This report analyzes and compares MAGNA INTERNATIONAL's employee health insurance and employee benefits with its industry and in Oregon 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
MAGNA INTERNATIONAL 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 MAGNA INTERNATIONAL. remarkable tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: MAGNA INTERNATIONAL continually evaluates its team members to determine the potential and direction of employees' careers. The impressive tools that MAGNA INTERNATIONAL uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: By using a good coaching and mentoring program, MAGNA INTERNATIONAL can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: excellent development resources are what allows MAGNA INTERNATIONAL to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in excellent workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: MAGNA INTERNATIONAL has a top-notch policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: MAGNA INTERNATIONAL believes that providing its team members with excellent leadership programs is a crucial step in creating new leaders. By using excellent tools that MAGNA INTERNATIONAL provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: MAGNA INTERNATIONAL offers a first-class Onboarding program for its new team members. Employees receive a personalized support in an effort to bring them up to date and successfully integrate them into existing teams and projects.
- RECOGNITION PROGRAMS: MAGNA INTERNATIONAL 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 MAGNA INTERNATIONAL.
- TUITION REIMBURSEMENT: MAGNA INTERNATIONAL does not offer tuition reimbursement.
Benefit | MAGNA INTERNATIONAL | Industry | Oregon |
|---|---|---|---|
| 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
MAGNA INTERNATIONAL has suitable health benefits that enable its team members to have various basic and complex procedures covered. Besides, it offers suitable dental and vision plans where team members can rest count on covered preventive exams as well as some procedures. For bigger expenses. Employees have a suitable healthcare spending account at their disposal.
- COUNSELING: MAGNA INTERNATIONAL has an extraordinary counseling program for its employees and their family members. Team members are encouraged by MAGNA INTERNATIONAL 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 extraordinary counseling program offers help any time of the day, seven days a week. Even a certain number of family sessions is included.
- DENTAL PLAN: MAGNA INTERNATIONAL offers a good 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: MAGNA INTERNATIONAL offers a great 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, MAGNA INTERNATIONAL 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: To financially help its team members with medical emergencies, MAGNA INTERNATIONAL offers a valuable 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: MAGNA INTERNATIONAL 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: MAGNA INTERNATIONAL does not offer telehealth.
- VISION PLAN: MAGNA INTERNATIONAL provides a top-notch 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 | MAGNA INTERNATIONAL | Industry | Oregon |
|---|---|---|---|
| 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 valuable financial benefits at MAGNA INTERNATIONAL. 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. MAGNA INTERNATIONAL offers valuable life insurance with affordable rates, as well as parental leave for expecting mothers. Employees who decide to adopt a child can expect MAGNA INTERNATIONAL to partially cover the expenses.
- 401(K) PLAN: MAGNA INTERNATIONAL does not offer 401(k) plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: MAGNA INTERNATIONAL has a first-class 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 MAGNA INTERNATIONAL.
- BONUS PAY: MAGNA INTERNATIONAL has a solid 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: MAGNA INTERNATIONAL has an outstanding childcare discount policy for its employees and offers attractive rates for eligible childcare centers.
- COMMUTER BENEFIT: MAGNA INTERNATIONAL has a great commuting policy and offers commuter benefits that allow eligible team members to cover their transportation or parking costs up to a certain distance from the place of work.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: MAGNA INTERNATIONAL 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: MAGNA INTERNATIONAL has an outstanding 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: MAGNA INTERNATIONAL offers a suitable life insurance policy to its team members for an affordable price. MAGNA INTERNATIONAL 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: MAGNA INTERNATIONAL realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why MAGNA INTERNATIONAL has a top-notch vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: MAGNA INTERNATIONAL 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 MAGNA INTERNATIONAL, on volunteer work of their choice.
- PARENTAL LEAVE: MAGNA INTERNATIONAL has a great parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | MAGNA INTERNATIONAL | Industry | Oregon |
|---|---|---|---|
| 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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