According to a recent survey, Bloomberg ranks second on the list of companies with the happiest employees. Without a doubt, one of the factors that earned the company this achievement is its comprehensive benefits offering.
Great benefits and perks make employees feel appreciated, which positively affects their work ethic.
If you are curious about the benefits and perks that make Bloomberg a sought-after place to work, keep reading. You might find some nuggets of information to incorporate into your employee perks program.
Bloomberg takes care of its employees’ health by providing exhaustive health coverage. The health benefits ensure that all employees are at their best while working.
After all, if your employees are healthy and feel balanced, your organization sits with a more engaged team, not to mention reduced healthcare costs.
Many employers neglect to consider how valuable their employee’s health is. By promoting a culture where individual health is prioritized, the company saves on spending for sick days, as productivity overall is increased.
Bloomberg’s employee medical plan includes preventive, specialist, and hospital care.
The health benefits also include prescriptions, dental care, disability insurance, and vision care.
Bloomberg’s prescription plan covers up to 30-day prescriptions and the supply of long-term maintenance medications that can go up to 90-days.
The dental plan covers preventive care, basic care (e.g., fillings), and major care (e.g., crowns and dentures). The dental care plan also includes orthodontic coverage for dependents under 19.
The Bloomberg employee perks program has a basic long-term disability insurance plan. This insurance plan is for employees who may become disabled due to a sickness or injury unrelated to work.
This plan pays monthly coverage up to 60% of an employee’s base salary.
Bloomberg’s vision plan includes yearly eye exams, lenses, contact lenses, and frames.
Bloomberg provides many tools for employees to manage their health and well-being.
One of these workplace well-being programs is called BWELL. BWELL promotes healthy lifestyles, preventive healthcare, and mental well-being. The program aims to assist employees in nurturing their bodies and minds.
BWELL offers ergonomics training, a fitness-subsidy program, smoking-cessation workshops, gym discounts, screening, and weight loss programs.
In addition to the BWELL program, there are on-site services at Bloomberg. These services include an employee assistance program (EAP) counseling, health centers, and wellness incentive programs.
Drop-in clinics give employees valuable information about health topics, like staying fit and managing stress. There are also on-site yoga and meditation classes.
The EAP allows employees to speak with a counselor for up to 8 sessions for free. The employee can discuss relational issues, grief, parenting, career growth, work-life balance, and more.
By offering your employees access to therapy, you equip them with the necessary tools to cope with workplace stress. Employees who can manage their stress are better positioned to deliver consistently excellent work.
In essence, employees are happier and, in turn, more productive.
Another Bloomberg employee benefit is its impressive financial protection and retirement savings plan.
Bloomberg shows that they care about their employees’ financial well-being by ensuring that their workforce can build a safety net for the future.
Bloomberg offers life insurance for spouses or domestic partners in increments of $10,000 to $250,000. This takes the stress off of employees as they know that their partner is being taken care of. It brings about feelings of personal appreciation, resulting in positive employee morale.
Good morale indicates a positive attitude towards the company and has a positive impact on working patterns.
Bloomberg is concerned about their employees’ families. The company facilitates a healthy work-life balance through innovative family programs.
These family programs support employees throughout different life stages, such as managing work and family roles, planning for a family, and caring for an elderly family member.
For example, employees can receive up to 25 days of backup child and elder care per year. This can be helpful, especially in circumstances where both parents work full-time jobs.
There’s a college coach program that assists families in preparing, applying, and financing a child’s college education. This takes the stress off workers who have children going to college.
Bloomberg also provides a special needs program. This program offers helpful resources and guidance to parents to keep the associated stress of raising a special needs child to a minimum.
All these programs show that Bloomberg is family-oriented, and it attracts top-quality candidates who are considering starting families in the future.
One of the best Bloomberg employee perks is free food.
Snacks are provided throughout the day for the employees. There is also a selection of healthy snacks and junk food on offer, and free dinners are available five days a week.
Employees are encouraged to eat snacks at their desks to improve productivity. This ensures that employees have energy throughout the day and can always function at their best.
Bloomberg has an amazing range of voluntary benefits for employees that the company funds at their own cost. Under the voluntary benefits, workers get access to additional group savings and discounts on a selection of insurance options.
One option is an accident insurance plan that assists with medical expenses from treatment in the event of an accident.
Another option is the Hyatt Legal Plan. This plan provides affordable legal protection for employees and their families. The plan covers legal services ranging from preparing a will, selling a home, adoption, immigration assistance, name change, and much more.
Other voluntary benefits include insurance related to critical illness, auto and home insurance, as well as a rewards and savings program.
From incentivizing company buy-in to promoting a culture of wellness and mindfulness, Bloomberg’s benefits are one of the reasons why many individuals apply for a position at the company.
Using Bloomberg as a guide, you can offer your employees perks and benefits that not only entice them to join but encourage them to stay. Some of the biggest names in corporate America, including Airbnb, Tesla, Visa, and more, realize that an employee’s happiness is dependent on much more than just their salary.
If you’re looking for ways to boost your employees’ engagement outside of offering competitive benefits, check out these 8 Easy Team Morale Boosters.