Apple Company Benefits
In the current job market, getting a position with good pay is vital; however, having a good employee benefit is more crucial. People have realized that the benefits they receive as workers aside from their salaries are more satisfying; thus, many consider employee benefits they’ll gain from a company (Martocchio, 2017). On the other hand, corporations have realized employee benefits satisfy employees by increasing their morale to work, thus quality and quantitative output. They are also competing to provide good employee benefits. Some examples of such companies include Apple, Best Buy, and Marriott. Apple is recognized globally for its effective reward system to employees for their services, especially in planning for their health insurance, off time, maternity leave, and retirement and among other benefits.
For Apple Inc., the health of its employees is crucial. Therefore, it has an employee benefits plan to cover for their health. (Tedla, 2016) Moreover, the existing health care is very expensive for some employees to cater without having insurance, yet companies can benefit from the pool of employee funds for insurance, thus paying less for the total insurance cover of all employees. The firm offers its full employees a health coverage of all illnesses include vision and dental. Despite having a small variance on the coverage depending on the country, workers pay a very low premium for the normal policy. Moreover, it has an employee wellness center in its California headquarters within its Cupertino. There, workers can access various medical care like counselors for mental health, chiropractors, and physical therapists with a maximum waiting time of only five minutes.
Unlike other companies, Apple Inc. has unique maternal leave benefits. Other companies give expectant mothers a few weeks with little allowance for maternal leave. On the other hand, mothers employed with Apple enjoy four weeks’ leave before delivery, and they receive their usual pay. Additionally, they are given fourteen more weeks after delivering to take care of their newborns while receiving salaries. Moreover, a mother can request an additional six weeks to stay at home. However, it is unpaid leave.
Female employees at Apple Corporation are given support in their decision to freeze their eggs. Like Google and Face book, the firm provides this kind of support and reimbursement for its employees, especially young ladies. The aim of it is to enable them to plan for their future without affecting their careers effectively.
There is a paid time off system that Apple Corporation has put in place for its workers. The firm prioritizes the time employees have to work and their resting days by paying them on both days. According to the system, some workers have more paid time off days than others, depending on their working period. Most of the new employees for Apple Inc have about 12 days. Older employees enjoy off days ranging from 12-22 days, while others have up to 30 days.
No employee can work forever in a corporation; they need to retire at some point in time. Similarly, employees at Apple have a retirement benefit plan which the firm provides. They receive a generous amount of money from the 401(k) plan. It includes 50% of the plan, with sums up to 6% of their total salary. Moreover, they get a payment for their philanthropic cause for non-profit work of up to $25 per hour, and it can total up to $10,000.
The company also gives its employees discounts on company products. Some of them include a 25% discount on the companies’ most eyed products like iPads, iPods, and computers. Also, they get 50% of the total cost of most of the company’s software. Additionally, there is a three months employment anniversary. The firm gives each employee an offer of $500 to purchase a new Mac or $250 off a new iPad. The offer can also be reused after every three years.
Other benefits at Apple include a tuition fee reimbursement of up to $5,250. Moreover, employees get a $300 yearly gum credit. The firm also offers a purchasing grant for employees to but the products at a discounted price. Apple gives its workers a commuter service for those working in Cupertino while those at Glassdoor receive a monthly stipend of $100.
In conclusion, Apple Inc has a beneficial plan for its employees. It has secured health insurance to cover their health needs. It gives them a retirement plan with benefits. Expectant mothers have ample paid leave as female workers get reimbursement for choosing to freeze their eggs. Workers are also paid time off, discount in purchase products, committed stipend, tuition fee reimbursement, and perks during anniversaries.
References
Martocchio, J. J. (2017). Employee Benefits: A Primer for Human Resource Professionals (6th Ed.). McGraw-Hill Education.
Tedla, T. B. (2016). The Impact of Organizational Culture on Corporate Performance, 157.