In addition to legally mandated benefits, Lowe’s also offers employees a broad range of additional, voluntary benefits. Some benefits are essential for attracting high-quality staff while others provide cost-saving benefits to employees to encourage staff retention (Lowe’s Companies Inc, 2015b).
As essential benefits, Lowe’s offers paid vacation, holidays, and sick leave to all employees. Vacation benefits range from ten vacation days for new, full-time employees to twenty vacation days for employees with fifteen years of service or more. Lowe’s also recognizes six annual holidays of which four are designated as floating holidays. A downside of the Lowe’s vacation and Holiday policy is that vacation days and holidays cannot be accrued from one fiscal …show more content…
Lowe’s also offer Flexible Spending Accounts for health care, health savings, dependent care, and commuter expenses. As a supporter of continued education, Lowe’s provides employees with educational assistance through a tuition reimbursement program (Lowe’s Companies Inc, 2015b).
Lowe’s provides financial benefits through its 401(k) retirement plan and an Employee Stock Purchase Plan (ESPP). With the Lowe’s 401(k) plan, the company contributes 4.5% of the employee’s salary into their 401(k) plan for the first 6% the employee contributes. The Lowe’s ESPP allows Lowe’s employees to purchase Lowe’s stock twice per year at a 15% discount (Lowe’s Companies Inc, 2015b).
Lowe’s provide several employee paid benefits that offer discounts and savings on insurance plans, including life insurance, long-term disability, accidental death & dismemberment, fixed indemnity, critical illness, and accident insurance. Lowe’s also offers a discounted pre-paid legal plan that provides employees with access to a large network of legal assistance providers (Lowe’s Companies Inc,
As essential benefits, Lowe’s offers paid vacation, holidays, and sick leave to all employees. Vacation benefits range from ten vacation days for new, full-time employees to twenty vacation days for employees with fifteen years of service or more. Lowe’s also recognizes six annual holidays of which four are designated as floating holidays. A downside of the Lowe’s vacation and Holiday policy is that vacation days and holidays cannot be accrued from one fiscal …show more content…
Lowe’s also offer Flexible Spending Accounts for health care, health savings, dependent care, and commuter expenses. As a supporter of continued education, Lowe’s provides employees with educational assistance through a tuition reimbursement program (Lowe’s Companies Inc, 2015b).
Lowe’s provides financial benefits through its 401(k) retirement plan and an Employee Stock Purchase Plan (ESPP). With the Lowe’s 401(k) plan, the company contributes 4.5% of the employee’s salary into their 401(k) plan for the first 6% the employee contributes. The Lowe’s ESPP allows Lowe’s employees to purchase Lowe’s stock twice per year at a 15% discount (Lowe’s Companies Inc, 2015b).
Lowe’s provide several employee paid benefits that offer discounts and savings on insurance plans, including life insurance, long-term disability, accidental death & dismemberment, fixed indemnity, critical illness, and accident insurance. Lowe’s also offers a discounted pre-paid legal plan that provides employees with access to a large network of legal assistance providers (Lowe’s Companies Inc,