANCE CO has an extraordinary parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | NEW YORK LIFE INSURANCE CO | Industry | New York |
|---|---|---|---|
| 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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