This report analyzes and compares PRICESMART's employee health insurance and employee benefits with its industry and in California 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
PRICESMART 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 PRICESMART. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: PRICESMART offers superior possibilities for career planning to its team members. Whether it's an expert position or an entry-level position, PRICESMART makes sure that every single team member takes the full advantage of superior career planning programs.
- COACHING AND MENTORING: PRICESMART believes that an extraordinary coaching and mentoring program is necessary for the employees to thrive, expand their skill set, and become the best in their field.
- DEVELOPMENT RESOURCES: PRICESMART offers remarkable development resources to enable its employees to grow on a personal and a professional plan. With access to remarkable intern programs and seminars, employees can learn new skills and stay at the top of their fields.
- GED REIMBURSEMENT: PRICESMART does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: PRICESMART is always on the lookout for new leadership material and offers valuable development programs for its team members. With access to valuable resources, PRICESMART ensures that team members with a potential for becoming leaders can achieve their goals.
- ONBOARDING: PRICESMART is aware of the difficulties that new employees might experience when they join the team. That's why PRICESMART has a solid Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: PRICESMART knows that dedicated team members are hard to come by so it has an excellent Recognition program for those who stand out and continually contribute to PRICESMART.
- TUITION REIMBURSEMENT: PRICESMART has a superior Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at PRICESMART.
Benefit | PRICESMART | Industry | California |
|---|---|---|---|
| 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
PRICESMART has solid health benefits that enable its team members to have various basic and complex procedures covered. Besides, it offers solid dental and vision plans where team members can rest count on covered preventive exams as well as some procedures. For bigger expenses. Employees have a solid healthcare spending account at their disposal.
- COUNSELING: PRICESMART does not offer counseling.
- DENTAL PLAN: PRICESMART offers a good 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: PRICESMART offers a superior health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: PRICESMART does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, PRICESMART offers a solid 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, PRICESMART has created a first-class maternity support program to support its expecting team members.
- TELEHEALTH: PRICESMART does not offer telehealth.
- VISION PLAN: PRICESMART provides a superb 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 | PRICESMART | Industry | California |
|---|---|---|---|
| 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
PRICESMART 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: PRICESMART knows how important it is to think about retirement and start saving on time. That's why it offers a good 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 PRICESMART 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, PRICESMART provides resources which will help team members decide what to do with their 401(k) plan. PRICESMART offers a good vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: PRICESMART does not offer adoption assistance reimbursement.
- BONUS PAY: PRICESMART 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: PRICESMART does not offer childcare discount.
- COMMUTER BENEFIT: PRICESMART offers excellent 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: PRICESMART offers an excellent 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: PRICESMART 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: PRICESMART has a top-notch 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: PRICESMART wants for its team members to lead a happy and fulfilled life so it has a valuable vacation policy for every employee. The number of paid vacation days depends on how long has a certain member been part of the team.
- PAID VOLUNTEER TIME OFF: PRICESMART has a first-class volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, PRICESMART stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: PRICESMART has an impressive parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | PRICESMART | Industry | California |
|---|---|---|---|
| 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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