This report analyzes and compares TOWNEBANK's employee health insurance and employee benefits with its industry and in Virginia 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
TOWNEBANK 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 TOWNEBANK. remarkable tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: TOWNEBANK offers superior possibilities for career planning to its team members. Whether it's an expert position or an entry-level position, TOWNEBANK makes sure that every single team member takes the full advantage of superior career planning programs.
- COACHING AND MENTORING: TOWNEBANK offers first-class coaching and mentoring programs through which every employee gets the support and resources to become a valuable member of the team.
- DEVELOPMENT RESOURCES: TOWNEBANK encourages its team members to work on their existing skills and gain new ones continually. By providing good development resources, TOWNEBANK supports their team members on their journey to perfection. Employees have a wide range of good resources at their disposal for professional and personal growth.
- GED REIMBURSEMENT: TOWNEBANK has a first-class policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: TOWNEBANK offers a wide variety of first-class courses and seminars for every team member who aspires to a leadership position. Employees are encouraged by TOWNEBANK to grow as leaders and learn how to make tough calls.
- ONBOARDING: TOWNEBANK is aware of the difficulties that new employees might experience when they join the team. That's why TOWNEBANK has a great Onboarding program that makes sure the transition period goes as smoothly as possible.
- RECOGNITION PROGRAMS: TOWNEBANK knows that dedicated team members are hard to come by so it has an extraordinary Recognition program for those who stand out and continually contribute to TOWNEBANK.
- TUITION REIMBURSEMENT: TOWNEBANK 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 | TOWNEBANK | Industry | Virginia |
|---|---|---|---|
| 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
TOWNEBANK offers superior 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 TOWNEBANK's superior maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: TOWNEBANK is aware of the fact that its employees can sometimes experience stress at the workplace or have some other psychological issues. That's why TOWNEBANK implemented a great counseling program that helps team members during office hours. Employees can receive a psychological and emotional support during difficult periods of their time and learn how to effectively cope with stress. This great counseling program includes nutritional and fitness information as well.
- DENTAL PLAN: TOWNEBANK 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: TOWNEBANK offers a first-class health insurance for every employee. Various exams and procedures are covered, as well as comprehensive health plans.
- HEALTH PLAN INCENTIVES: TOWNEBANK does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: TOWNEBANK offers an exceptional 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: TOWNEBANK has a suitable maternity support program with helpful resources for its expecting team members in an effort to make their pregnancy go as smooth as possible.
- TELEHEALTH: TOWNEBANK has implemented a superb telehealth policy for its members to use any time of the day, every single day. TOWNEBANK covers all expenses of exams, doctor's opinions, and other services that can be done over the phone or via video call.
- VISION PLAN: TOWNEBANK provides a remarkable 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 | TOWNEBANK | Industry | Virginia |
|---|---|---|---|
| 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
TOWNEBANK offers remarkable financial benefits for employees and their family members. A remarkable 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: TOWNEBANK has an outstanding 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, TOWNEBANK offers an outstanding 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, TOWNEBANK offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: TOWNEBANK does not offer adoption assistance reimbursement.
- BONUS PAY: TOWNEBANK offers superb bonuses to team members who excel in their field of work, provide extraordinary results for TOWNEBANK, and encourage others to do the same.
- CHILDCARE DISCOUNT: TOWNEBANK cooperates with partners and team members are eligible for remarkable discounts for a primary childcare.
- COMMUTER BENEFIT: TOWNEBANK acknowledges the fact that some team members have high commuting costs so it offers them superior commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: TOWNEBANK 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: TOWNEBANK 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: TOWNEBANK offers an exceptional 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 exceptional life insurance package contains dependent policies as well.
- PAID TIME OFF: TOWNEBANK wants for its team members to lead a happy and fulfilled life so it has a good 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: TOWNEBANK believes that outstanding volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why TOWNEBANK offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: TOWNEBANK has a superior parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | TOWNEBANK | Industry | Virginia |
|---|---|---|---|
| 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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