This report analyzes and compares VERIZON COMMUNICATIONS' employee health insurance and employee benefits with its industry and in New York 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
VERIZON COMMUNICATIONS offers great career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. VERIZON COMMUNICATIONS believes that every employee has a valuable set of skills so it helps them plan their careers with great developmental resources and mentorships.
- CAREER PLANNING: VERIZON COMMUNICATIONS believes that career planning of each employee is a key to a successful business and offers great opportunities so that the employees can reach their full potential. VERIZON COMMUNICATIONS has great resources at its disposal to achieve this goal.
- COACHING AND MENTORING: VERIZON COMMUNICATIONS does not offer coaching and mentoring.
- DEVELOPMENT RESOURCES: extraordinary development resources are what allows VERIZON COMMUNICATIONS to keep its team members in shape and widen their personal and professional horizons. Throughout the year, employees are encouraged to participate in extraordinary workshops and learning groups with the focus on topics relevant to their respective fields.
- GED REIMBURSEMENT: VERIZON COMMUNICATIONS does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: VERIZON COMMUNICATIONS does not offer leadership programs.
- 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 VERIZON COMMUNICATIONS offers an exceptional Onboarding program to help new employees understand their role and cooperate with the rest of the team.
- RECOGNITION PROGRAMS: VERIZON COMMUNICATIONS has a top-notch Recognition program in place and makes sure that team members who constantly achieve extraordinary results and work well with others are properly rewarded for their efforts.
- TUITION REIMBURSEMENT: VERIZON COMMUNICATIONS does not offer tuition reimbursement.
Benefit | VERIZON COMMUNICATIONS | Industry | New York |
|---|---|---|---|
| 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
VERIZON COMMUNICATIONS offers first-class 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 VERIZON COMMUNICATIONS's first-class maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: VERIZON COMMUNICATIONS wants to make sure that its team members are physically and psychologically healthy, and emotionally balanced. In order to make that happen, Its first-class 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: VERIZON COMMUNICATIONS offers a valuable 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: VERIZON COMMUNICATIONS offers a solid health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: VERIZON COMMUNICATIONS offers its team members first-class health plan incentives. Team members are encouraged to take a proactive approach to their health and take care of their BMI, sugar and fat in their blood, and other biometrics. VERIZON COMMUNICATIONS provides educational material and seminars.
- HEALTHCARE SPENDING ACCOUNTS: VERIZON COMMUNICATIONS 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, VERIZON COMMUNICATIONS has created a first-class maternity support program to support its expecting team members.
- TELEHEALTH: VERIZON COMMUNICATIONS does not offer telehealth.
- VISION PLAN: VERIZON COMMUNICATIONS offers a good Vision Plan for its team members and covers the costs of basic eye exams with a possibility to pay for additional benefits.
Benefit | VERIZON COMMUNICATIONS | Industry | New York |
|---|---|---|---|
| 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
VERIZON COMMUNICATIONS 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: VERIZON COMMUNICATIONS knows how important it is to think about retirement and start saving on time. That's why it offers a valuable 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 VERIZON COMMUNICATIONS 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, VERIZON COMMUNICATIONS provides resources which will help team members decide what to do with their 401(k) plan. VERIZON COMMUNICATIONS offers a valuable vesting schedule with a gradual increase of 25% per year.
- ADOPTION ASSISTANCE REIMBURSEMENT: VERIZON COMMUNICATIONS has a suitable Adoption Assistance Reimbursement program that pays certain fees associated with the adoption process. With this program, the employees can rest assure that at least some of the costs will be covered.
- BONUS PAY: VERIZON COMMUNICATIONS offers superior bonuses to team members who excel in their field of work, provide extraordinary results for VERIZON COMMUNICATIONS, and encourage others to do the same.
- CHILDCARE DISCOUNT: VERIZON COMMUNICATIONS does not offer childcare discount.
- COMMUTER BENEFIT: VERIZON COMMUNICATIONS acknowledges the fact that some team members have high commuting costs so it offers them remarkable commuter benefits which cover various commuting expenses for trains and buses, as well as parking expenses.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: VERIZON COMMUNICATIONS 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: VERIZON COMMUNICATIONS has a solid 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 solid coverage for a short-term disability that replaces a certain percentage of salary for a certain period of time.
- LIFE INSURANCE: VERIZON COMMUNICATIONS offers an impressive 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 impressive life insurance package contains dependent policies as well.
- PAID TIME OFF: VERIZON COMMUNICATIONS 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: VERIZON COMMUNICATIONS does not offer paid volunteer time off.
- PARENTAL LEAVE: VERIZON COMMUNICATIONS has an outstanding parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | VERIZON COMMUNICATIONS | Industry | New York |
|---|---|---|---|
| 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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