This report analyzes and compares TEREX's employee health insurance and employee benefits with its industry and in Connecticut 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
TEREX 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 TEREX. superb tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: TEREX offers remarkable possibilities for career planning to its team members. Whether it's an expert position or an entry-level position, TEREX makes sure that every single team member takes the full advantage of remarkable career planning programs.
- COACHING AND MENTORING: By using a solid coaching and mentoring program, TEREX can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: TEREX 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: TEREX has an outstanding GED policy and offers to pay full costs for employees who want to obtain a GED.
- LEADERSHIP PROGRAMS: TEREX does not offer leadership programs.
- ONBOARDING: TEREX offers a top-notch 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: Aware of the fact that its team members work hard, TEREX implemented a great Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: TEREX has a valuable 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 | TEREX | Industry | Connecticut |
|---|---|---|---|
| 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
TEREX 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 TEREX's remarkable maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: TEREX has an excellent counseling program for its employees and their family members. Team members are encouraged by TEREX 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: Team members at TEREX have a superior dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. TEREX partially pays for dentures and braces as well.
- HEALTH INSURANCE: TEREX offers a great health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: TEREX does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: TEREX 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, TEREX has created a superior maternity support program to support its expecting team members.
- TELEHEALTH: TEREX has implemented a superior telehealth policy for its members to use any time of the day, every single day. TEREX covers all expenses of exams, doctor's opinions, and other services that can be done over the phone or via video call.
- VISION PLAN: TEREX has an outstanding Vision Plan for its team members who can count on coverage of a wide variety eye exams and procedures, as well as vision-related medical devices.
Benefit | TEREX | Industry | Connecticut |
|---|---|---|---|
| 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
TEREX offers top-notch financial benefits for employees and their family members. A top-notch 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: TEREX 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 TEREX 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, TEREX provides resources which will help team members decide what to do with their 401(k) plan. TEREX offers a solid vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: TEREX has an extraordinary 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: TEREX offers superb bonuses to team members who excel in their field of work, provide extraordinary results for TEREX, and encourage others to do the same.
- CHILDCARE DISCOUNT: TEREX has an extraordinary childcare discount policy for its employees and offers attractive rates for eligible childcare centers.
- COMMUTER BENEFIT: TEREX offers impressive 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: TEREX offers an excellent daycare program for its employees. Team members can withdraw funds from a flexible spending account to cover all sorts of expenses related to daycare or eldercare.
- DISABILITY: TEREX has a suitable disability program in place that takes care of team members who sustained an injury or suffer from an illness that causes them disability. Eligible team members are offered a suitable coverage for a short-term disability that replaces a certain percentage of salary for a certain period of time.
- LIFE INSURANCE: TEREX offers a suitable life insurance policy to its team members for an affordable price. TEREX 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: TEREX 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: TEREX does not offer paid volunteer time off.
- PARENTAL LEAVE: TEREX has an outstanding parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | TEREX | Industry | Connecticut |
|---|---|---|---|
| 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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