This report analyzes and compares COSTCO's employee health insurance and employee benefits with its industry and in Washington 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
COSTCO offers good career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. COSTCO believes that every employee has a valuable set of skills so it helps them plan their careers with good developmental resources and mentorships.
- CAREER PLANNING: COSTCO continually evaluates its team members to determine the potential and direction of employees' careers. The exceptional tools that COSTCO uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: COSTCO does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: COSTCO encourages its team members to work on their existing skills and gain new ones continually. By providing great development resources, COSTCO 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: COSTCO has a great GED reimbursement policy for its team members and participates with 1/4 of the costs for obtaining a GED.
- LEADERSHIP PROGRAMS: COSTCO does not offer leadership programs.
- ONBOARDING: COSTCO does not offer onboarding.
- RECOGNITION PROGRAMS: COSTCO has a superior 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: COSTCO does not offer tuition reimbursement.
Benefit | COSTCO | Industry | Washington |
|---|---|---|---|
| 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
COSTCO 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 COSTCO's first-class maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: COSTCO wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its first-class 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: COSTCO offers a great 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: COSTCO offers a top-notch health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: COSTCO is aware of the fact that a healthy employee is a productive employee so it offers exceptional health plan incentives for its team members. Some of the perks are lowered premium rates, individual consultations with nutritionists and physicians, and regular checkups.
- HEALTHCARE SPENDING ACCOUNTS: COSTCO offers an excellent 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, COSTCO has created a top-notch maternity support program to support its expecting team members.
- TELEHEALTH: COSTCO does not offer telehealth.
- VISION PLAN: COSTCO has an exceptional 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 | COSTCO | Industry | Washington |
|---|---|---|---|
| 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
COSTCO 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: COSTCO 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 COSTCO 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, COSTCO provides resources which will help team members decide what to do with their 401(k) plan. COSTCO offers a great vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: COSTCO has a great Adoption Assistance Reimbursement program that pays certain fees associated with the adoption process. With this program, the employees can rest assure that at least some of the costs will be covered.
- BONUS PAY: COSTCO 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: COSTCO does not offer childcare discount.
- COMMUTER BENEFIT: COSTCO acknowledges the fact that some team members have high commuting costs so it offers them superior commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: COSTCO 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: COSTCO offers a top-notch 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: COSTCO has a top-notch life insurance program and offers fully paid life insurance policies for its team members. The policy pays around two years worth of salary to employees' beneficiaries. Option to buy additional coverage is available for every team member.
- PAID TIME OFF: COSTCO realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why COSTCO has a remarkable vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: COSTCO recognizes the importance of giving back to the community so it offers a good volunteer time off program for its team members. Employees are encouraged to spend up to 20 working hours per year, paid by COSTCO, on volunteer work of their choice.
- PARENTAL LEAVE: COSTCO has a great parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | COSTCO | Industry | Washington |
|---|---|---|---|
| 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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