This report analyzes and compares XCEL ENERGY's employee health insurance and employee benefits with its industry and in Minnesota 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
XCEL ENERGY has superior 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 XCEL ENERGY. superior tuition reimbursement programs are available for employees who want to get a work-related degree or a certificate.
- CAREER PLANNING: XCEL ENERGY 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. XCEL ENERGY has suitable resources at its disposal to achieve this goal.
- COACHING AND MENTORING: XCEL ENERGY believes that an exceptional coaching and mentoring program is necessary for the employees to thrive, expand their skill set, and become the best in their field.
- DEVELOPMENT RESOURCES: extraordinary development resources are what allows XCEL ENERGY 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: XCEL ENERGY has a top-notch policy when it comes to GED reimbursement and participates with 1/2 of the costs.
- LEADERSHIP PROGRAMS: XCEL ENERGY does not offer leadership programs.
- ONBOARDING: XCEL ENERGY offers a superior 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: XCEL ENERGY has a remarkable 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: XCEL ENERGY has a remarkable Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at XCEL ENERGY.
Benefit | XCEL ENERGY | Industry | Minnesota |
|---|---|---|---|
| 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
XCEL ENERGY 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 XCEL ENERGY's superior maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: XCEL ENERGY has an excellent counseling program for its employees and their family members. Team members are encouraged by XCEL ENERGY 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: XCEL ENERGY offers a suitable 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: XCEL ENERGY offers a suitable health insurance for its team members that covers a most basic and some complex medical procedures.
- HEALTH PLAN INCENTIVES: XCEL ENERGY does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, XCEL ENERGY 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: Aware of the challenges that come with pregnancy, XCEL ENERGY has created a superb maternity support program to support its expecting team members.
- TELEHEALTH: XCEL ENERGY has an exceptional 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: XCEL ENERGY 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 | XCEL ENERGY | Industry | Minnesota |
|---|---|---|---|
| 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
XCEL ENERGY 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: XCEL ENERGY has an extraordinary 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, XCEL ENERGY offers an extraordinary 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, XCEL ENERGY offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: XCEL ENERGY 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: XCEL ENERGY has an outstanding bonus plan. It makes sure that hardworking team members are properly rewarded for their individual contribution to projects as well as their cooperation with other team members.
- CHILDCARE DISCOUNT: XCEL ENERGY has an outstanding childcare discount policy for its employees and offers attractive rates for eligible childcare centers.
- COMMUTER BENEFIT: XCEL ENERGY has a valuable 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: XCEL ENERGY has a great daycare spending account that fills from each paycheck before taxes. This allows team members to partially cover costs of daycare while they are at work.
- DISABILITY: XCEL ENERGY 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: XCEL ENERGY has a top-notch 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: XCEL ENERGY realizes that optimal productivity can be achieved only if it enables paid vacation for its team members. That's why XCEL ENERGY has a superb vacation program of its employees with a reasonable number of days that can be spent anytime.
- PAID VOLUNTEER TIME OFF: XCEL ENERGY believes that impressive volunteer time off programs not only strengthens their brand but it also attracts the highest quality of employees. That's why XCEL ENERGY offers its team members up to 50 hours of paid volunteer time off.
- PARENTAL LEAVE: XCEL ENERGY has a great parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | XCEL ENERGY | Industry | Minnesota |
|---|---|---|---|
| 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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