Spectrum claims that the employees at their company don't merely have jobs. Instead, they build their careers at the organization. The company believes in providing a comprehensive range of employee benefits and perks.
Spectrum employee benefits include health insurance, dental and vision insurance, 401(k) retirement savings plans, life insurance, paid time off (PTO), and more. The company also offers a variety of programs to help employees balance their work and personal lives, such as parenting resources and financial wellness programs.
In this guide, we discuss Spectrum health employee benefits, retirement plans, and employee assistance programs. Plus, learn how Spectrum employee benefits contribute toward employee wellness.
A Human Workplace Index survey found that 66% of employees wait to review the employee benefits offered by their company to determine if they want to stay or leave. Spectrum offers a wide range of employee benefits to improve retention and ensure employee satisfaction.
Employee retention has many benefits, such as increased productivity, better work culture, and morale improvement. Additionally, it can help a company avoid the high costs of recruiting and training new employees.
Like most other high-end companies, Spectrum offers its workforce a comprehensive benefits package. Here’s an overview of Spectrum retirement employee benefits and insurance perks.
A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest for retirement on a tax-deferred basis.
The significant advantage of a 401(k) plan is that it offers tax benefits. The contribution made by the employee is deducted from their taxable income. It reduces the amount of taxes the employee has to pay.
Moreover, the investor does not have to pay taxes on the growth of their investment until they withdraw the money. A 401(k) plan can be an excellent way to ensure retirement security and boost retirement savings.
It is one of the most commonly reported Spectrum retirement employee benefits. Thus, employees at the company can participate in a 401(k) plan and save money for retirement.
Paid sick leave lets employees take paid time off work if they are ill or need to care for a sick family member. 603 Spectrum employees who reported their salaries to Payscale mentioned paid sick leave as a perk.
Paid time off allows employees to take the days they need without worrying about using up all their vacation days. More than 730 of the Spectrum employees who reported their salaries on Payscale mentioned paid holidays as a benefit.
There’s no denying that it’s one of the most desired employee perks. According to a Harris Poll for Fortune, half the workers would rather have unlimited paid time off than a higher salary. 74% of Gen Z workers consider unlimited paid time off as a deciding factor for staying at a job or taking a new one.
Employer-offered life insurance can provide financial protection for employees and their families in the event of the death of the insured employee. Spectrum offers life insurance and long-term disability insurance to its employees.
Long-term disability refers to an employee’s inability to work for an extended period due to a severe illness or injury. For instance, if you are unable to work for six months or more due to a debilitating injury, you may qualify for long-term disability benefits.
Many employees take advantage of employer-sponsored education and training programs to improve their skills and advance their careers. Employers often offer tuition reimbursement, which can help offset the cost of taking courses or obtaining a college degree.
Spectrum offers several tuition and education programs for its employees. For instance, the company offers $5,250 per year in tuition reimbursement.
Additionally, the company offers scholarships and other financial aid opportunities. These programs can help employees pay for tuition, books, and other expenses related to their education.
Some benefits of employee-offered educational and reimbursement programs include:
Upskilling: Employees who participate in educational programs can learn new skills and knowledge that can be applied to their current roles or used to advance their careers.
Engagement & career development within the company: These programs improve employee engagement, as the workforce feels more invested in its work and is more likely to be motivated to contribute to the company's success.
Since the pandemic started, many offices have adopted more casual dress codes to make the transition back to the office comfortable for employees. Many people were wearing casual clothes while working from home.
Some companies are even ditching their traditional office space altogether and allowing employees to work remotely permanently. Many Spectrum employees who reported their salaries to Payscale mentioned the casual atmosphere and dress code as benefits.
Spectrum also offers vision coverage for its employees. Vision coverage helps pay for eye exams, glasses, contact lenses, and more.
Dental care can be expensive, and dental insurance can help reduce the cost of dental care. It covers costs like routine cleanings, x-rays, and more. Spectrum offers dental insurance to its employees, saving them from the high costs of dental care.
Spectrum believes in supporting parents and families. That's why the company offers its employees child care benefits and parental leave.
Adoption assistance: As per the company's policy, Spectrum covers up to a certain amount of adoption expenses per child. It eases a lot of financial burden on the new parents.
Family medical leave: The company understands that sometimes family emergencies come up. Thus, it offers time off for eligible employees to take care of things at home.
Childcare benefits: Spectrum's most prominent childcare benefit includes discounts at specific daycares. It helps parents save a lot on their childcare expenses.
Spectrum also offers several legal, counseling, and retirement programs.
The Human Rights Campaign Foundation’s Corporate Equality Index 2022 report found that Apple tops the list of companies championing LGBTQ+ rights. The report also found that companies with transgender-inclusive health benefits have increased by 22 times from 2009 to 2021.
Today, it's imperative for companies to acknowledge the hardships faced by their LGBTQ+ employees and make an effort to create a more inclusive workplace.
They can do this in many ways, such as ensuring that the company's non-discrimination policy includes sexual orientation and gender identity. Other methods include training on LGBTQ+ inclusion and offering health benefits covering transition-related care.
Spectrum offers family-building benefits to its LGBTQ employees. The company also provides health benefits for transgender employees to ensure their emotional and physical wellness.
Live Well is Spectrum's 24/7/365 employee assistance program that includes many non-insurance Spectrum health employee benefits. It provides:
Unlimited telephonic counseling for stress management: There's plenty of research to prove that people are stressed at work. On top of that, burnout and personal problems can take a toll on job performance. Live Well's counselors provide a safe, confidential place for employees to talk about whatever is on their minds, even if it's not work-related.
Alcohol and drug abuse treatment: The program also provides free and confidential assessments, individualized referrals, and follow-up services for employees struggling with substance abuse.
Eldercare: Many employees are caregivers for elderly parents or other family members. Live Well can help with referrals to local resources, support groups, and individualized counseling.
Financial education: Live Well also covers financial wellness, with services like budget counseling, credit counseling, and student loan consolidation.
It’s important to plan for retirement early since it safeguards your financial independence and gives you more time to enjoy a work-free life. Moreover, it equips you with a retirement corpus that can act as a buffer against emergencies and unforeseen expenses. You can also ensure your financial independence in old age.
Spectrum’s retirement employee benefits can help you plan for retirement early. The RAP takes an employee's retirement savings to the next level.
Spectrum contributes 3% of RAP. But if the employee contributes 6% or more of the eligible pay to their 401(k), they receive up to a 6% company match, adding up to a 9% company contribution per year.
The legal plan is one of the most valuable Spectrum employee benefits since it assists employees with a wide range of legal services. The program is designed to help with both personal and work-related legal matters.
Spectrum's Voluntary Legal Plan helps employees with:
Therefore, employees can be certain that they have the legal support they need to protect themselves and their families.
Since Spectrum offers many desirable employee benefits, including but not limited to life insurance, paid sick leave, paid vacations, retirement plans, dental insurance, long-term disability insurance, and eldercare, it’s a great company to work at.
If you’re looking for a job at Spectrum, you can check out the company’s hashtag on Jobcase to get tips or an insider’s view from current and former employees. Or, you can use Jobcase to find jobs at Spectrum in different cities across the country.