This report analyzes and compares SUMMIT MICROELECTRONICS' 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
SUMMIT MICROELECTRONICS has superb 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 SUMMIT MICROELECTRONICS. superb tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: SUMMIT MICROELECTRONICS believes that career planning of each employee is a key to a successful business and offers suitable opportunities so that the employees can reach their full potential. SUMMIT MICROELECTRONICS has suitable resources at its disposal to achieve this goal.
- COACHING AND MENTORING: SUMMIT MICROELECTRONICS believes that an outstanding coaching and mentoring program is necessary for the employees to thrive, expand their skill set, and become the best in their field.
- DEVELOPMENT RESOURCES: outstanding development resources are what allows SUMMIT MICROELECTRONICS to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in outstanding workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: SUMMIT MICROELECTRONICS does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: SUMMIT MICROELECTRONICS believes that providing its team members with outstanding leadership programs is a crucial step in creating new leaders. By using outstanding tools that SUMMIT MICROELECTRONICS provides for them, employees are able to learn what makes or breaks a leader.
- ONBOARDING: SUMMIT MICROELECTRONICS is aware of the difficulties that new employees might experience when they join the team. That's why SUMMIT MICROELECTRONICS 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, SUMMIT MICROELECTRONICS implemented a great Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: SUMMIT MICROELECTRONICS realizes that continuous education is a key to success so it has an extraordinary Tuition Reimbursement Program and pays full costs for college degrees or job-related certificates.
Benefit | SUMMIT MICROELECTRONICS | 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
SUMMIT MICROELECTRONICS has great health benefits that enable its team members to have various basic and complex procedures covered. Besides, it offers great 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 great healthcare spending account at their disposal.
- COUNSELING: SUMMIT MICROELECTRONICS does not offer counseling.
- DENTAL PLAN: SUMMIT MICROELECTRONICS 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: SUMMIT MICROELECTRONICS offers a suitable health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: SUMMIT MICROELECTRONICS does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: SUMMIT MICROELECTRONICS offers an outstanding 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, SUMMIT MICROELECTRONICS has created a remarkable maternity support program to support its expecting team members.
- TELEHEALTH: SUMMIT MICROELECTRONICS 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. SUMMIT MICROELECTRONICS can recommend a certain doctor or institution and covers up to 50% of the costs.
- VISION PLAN: SUMMIT MICROELECTRONICS provides a first-class 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 | SUMMIT MICROELECTRONICS | 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
SUMMIT MICROELECTRONICS offers superior financial benefits for employees and their family members. A superior 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: SUMMIT MICROELECTRONICS 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, SUMMIT MICROELECTRONICS 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, SUMMIT MICROELECTRONICS offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: SUMMIT MICROELECTRONICS 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: SUMMIT MICROELECTRONICS offers superb bonuses to team members who excel in their field of work, provide extraordinary results for SUMMIT MICROELECTRONICS, and encourage others to do the same.
- CHILDCARE DISCOUNT: SUMMIT MICROELECTRONICS offers a great discount for primary childcare to its team members and enables them affordable prices.
- COMMUTER BENEFIT: SUMMIT MICROELECTRONICS acknowledges the fact that some team members have high commuting costs so it offers them first-class commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: SUMMIT MICROELECTRONICS offers a superior 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: SUMMIT MICROELECTRONICS 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: SUMMIT MICROELECTRONICS offers an excellent life insurance program. It is one of the best in the country and offers free life insurance for team members. The policy pays up to three years worth of salary to beneficiaries. This excellent life insurance package contains dependent policies as well.
- PAID TIME OFF: SUMMIT MICROELECTRONICS realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why SUMMIT MICROELECTRONICS has a superior vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: SUMMIT MICROELECTRONICS does not offer paid volunteer time off.
- PARENTAL LEAVE: SUMMIT MICROELECTRONICS has an impressive parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | SUMMIT MICROELECTRONICS | 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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