This report analyzes and compares TORCHMARK CORPORATION's employee health insurance and employee benefits with its industry and in Texas 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
TORCHMARK CORPORATION has superior 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 TORCHMARK CORPORATION. superior tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: TORCHMARK CORPORATION continually evaluates its team members to determine the potential and direction of employees' careers. The exceptional tools that TORCHMARK CORPORATION uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: TORCHMARK CORPORATION offers superior coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
- DEVELOPMENT RESOURCES: TORCHMARK CORPORATION encourages its team members to work on their existing skills and gain new ones continually. By providing good development resources, TORCHMARK CORPORATION 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: TORCHMARK CORPORATION does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: TORCHMARK CORPORATION is always on the lookout for new leadership material and offers great development programs for its team members. With access to great resources, TORCHMARK CORPORATION ensures that team members with a potential for becoming leaders can achieve their goals.
- 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 TORCHMARK CORPORATION offers an extraordinary Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, TORCHMARK CORPORATION implemented a valuable Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: TORCHMARK CORPORATION has a solid 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 | TORCHMARK CORPORATION | Industry | Texas |
|---|---|---|---|
| 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
TORCHMARK CORPORATION 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 TORCHMARK CORPORATION's remarkable maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: TORCHMARK CORPORATION has an excellent counseling program for its employees and their family members. Team members are encouraged by TORCHMARK CORPORATION to talk freely with experts about everything that bothers them. Whether it's something at the workplace or something at home, experienced counselors are there to help. This excellent counseling program offers help any time of the day, seven days a week. Even a certain number of family sessions is included.
- DENTAL PLAN: Team members at TORCHMARK CORPORATION have a first-class dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. TORCHMARK CORPORATION partially pays for dentures and braces as well.
- HEALTH INSURANCE: TORCHMARK CORPORATION offers a first-class 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, TORCHMARK CORPORATION 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: TORCHMARK CORPORATION 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: TORCHMARK CORPORATION has a valuable maternity support program with helpful resources for its expecting team members in an effort to make their pregnancy go as smooth as possible.
- TELEHEALTH: TORCHMARK CORPORATION has implemented a superior telehealth policy for its members to use any time of the day, every single day. TORCHMARK CORPORATION covers all expenses of exams, doctor's opinions, and other services that can be done over the phone or via video call.
- VISION PLAN: TORCHMARK CORPORATION has an excellent 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 | TORCHMARK CORPORATION | Industry | Texas |
|---|---|---|---|
| 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
TORCHMARK CORPORATION offers superior financial benefits for employees and their family members. A superior 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: TORCHMARK CORPORATION knows how important it is to think about retirement and start saving on time. That's why it offers a great 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 TORCHMARK CORPORATION 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, TORCHMARK CORPORATION provides resources which will help team members decide what to do with their 401(k) plan. TORCHMARK CORPORATION offers a great vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: TORCHMARK CORPORATION has a superior 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 TORCHMARK CORPORATION.
- BONUS PAY: TORCHMARK CORPORATION 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: TORCHMARK CORPORATION does not offer childcare discount.
- COMMUTER BENEFIT: TORCHMARK CORPORATION acknowledges the fact that some team members have high commuting costs so it offers them top-notch commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: TORCHMARK CORPORATION has a solid 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: TORCHMARK CORPORATION 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: TORCHMARK CORPORATION offers a good life insurance policy to its team members for an affordable price. TORCHMARK CORPORATION 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: TORCHMARK CORPORATION wants for its team members to lead a happy and fulfilled life so it has a solid 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: TORCHMARK CORPORATION believes that outstanding volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why TORCHMARK CORPORATION offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: TORCHMARK CORPORATION has an exceptional parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | TORCHMARK CORPORATION | Industry | Texas |
|---|---|---|---|
| 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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