Being the largest private sector employer in the world is not an easy task, but Walmart seems to pull it off without much difficulty. Wondering how? Going through this CareerStint article on Walmart employee benefits will tell you exactly why everyone wants to be an Associate at the Walmart Store.
Nobody would need an introduction to Walmart Inc., formerly known as Wal-Mart, a chain of about 8970 stores (departmental, warehouse, and retail stores) operating in more than 27 countries across the world under 55 different names. With more than 2.2 million employees, Walmart is the largest private sector employer in the world. Rightly so, it featured in the Fortune Global 500 list as the world’s largest public corporation for the year 2012. That explains why people are so eager to join this multinational retailer.
While working with the biggest name in the market is undoubtedly a thing to boast of, another strong reason to join Walmart is the lengthy list of employee benefits that you are entitled to once you join. Those of you who are already privileged employees of Walmart must be well aware of the Walmart employee benefits, but for those who are contemplating the idea of joining the retail giant (or have joined recently), here are some of the benefits in store for you at Walmart.
When you become a full-time Walmart employee – or Walmart Associate, you are entitled to various rewards and benefits that the company provides. These employee benefits can be divided into two main groups – financial and health.
Walmart matches your 401(k) contributions up to 6% of the amount and also facilitates retirement account rollover.
An excellent benefit of being a Walmart Associate is that you get to participate in the Associate Stock Purchase Program, which allows stock purchase without any brokerage fees for a stipulated period. The company matches 15% of your first $1800 of the yearly contribution.
The discount benefit for Walmart employees doesn’t just end there, as you are entitled for the Associate Discount Card which gives you 10% off when shopping at Walmart Stores. This is, however, restricted to only general merchandise. More importantly, even your immediate family can make the most of this discount offer. If you happen to be an employee at the Sam’s Club, you automatically qualify for its membership.
Walmart associates are entitled to 10% off on fresh fruits and vegetables at all their stores. Sam’s Club associates can use their membership cards at Sam’s Club outlets. This enables employees to save money and also lead a healthier lifestyle.
If you are called for active duty in uniformed services, you are entitled for military differential pay at Walmart, which stipulates that the company will continue to pay you your full wages when you are on active duty.
Associate Discount Services by Walmart offer several discounts on wireless services, travel, and entertainment products. This is one of the most sought-after benefits offered by the retail giant.
Health and Wellness Benefits
Walmart also has consumer-directed health plans on offer for its Associates. The health benefits offered are some of the most extensive in the industry as Walmart provides insurance for almost a million people in the United States.
Walmart offers Health Reimbursement Account (HRA) plans andHealth Savings Account (HSA) plans which have high deductible limits, enabling the employees to gain support from the company.
- 100% coverage is offered on preventive care at hospitals in the network.
- Coverage is offered for dependents up to the age of 26.
- Accidental death & dismemberment insurance (AD&D) is another feature of the program.
- Walmart offers insurance for accidents and also covers critical illnesses.
- There is also insurance for general sick time which is called Illness Protection.
- There is a provision for both short-term and long-term disability insurance.
- Business travel accidents are also covered by insurance.
- Other Walmart insurance plans include dental insurance, optional life and dependent life insurance, company-paid life insurance, etc.
- Walmart and Sam’s Clubs pharmacies also offer a $4 co-pay on a large list of eligible drugs for associates.
- Walmart employees also get around 2,400 generic medications and prescription drugs for heart disease and diabetes for as little as $4.
- One of the big health benefits offered by Walmart Center of Excellence hospitals is total coverage on certain types of spine and heart surgeries.
- Also, the company provides healthcare specialists and nurses according to the requirements of the employee.
- A round-the-clock confidential counseling and health information service called Resources For Living is a highlight of the health benefits on offer.
- A Walmart Associate also gets access to the 24-hour active, private Mayo Clinic nurse line, for free health advice.
- There is a special Life with Baby Maternity Program for female employees which supports them before, during, and after pregnancy.
- Walmart Associates with vision impairment also get covered with an in-store associate eyewear program.
A unique feature of Walmart employee health benefit plans is that there are more than fifty ways through which the employee can personalize his own health coverage. There are various options like health credits, premiums, deductibles, and other coverage options like long-term and short-term life insurance for Walmart associates.
There are many other preventive health care initiatives that are taken by the company. The prominent ones among these include an annual checkup for associates and their family members, and immunization programs for their newborns (age group of 0 to 18 months to be precise).
Other Walmart Perks
➤ Along with the above-mentioned employee benefits, each Walmart Associate is eligible for a performance-based bonus program for each branch of the store.
➤ Similarly, employees who finish 20 years with Walmart get a considerable hike for their service.
➤ Walmart has a website dedicated to its Associates – the myWalmart website, wherein they can keep a track of their benefits and connect with other employees of the company.
➤ If you are an employee of the hourly Walmart US Store, you can also keep a track of your work schedule using this website.
With so many perks and benefits on offer, it is no wonder that Walmart is a highly sought-after place to work at. Having such extensive benefits for over 2 million employees is no small task either. If you are looking for a place to work that has a huge list of benefits, then finding a place that matches Walmart benefits might be a hard task indeed.