This report analyzes and compares WAFB's employee health insurance and employee benefits with its industry and in Louisiana 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
WAFB offers valuable career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. WAFB believes that every employee has a valuable set of skills so it helps them plan their careers with valuable developmental resources and mentorships.
- CAREER PLANNING: WAFB 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. WAFB has good resources at its disposal to achieve this goal.
- COACHING AND MENTORING: WAFB does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: WAFB encourages its team members to work on their existing skills and gain new ones continually. By providing suitable development resources, WAFB supports their team members on their journey to perfection. Employees have a wide range of suitable resources at their disposal for professional and personal growth.
- GED REIMBURSEMENT: WAFB has a great GED reimbursement policy for its team members and participates with 1/4 of the costs for obtaining a GED.
- LEADERSHIP PROGRAMS: WAFB offers a wide variety of superior courses and seminars for every team member who aspires to a leadership position. Employees are encouraged by WAFB to grow as leaders and learn how to make tough calls.
- ONBOARDING: WAFB does not offer onboarding.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, WAFB implemented a solid Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: WAFB does not offer tuition reimbursement.
Benefit | WAFB | Industry | Louisiana |
|---|---|---|---|
| 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
WAFB offers first-class 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 WAFB's first-class maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: WAFB does not offer counseling.
- DENTAL PLAN: WAFB cares about its team members' dental health so it offers an extraordinary 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: WAFB 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: WAFB offers its team members remarkable health plan incentives. Team members are encouraged to take a proactive approach to their health and take care of their BMI, sugar and fat in their blood, and other biometrics. WAFB provides educational material and seminars.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, WAFB offers a great 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: WAFB 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: WAFB has implemented a first-class telehealth policy for its members to use any time of the day, every single day. WAFB covers all expenses of exams, doctor's opinions, and other services that can be done over the phone or via video call.
- VISION PLAN: WAFB 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 | WAFB | Industry | Louisiana |
|---|---|---|---|
| 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
WAFB 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: WAFB has a superior 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. WAFB 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 superior WAFB has Matching program that matches 75% of employees' contributions. Whatever WAFB contributes, it becomes 100% vested after a 2-year period after which the employees can keep even if they leave WAFB. Recognizing that every team member is unique, with specific needs and goals, WAFB keeps their members informed about their 401(k) options.
- ADOPTION ASSISTANCE REIMBURSEMENT: WAFB has an outstanding Adoption Assistance Reimbursement program. It is one of the best available as it covers various court fees and attorney costs for team members, even if the child comes from a foreign country.
- BONUS PAY: WAFB offers superb bonuses to team members who excel in their field of work, provide extraordinary results for WAFB, and encourage others to do the same.
- CHILDCARE DISCOUNT: WAFB does not offer childcare discount.
- COMMUTER BENEFIT: WAFB 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: WAFB 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: WAFB has a valuable 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 valuable coverage for a short-term disability that replaces a certain percentage of salary for a certain period of time.
- LIFE INSURANCE: WAFB offers a great life insurance policy to its team members for an affordable price. WAFB 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: WAFB wants for its team members to lead a happy and fulfilled life so it has a good 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: WAFB has a superb volunteer time off program for its team members. Aware of the fact that volunteer work builds character and widens the horizons, WAFB stimulates its team members to use two paid days every quartal for volunteering purposes.
- PARENTAL LEAVE: WAFB has a superior parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | WAFB | Industry | Louisiana |
|---|---|---|---|
| 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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