This report analyzes and compares PARKER HANNIFIN's employee health insurance and employee benefits with its industry and in Ohio 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
PARKER HANNIFIN 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 PARKER HANNIFIN. superior tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: PARKER HANNIFIN continually evaluates its team members to determine the potential and direction of employees' careers. The excellent tools that PARKER HANNIFIN uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: PARKER HANNIFIN offers top-notch coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
- DEVELOPMENT RESOURCES: PARKER HANNIFIN encourages its team members to work on their existing skills and gain new ones continually. By providing great development resources, PARKER HANNIFIN 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: PARKER HANNIFIN has a first-class policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: PARKER HANNIFIN is always on the lookout for new leadership material and offers good development programs for its team members. With access to good resources, PARKER HANNIFIN ensures that team members with a potential for becoming leaders can achieve their goals.
- ONBOARDING: PARKER HANNIFIN is aware of the difficulties that new employees might experience when they join the team. That's why PARKER HANNIFIN has a great Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, PARKER HANNIFIN implemented a good Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: PARKER HANNIFIN has a first-class Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at PARKER HANNIFIN.
Benefit | PARKER HANNIFIN | Industry | Ohio |
|---|---|---|---|
| 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
PARKER HANNIFIN 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 PARKER HANNIFIN's top-notch maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: PARKER HANNIFIN does not offer counseling.
- DENTAL PLAN: Team members at PARKER HANNIFIN 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. PARKER HANNIFIN partially pays for dentures and braces as well.
- HEALTH INSURANCE: PARKER HANNIFIN offers a great health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: PARKER HANNIFIN is aware of the fact that a healthy employee is a productive employee so it offers outstanding 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: PARKER HANNIFIN 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, PARKER HANNIFIN has created a remarkable maternity support program to support its expecting team members.
- TELEHEALTH: PARKER HANNIFIN has a solid 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. PARKER HANNIFIN can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: PARKER HANNIFIN 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 | PARKER HANNIFIN | Industry | Ohio |
|---|---|---|---|
| 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
PARKER HANNIFIN 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: PARKER HANNIFIN has an impressive 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, PARKER HANNIFIN offers an impressive 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, PARKER HANNIFIN offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: PARKER HANNIFIN has an excellent 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: PARKER HANNIFIN has a suitable 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: PARKER HANNIFIN offers a great discount for primary childcare to its team members and enables them affordable prices.
- COMMUTER BENEFIT: PARKER HANNIFIN 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: PARKER HANNIFIN offers a remarkable 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: PARKER HANNIFIN offers a first-class 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: PARKER HANNIFIN offers a great life insurance policy to its team members for an affordable price. PARKER HANNIFIN 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: PARKER HANNIFIN wants for its team members to lead a happy and fulfilled life so it has a suitable 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: PARKER HANNIFIN believes that outstanding volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why PARKER HANNIFIN offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: PARKER HANNIFIN has a good parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | PARKER HANNIFIN | Industry | Ohio |
|---|---|---|---|
| 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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