Assurant Inc. is a global organization that specializes in providing risk management products and services. Headquartered in New York City, Assurant provides its customers with a wide range of insurance products in categories such as – property, casualty, prolonged device protection, and several other categories as well. The three main operating segments of Assurant are –
- Global housing
- Global lifestyle
- Global preneed
Assurant has obtained rank 315 in the Fortune 500 list of largest companies in the United States in terms of revenue. As of the year 2020, Assurant employs 14,250 workers in its worldwide workforce.
This article throws light on the employee benefits provided by Assurant Inc. to its workforce.
Employee Benefits and Employee Retention
The provision of employee benefits helps the business organization in several ways such as motivating the employees for better results and boosting their morale. In the highly competitive business world, employees working with a business organization, continuously strive to look for better opportunities. Thus retaining talented employees has become a vast challenge for business organizations.
This is where the provision of employee benefits comes into play. An array of lucrative employee benefits provided by the employer highly motivates the employees and provides them job satisfaction. Employees who are highly satisfied with their jobs become deeply involved in their work and try to achieve their goals within the time frame as they are aware of the fact that their performance will be measured and if the performance is up to the mark, the organization may provide them with several monetary and non-monetary incentives.
Thus, employee benefits help the business organization to retain its employees and reduce labor turnover. So the provision of employee benefits helps the organization to maintain and motivate its human assets.
Employee benefits at Assurant Inc.
Assurant duly recognizes the need for employee welfare and provides them with an attractive bundle of employee benefits. The various employee benefits provided by Assurant are enlisted below-
Health care plan
Assurant provides its employees with an extensive health care plan to cater to the health needs of the employees and their dependents. This plan provides a list of health care providers to provide employees and their dependents with health care services and supplies at discounted rates.
Health savings account
his account helps the employees to pay eligible health care expenses. In case money in the account is not used by the end of the year, the balance is carried forward to the next year.
Tuition reimbursement plan
Assurant encourages its employees to utilize the tuition reimbursement plan and take full benefit of it. This plan helps the employees to pursue their education by sharing the cost of their education fees. This is done to help the employees enhance their business-related knowledge. This plan covers education courses related to the business field. All active employees at Assurant are eligible for the tuition reimbursement plan.
Disability and Life insurance benefits
Assurant provides its employees with basic life, accidental death, and dismemberment insurances. Assurant also provides disability coverage to its workers, which provides workers with a competitive level of coverage in case of disability arising from a qualifying accident or injury. Employees are also given the option to purchase additional long-term disability coverage.
Assurant understands the value of employees and their families. These benefits help employees in case they are welcoming a new member into their family or the employee has to take care of their family member. These benefits are discussed as follows-
- Pregnancy leave – Employees who have been employed with Assurant for at least 90 days are eligible for eight weeks of 100% paid leave. Generally paid leave is granted for six weeks to pregnant mothers, but can be extended to eight weeks depending on the medical needs of the employee.
- Paid parental leave – Employees who have completed 90 days of employment at Assurant are eligible for parental leave due to childbirth, child adoption, or surrogacy. In such cases, employees are provided four weeks of 100% paid leave to welcome the new member into their family. Employees can avail of this leave for four consecutive weeks or can split the leave into periods of two, two-week leaves.
- Adoption assistance – Employees who wish to grow their family through adoption are provided financial assistance of 6,000$ per adopted child.
Employee renters insurance
Assurant provides employees with an option to protect their valuable belongings with Assurant renters insurance. This plan protects televisions, tablets, furniture, and other items as well.
Assurant helps the employees to save for their future and retirement life. This is done through the 401k plan. The Assurant 401k plan helps the employees to establish a source of retirement income.
Legal assistance plan
Employees who avail themselves of this plan are provided coverage for legal services like estate planning and legal disputes.
Employee stock purchase plan
This plan allows the Assurant employees to purchase shares of Assurant at discounted prices. Employees who have purchased Assurant stock can participate in the financial performance of the company.
In hindsight, nowadays more and more business organizations are looking to up the ante in terms of employee benefits. Similarly, Assurant as an employer takes care of the needs and wellbeing of its employees. The benefits provided to employees enable the employees to live a dignified and happy life in society. The attractive collection of benefits provided by Assurant highly motivates the workforce and makes the workplace highly productive.
Frequently Asked Questions
Question 1. Does Assurant also provide benefits to its part-time employees?
Answer 1. Yes, Assurant provides several benefits to its part-time employees. Part-time employees are considered active if they are scheduled to work at least 20 hours per week. So part-time employees who work at least 20 hours a week are eligible for employee benefits offered by Assurant.
Question 2. Does the provision of employee benefits help the organization retain employees?
Answer 2. The provision of employee benefits helps the organization to motivate its employees and become more productive. Such employees are satisfied with their jobs. So, the provision of employee benefits certainly helps organizations in employee retention.