In a technically advanced world as this, it is important to be acquainted with the knowledge that offers benefits at some point in time. Here we will see the Employee Benefits at Bank of America. Therefore, let’s have a brief look at what Bank of America is.
Bank of America
Commonly known as Bank of America or just BoA, it is a financial services company that acquires the 8th position in the list of World’s Largest Bank. This is a company belonging to the public sector and its corporate headquarters are located in Charlotte, North Carolina, united states. For the investment banking department, the company’s headquarters are located in New York.
Its primary financial services revolve around commercial banking, wealth management, and investment banking. It is a company that focuses majorly on the diverse and inclusive working environment to help employees feel associated with the company itself. By providing numerous opportunities to its associates, BoA and its committee of dedicated employees create impactful professional management which leads to the growth of the company considering aspects related to the future
What are employee benefits?
Employee benefits are a form of both monetary and non-monetary perks offered to an employee along with the employment. It could also be an incentive or compensation provided to the employee by the company. These are given as additional advantages to any employee. The employee benefits could be related to law-mandated insurance be it personal, health, life, or dental), retirement benefits or pension, stock options, training opportunities, social security, or as small as free snacks.
Advantages of employee benefits
- Time to time issue of employee benefits leads to the boost in the morale and functioning of the workforce and helps increase productivity.
- Employee benefits also happen to be a two-way benefit process where the company gets to hire most employees as generally while applying for a job, a person looks for pros and cons which come along the employment opportunity.
- By offering employee benefits, a company creates a healthy impact on the workers by ensuring that it cares about its employees. Different forms of employee benefits make the employee feel belonged and content in his/her workspace.
Employee Benefits at Bank of America
It is the job of the Human resource department to ensure the stability of the workforce in the company. At the bank of America, the employers are committed to providing a healthy and secure environment to its employee. To accomplish that, the company has laid out various comprehensive employee benefits, perks, and discounts which are listed below-
- Financial coverage – The company has assured a monetarily safe and secure future for its employees by providing health insurance which further consists of a day-care facility, dental and vision insurance. The concept of 100% match on the worker’s first 4% contribution, called as 401K plan is also present at BoA. There are other insurance plans like disability insurance which lets the employee gain long-term disability. Accidental death and dismemberment insurance let the employees have a safe and secure future. The pension plan offered by the bank of America has social security of up to 5% of on salary after two years of retirement.
- Paid leaves – at the bank of America, the employees are provided with maternity leaves of approximately 12 weeks and 4 weeks of paternity leave. Other includes, paid holidays of up to 10-11 days and military leaves.
- Employee Assistant program – to boost the productivity of any company, the employees are offered an employee assistance program that helps them overcome their difficulties irrespective of the nature of the problem.
- Tuition assistance program – for the youth employees of BoA, this is the best opportunity if any of the employees is interested in continuing his/her education alongside working for the company pays the cost of employee’s education on his/her behalf.
- Commuter assistance program – this benefit lets the employee at BoA avail the facility of no transportation charges or commute charges. Bank of America provides a hassle-free easy working facility to its employees.
- Vacation– The Bank of America provides 2 weeks of paid time off to avoid excessive pressure on the employees.
- Working hours– for a stable and non-hectic working environment, BoA offers flexible working hours and makes sure that no single employee feels burdened.
Frequently asked questions
- Is Bank of America a good place or work?
Yes, along with the reputation it holds, the company has numerous favorable discounts and perks for its employees which makes it the best place for the employees.
- Does Bank of America pay for the training program of its employees?
Yes, the training program helps the employee achieve a more professional approach towards the company’s goals. This program at Bank of America is paid for by the company itself on behalf of its employees.
- How long is the hiring procedure at Bank of America?
The orientation program at BoA is of 6 months long and consists of different stages.
