This report analyzes and compares GARMIN's employee health insurance and employee benefits with its industry and in Kansas 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
GARMIN has remarkable 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 GARMIN. remarkable tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: GARMIN believes that career planning of each employee is a key to a successful business and offers solid opportunities so that the employees can reach their full potential. GARMIN has solid resources at its disposal to achieve this goal.
- COACHING AND MENTORING: GARMIN believes that an impressive coaching and mentoring program is necessary for the employees to thrive, expand their skill set, and become the best in their field.
- DEVELOPMENT RESOURCES: GARMIN offers first-class development resources to enable its employees to grow on a personal and a professional plan. With access to first-class intern programs and seminars, employees can learn new skills and stay at the top of their fields.
- GED REIMBURSEMENT: GARMIN does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: GARMIN believes that providing its team members with impressive leadership programs is a crucial step in creating new leaders. By using impressive tools that GARMIN provides for them, employees are able to learn what makes or breaks a leader.
- 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 GARMIN offers an extraordinary Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: GARMIN knows that dedicated team members are hard to come by so it has an extraordinary Recognition program for those who stand out and continually contribute to GARMIN.
- TUITION REIMBURSEMENT: GARMIN 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 | GARMIN | Industry | Kansas |
|---|---|---|---|
| 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
GARMIN offers superb 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 GARMIN's superb maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: GARMIN has an excellent counseling program for its employees and their family members. Team members are encouraged by GARMIN 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: GARMIN cares about its team members' dental health so it offers an outstanding 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: GARMIN offers a good health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: In an effort to improve the wellbeing and quality of life of its team members, GARMIN 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: GARMIN 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, GARMIN has created a top-notch maternity support program to support its expecting team members.
- TELEHEALTH: GARMIN 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. GARMIN can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: GARMIN offers a good Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | GARMIN | Industry | Kansas |
|---|---|---|---|
| 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
Team members enjoy solid financial benefits at GARMIN. They have a good variety of financial benefits at their disposal and can always count on financial help when it comes to disability or commuting. GARMIN offers solid life insurance with affordable rates, as well as parental leave for expecting mothers. Employees who decide to adopt a child can expect GARMIN to partially cover the expenses.
- 401(K) PLAN: GARMIN knows how important it is to think about retirement and start saving on time. That's why it offers a valuable 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 GARMIN 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, GARMIN provides resources which will help team members decide what to do with their 401(k) plan. GARMIN offers a valuable vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: GARMIN does not offer adoption assistance reimbursement.
- BONUS PAY: GARMIN offers superb bonuses to team members who excel in their field of work, provide extraordinary results for GARMIN, and encourage others to do the same.
- CHILDCARE DISCOUNT: GARMIN does not offer childcare discount.
- COMMUTER BENEFIT: GARMIN 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: GARMIN offers a superb daycare policy for its members, with a flexible spending account which team members can use to pay for various daycare expenses for when they are at work.
- DISABILITY: GARMIN has an impressive 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: GARMIN offers a suitable life insurance policy to its team members for an affordable price. GARMIN 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: GARMIN 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: GARMIN does not offer paid volunteer time off.
- PARENTAL LEAVE: GARMIN has a superior parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | GARMIN | Industry | Kansas |
|---|---|---|---|
| 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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