This report analyzes and compares THE TIMKEN COMPANY's employee health insurance and employee benefits with its industry and in Ohio 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
THE TIMKEN COMPANY 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 THE TIMKEN COMPANY. top-notch tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: THE TIMKEN COMPANY offers first-class possibilities for career planning to its team members. Whether it's an expert position or an entry-level position, THE TIMKEN COMPANY makes sure that every single team member takes the full advantage of first-class career planning programs.
- COACHING AND MENTORING: THE TIMKEN COMPANY does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: THE TIMKEN COMPANY encourages its team members to work on their existing skills and gain new ones continually. By providing great development resources, THE TIMKEN COMPANY supports their team members on their journey to perfection. Employees have a wide range of great resources at their disposal for professional and personal growth.
- GED REIMBURSEMENT: THE TIMKEN COMPANY has a superior policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: THE TIMKEN COMPANY believes that providing its team members with extraordinary leadership programs is a crucial step in creating new leaders. By using extraordinary tools that THE TIMKEN COMPANY provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: THE TIMKEN COMPANY is aware of the difficulties that new employees might experience when they join the team. That's why THE TIMKEN COMPANY has a good Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: THE TIMKEN COMPANY has a top-notch 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: THE TIMKEN COMPANY has a great 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 | THE TIMKEN COMPANY | Industry | Ohio |
|---|---|---|---|
| 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
THE TIMKEN COMPANY has valuable health benefits that enable its team members to have various basic and complex procedures covered. Besides, it offers valuable 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 valuable healthcare spending account at their disposal.
- COUNSELING: THE TIMKEN COMPANY does not offer counseling.
- DENTAL PLAN: Team members at THE TIMKEN COMPANY have a remarkable dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. THE TIMKEN COMPANY partially pays for dentures and braces as well.
- HEALTH INSURANCE: THE TIMKEN COMPANY offers a top-notch health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: In an effort to improve the wellbeing and quality of life of its team members, THE TIMKEN COMPANY offers solid 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: To financially help its team members with medical emergencies, THE TIMKEN COMPANY 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, THE TIMKEN COMPANY has created a first-class maternity support program to support its expecting team members.
- TELEHEALTH: THE TIMKEN COMPANY does not offer telehealth.
- VISION PLAN: THE TIMKEN COMPANY 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 | THE TIMKEN COMPANY | Industry | Ohio |
|---|---|---|---|
| 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
THE TIMKEN COMPANY 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: THE TIMKEN COMPANY 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, THE TIMKEN COMPANY 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, THE TIMKEN COMPANY offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: THE TIMKEN COMPANY does not offer adoption assistance reimbursement.
- BONUS PAY: THE TIMKEN COMPANY offers top-notch bonuses to team members who excel in their field of work, provide extraordinary results for THE TIMKEN COMPANY, and encourage others to do the same.
- CHILDCARE DISCOUNT: THE TIMKEN COMPANY cooperates with partners and team members are eligible for remarkable discounts for a primary childcare.
- COMMUTER BENEFIT: THE TIMKEN COMPANY acknowledges the fact that some team members have high commuting costs so it offers them remarkable commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: THE TIMKEN COMPANY offers an outstanding 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: THE TIMKEN COMPANY has a good disability program in place that takes care of team members who sustained an injury or suffer from an illness that causes them disability. Eligible team members are offered a good coverage for a short-term disability that replaces a certain percentage of salary for a certain period of time.
- LIFE INSURANCE: THE TIMKEN COMPANY offers an excellent life insurance program. It is one of the best in the country and offers free life insurance for team members. The policy pays up to three years worth of salary to beneficiaries. This excellent life insurance package contains dependent policies as well.
- PAID TIME OFF: THE TIMKEN COMPANY has an outstanding 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: THE TIMKEN COMPANY believes that impressive volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why THE TIMKEN COMPANY offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: THE TIMKEN COMPANY has a suitable parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | THE TIMKEN COMPANY | Industry | Ohio |
|---|---|---|---|
| 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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