This report analyzes and compares FORMFACTOR's employee health insurance and employee benefits with its industry and in California 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
FORMFACTOR 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 FORMFACTOR. superior tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: FORMFACTOR offers superb possibilities for career planning to its team members. Whether it's an expert position or an entry-level position, FORMFACTOR makes sure that every single team member takes the full advantage of superb career planning programs.
- COACHING AND MENTORING: FORMFACTOR offers superb coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
- DEVELOPMENT RESOURCES: FORMFACTOR encourages its team members to work on their existing skills and gain new ones continually. By providing suitable development resources, FORMFACTOR 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: FORMFACTOR has an exceptional GED policy and offers to pay full costs for employees who want to obtain a GED.
- LEADERSHIP PROGRAMS: FORMFACTOR believes that providing its team members with extraordinary leadership programs is a crucial step in creating new leaders. By using extraordinary tools that FORMFACTOR provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: FORMFACTOR is aware of the difficulties that new employees might experience when they join the team. That's why FORMFACTOR has a valuable Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: FORMFACTOR knows that dedicated team members are hard to come by so it has an impressive Recognition program for those who stand out and continually contribute to FORMFACTOR.
- TUITION REIMBURSEMENT: FORMFACTOR realizes that continuous education is a key to success so it has an impressive Tuition Reimbursement Program and pays full costs for college degrees or job-related certificates.
Benefit | FORMFACTOR | Industry | California |
|---|---|---|---|
| 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
FORMFACTOR offers top-notch 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 FORMFACTOR's top-notch maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: FORMFACTOR does not offer counseling.
- DENTAL PLAN: Team members at FORMFACTOR 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. FORMFACTOR partially pays for dentures and braces as well.
- HEALTH INSURANCE: FORMFACTOR provides an outstanding health insurance plan that covers all sorts of medical expenses for employees and their families, including hospital stays and surgical procedures.
- HEALTH PLAN INCENTIVES: FORMFACTOR 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: FORMFACTOR offers an impressive 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, FORMFACTOR has created a superb maternity support program to support its expecting team members.
- TELEHEALTH: FORMFACTOR has a valuable 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. FORMFACTOR can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: FORMFACTOR 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 | FORMFACTOR | Industry | California |
|---|---|---|---|
| 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
FORMFACTOR offers top-notch financial benefits for employees and their family members. A top-notch 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: FORMFACTOR has an exceptional 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, FORMFACTOR offers an exceptional 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, FORMFACTOR offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: FORMFACTOR does not offer adoption assistance reimbursement.
- BONUS PAY: FORMFACTOR has a great 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: FORMFACTOR does not offer childcare discount.
- COMMUTER BENEFIT: FORMFACTOR offers exceptional commuter benefits for its team members and enables them to pay for all sorts of transportation fees, regardless of their distance from the place of work and the costs involved.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: FORMFACTOR 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: FORMFACTOR has an extraordinary disability program available for eligible team members. Whether it's a short- term or a long-term disability, team members can rest assured that their financial status won't be compromised even when they are not working. Once the short-term disability coverage expires, employees have the option to enjoy long-term disability coverage.
- LIFE INSURANCE: FORMFACTOR has a first-class 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: FORMFACTOR wants for its team members to lead a happy and fulfilled life so it has a great 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: FORMFACTOR believes that impressive volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why FORMFACTOR offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: FORMFACTOR has a suitable parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | FORMFACTOR | Industry | California |
|---|---|---|---|
| 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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