This report analyzes and compares SAKS FIFTH AVENUE'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
SAKS FIFTH AVENUE offers great career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. SAKS FIFTH AVENUE believes that every employee has a valuable set of skills so it helps them plan their careers with great developmental resources and mentorships.
- CAREER PLANNING: SAKS FIFTH AVENUE believes that career planning of each employee is a key to a successful business and offers good opportunities so that the employees can reach their full potential. SAKS FIFTH AVENUE has good resources at its disposal to achieve this goal.
- COACHING AND MENTORING: SAKS FIFTH AVENUE does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: SAKS FIFTH AVENUE encourages its team members to work on their existing skills and gain new ones continually. By providing good development resources, SAKS FIFTH AVENUE supports their team members on their journey to perfection. Employees have a wide range of good resources at their disposal for professional and personal growth.
- GED REIMBURSEMENT: SAKS FIFTH AVENUE has a top-notch policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: SAKS FIFTH AVENUE does not offer leadership programs.
- ONBOARDING: SAKS FIFTH AVENUE is aware of the difficulties that new employees might experience when they join the team. That's why SAKS FIFTH AVENUE has a valuable Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: SAKS FIFTH AVENUE 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 SAKS FIFTH AVENUE.
- TUITION REIMBURSEMENT: SAKS FIFTH AVENUE realizes that continuous education is a key to success so it has an impressive Tuition Reimbursement Program and pays full costs for college degrees or job-related certificates.
Benefit | SAKS FIFTH AVENUE | 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
SAKS FIFTH AVENUE offers superior 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 SAKS FIFTH AVENUE's superior maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: SAKS FIFTH AVENUE does not offer counseling.
- DENTAL PLAN: SAKS FIFTH AVENUE cares about its team members' dental health so it offers an outstanding 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: SAKS FIFTH AVENUE offers a top-notch health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: SAKS FIFTH AVENUE does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: SAKS FIFTH AVENUE 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: SAKS FIFTH AVENUE has a suitable maternity support program with helpful resources for its expecting team members in an effort to make their pregnancy go as smooth as possible.
- TELEHEALTH: SAKS FIFTH AVENUE does not offer telehealth.
- VISION PLAN: SAKS FIFTH AVENUE has an impressive 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 | SAKS FIFTH AVENUE | 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
SAKS FIFTH AVENUE offers superb financial benefits for employees and their family members. A superb 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: SAKS FIFTH AVENUE has a top-notch 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. SAKS FIFTH AVENUE 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 top-notch SAKS FIFTH AVENUE has Matching program that matches 75% of employees' contributions. Whatever SAKS FIFTH AVENUE contributes, it becomes 100% vested after a 2-year period after which the employees can keep even if they leave SAKS FIFTH AVENUE. Recognizing that every team member is unique, with specific needs and goals, SAKS FIFTH AVENUE keeps their members informed about their 401(k) options.
- ADOPTION ASSISTANCE REIMBURSEMENT: SAKS FIFTH AVENUE has a superb 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 SAKS FIFTH AVENUE.
- BONUS PAY: SAKS FIFTH AVENUE has a valuable 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: SAKS FIFTH AVENUE cooperates with partners and team members are eligible for first-class discounts for a primary childcare.
- COMMUTER BENEFIT: SAKS FIFTH AVENUE offers outstanding 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: SAKS FIFTH AVENUE offers a top-notch 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: SAKS FIFTH AVENUE offers a first-class 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: SAKS FIFTH AVENUE offers a good life insurance policy to its team members for an affordable price. SAKS FIFTH AVENUE 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: SAKS FIFTH AVENUE realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why SAKS FIFTH AVENUE has a superb vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: SAKS FIFTH AVENUE believes that exceptional volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why SAKS FIFTH AVENUE offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: SAKS FIFTH AVENUE has an impressive parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | SAKS FIFTH AVENUE | 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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