This report analyzes and compares SUNTRUST's employee health insurance and employee benefits with its industry and in Georgia 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
SUNTRUST offers suitable career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. SUNTRUST believes that every employee has a valuable set of skills so it helps them plan their careers with suitable developmental resources and mentorships.
- CAREER PLANNING: SUNTRUST believes that career planning of each employee is a key to a successful business and offers good opportunities so that the employees can reach their full potential. SUNTRUST has good resources at its disposal to achieve this goal.
- COACHING AND MENTORING: By using a suitable coaching and mentoring program, SUNTRUST can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: SUNTRUST 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: SUNTRUST does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: SUNTRUST is always on the lookout for new leadership material and offers solid development programs for its team members. With access to solid resources, SUNTRUST ensures that team members with a potential for becoming leaders can achieve their goals.
- 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 SUNTRUST offers an exceptional Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, SUNTRUST implemented a good Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: SUNTRUST has a great Tuition Reimbursement Program and participates with up to 25% of the costs for team members who want a job-related certificate or a degree.
Benefit | SUNTRUST | Industry | Georgia |
|---|---|---|---|
| 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
SUNTRUST offers remarkable 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 SUNTRUST's remarkable maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: SUNTRUST wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its remarkable counseling program enables the team members to talk with experts 24/7. Employees can receive practical fitness and nutritional tips, talk about their problems, and learn effective techniques for dealing with stress and anxiety. Team members can count on confidentiality at all times.
- DENTAL PLAN: Team members at SUNTRUST have a superb dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. SUNTRUST partially pays for dentures and braces as well.
- HEALTH INSURANCE: SUNTRUST offers a first-class health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: In an effort to improve the wellbeing and quality of life of its team members, SUNTRUST offers solid 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, SUNTRUST 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: SUNTRUST offers an extraordinary maternity support program which enables expecting mothers to access quality resources, administrative assistance, and support every single day.
- TELEHEALTH: SUNTRUST has an outstanding telehealth policy that provides its employees and their family members with a great variety of fully covered telehealth services from health professionals all over the country. This way, employees can get medical help even in the middle of the night.
- VISION PLAN: SUNTRUST 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 | SUNTRUST | Industry | Georgia |
|---|---|---|---|
| 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
SUNTRUST offers superb financial benefits for employees and their family members. A superb 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: SUNTRUST knows how important it is to think about retirement and start saving on time. That's why it offers a solid 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 SUNTRUST 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, SUNTRUST provides resources which will help team members decide what to do with their 401(k) plan. SUNTRUST offers a solid vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: SUNTRUST does not offer adoption assistance reimbursement.
- BONUS PAY: SUNTRUST 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: SUNTRUST offers a valuable discount for primary childcare to its team members and enables them affordable prices.
- COMMUTER BENEFIT: SUNTRUST has a suitable 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: SUNTRUST offers a top-notch 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: SUNTRUST has an exceptional 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: SUNTRUST 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: SUNTRUST has an exceptional vacation program for its team members with a great deal of paid vacation days. Team members can spend those days at their own pace, any time of the year. Various national and personal holidays are taken into account as well.
- PAID VOLUNTEER TIME OFF: SUNTRUST recognizes the importance of giving back to the community so it offers a valuable volunteer time off program for its team members. Employees are encouraged to spend up to 20 working hours per year, paid by SUNTRUST, on volunteer work of their choice.
- PARENTAL LEAVE: SUNTRUST has a remarkable parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | SUNTRUST | Industry | Georgia |
|---|---|---|---|
| 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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