This report analyzes and compares STATE FARM INSURANCE's employee health insurance and employee benefits with its industry and in Illinois 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
STATE FARM INSURANCE 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 STATE FARM INSURANCE. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: STATE FARM INSURANCE continually evaluates its team members to determine the potential and direction of employees' careers. The extraordinary tools that STATE FARM INSURANCE uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: STATE FARM INSURANCE does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: excellent development resources are what allows STATE FARM INSURANCE to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in excellent workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: STATE FARM INSURANCE has a first-class policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: STATE FARM INSURANCE does not offer leadership programs.
- 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 STATE FARM INSURANCE offers an outstanding Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: STATE FARM INSURANCE has a first-class Recognition program in place and makes sure that team members who constantly achieve extraordinary results and work well with others are properly rewarded for their efforts.
- TUITION REIMBURSEMENT: STATE FARM INSURANCE has a superb Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at STATE FARM INSURANCE.
Benefit | STATE FARM INSURANCE | Industry | Illinois |
|---|---|---|---|
| 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
STATE FARM INSURANCE 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 STATE FARM INSURANCE's superior maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: STATE FARM INSURANCE wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its superb 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: STATE FARM INSURANCE 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: STATE FARM INSURANCE provides an exceptional 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, STATE FARM INSURANCE offers great 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: STATE FARM INSURANCE offers an extraordinary 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, STATE FARM INSURANCE has created a superior maternity support program to support its expecting team members.
- TELEHEALTH: STATE FARM INSURANCE has a good 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. STATE FARM INSURANCE can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: STATE FARM INSURANCE offers a solid Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | STATE FARM INSURANCE | Industry | Illinois |
|---|---|---|---|
| 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
STATE FARM INSURANCE offers remarkable financial benefits for employees and their family members. A remarkable 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: STATE FARM INSURANCE has an excellent 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, STATE FARM INSURANCE offers an excellent 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, STATE FARM INSURANCE offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: STATE FARM INSURANCE 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 STATE FARM INSURANCE.
- BONUS PAY: STATE FARM INSURANCE has a good 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: STATE FARM INSURANCE has an extraordinary childcare discount policy for its employees and offers attractive rates for eligible childcare centers.
- COMMUTER BENEFIT: STATE FARM INSURANCE acknowledges the fact that some team members have high commuting costs so it offers them first-class commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: STATE FARM INSURANCE has a good 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: STATE FARM INSURANCE offers a superior 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: STATE FARM INSURANCE offers a solid life insurance policy to its team members for an affordable price. STATE FARM INSURANCE 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: STATE FARM INSURANCE has an excellent 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: STATE FARM INSURANCE does not offer paid volunteer time off.
- PARENTAL LEAVE: STATE FARM INSURANCE has a good parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | STATE FARM INSURANCE | Industry | Illinois |
|---|---|---|---|
| 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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