This report analyzes and compares PAREXEL's employee health insurance and employee benefits with its industry and in Massachusetts 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
PAREXEL has superb 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 PAREXEL. superb tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: PAREXEL continually evaluates its team members to determine the potential and direction of employees' careers. The exceptional tools that PAREXEL uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: PAREXEL offers remarkable coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
- DEVELOPMENT RESOURCES: PAREXEL 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: PAREXEL has a solid GED reimbursement policy for its team members and participates with 1/4 of the costs for obtaining a GED.
- LEADERSHIP PROGRAMS: PAREXEL believes that providing its team members with extraordinary leadership programs is a crucial step in creating new leaders. By using extraordinary tools that PAREXEL provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: PAREXEL offers a top-notch Onboarding program for its new team members. Employees receive a personalized support in an effort to bring them up to date and successfully integrate them into existing teams and projects.
- RECOGNITION PROGRAMS: PAREXEL knows that dedicated team members are hard to come by so it has an exceptional Recognition program for those who stand out and continually contribute to PAREXEL.
- TUITION REIMBURSEMENT: PAREXEL has a suitable 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 | PAREXEL | Industry | Massachusetts |
|---|---|---|---|
| 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
PAREXEL offers remarkable 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 PAREXEL's remarkable maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: PAREXEL wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its superior counseling program enables the team members to talk with experts 24/7. Employees can receive practical fitness and nutritional tips, talk about their problems, and learn effective techniques for dealing with stress and anxiety. Team members can count on confidentiality at all times.
- DENTAL PLAN: PAREXEL offers a solid dental plan for its team members to take care of their basic dental needs. The plan covers preventive dental exams in full. Team members have an option to pay for a more inclusive dental plan with better coverage.
- HEALTH INSURANCE: PAREXEL 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: In an effort to improve the wellbeing and quality of life of its team members, PAREXEL offers suitable health plan incentives for its employees. Employees have at their disposal various resources through which they can learn about their health and how to improve it.
- HEALTHCARE SPENDING ACCOUNTS: PAREXEL offers an excellent 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, PAREXEL has created a superior maternity support program to support its expecting team members.
- TELEHEALTH: PAREXEL has an excellent 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: PAREXEL provides a superior 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 | PAREXEL | Industry | Massachusetts |
|---|---|---|---|
| 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
PAREXEL offers top-notch financial benefits for employees and their family members. A top-notch 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: PAREXEL has an impressive 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, PAREXEL offers an impressive 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, PAREXEL offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: PAREXEL has a first-class 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 PAREXEL.
- BONUS PAY: PAREXEL 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: PAREXEL has an extraordinary childcare discount policy for its employees and offers attractive rates for eligible childcare centers.
- COMMUTER BENEFIT: PAREXEL has a valuable 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: PAREXEL has a valuable 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: PAREXEL offers a remarkable short-term disability coverage for its team members. Through disability program, part of the employee's salary is replaced by the coverage for a limited time. This enables team members to have a financial stability during the difficult period of their lives and helps them to get back on track.
- LIFE INSURANCE: PAREXEL has a remarkable 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: PAREXEL realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why PAREXEL has a first-class vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: PAREXEL has a remarkable volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, PAREXEL stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: PAREXEL has a solid parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | PAREXEL | Industry | Massachusetts |
|---|---|---|---|
| 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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