Microsoft: When it comes to employee perks, Microsoft doesn’t mess around like many other big tech companies. According to their website, Microsoft is committed to letting its employees as well as their families “make the most of life.” Former employees, as well as current employees, attest to this. In addition to offering comprehensive health coverage and programs that aid employees in saving for the future, its employee benefits program also goes a long way in providing an array of other benefits.
As a result of working with them, you can enjoy some of the following advantages.
Maintain Your Fitness Program
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Health and medical insurance are not the only Microsoft benefits. The company offers “Stay Fit” reimbursement programs as another wellness benefit. Microsoft is launching a wellness program designed to help employees maintain their physical and emotional health by reimbursing employees up to $800 per year for wellness-related expenses. You can use the funds to pay for anything (but not only) gym memberships, meditation classes, weight-loss programs, caregiver support, and financial advice.
Clinics on campus
Located at the company’s Silicon Valley and Redmond campuses, Microsoft’s on-campus health clinics are designed to take care of as conveniently as possible for its employees. Living Well Health Center employees can receive preventive care, physical therapy, pharmacy service, and nutrition counseling on the Redmond campus. There are similar clinics at other tech companies, including Facebook, but this is of great benefit to Microsoft employees.
Insurance options for health care
Microsoft’s healthcare plans include comprehensive medical, vision, and dental coverage for employees and their families. There are no premiums for the plans, which means that Microsoft covers them, and nothing from employee paychecks is deducted.
A health savings account pays for out-of-pocket medical expenses such as deductibles, co-pays, prescriptions, and dental work. There are limits to what Microsoft can contribute, which was about $2,500 in past years. Paracle Personal Financial Management reports that the limit for individual contributions is $3,550, and the limit for families is $7,100 for 2020.
Currently, Microsoft is offering a new healthcare plan to employees in the Seattle area, which suggests they are still trying to figure out how to provide their employees with the best healthcare plan. Microsoft created the Health Connect Plan in partnership with Eastside Health Network (EHN) and Premera Blue Cross to enhance the patients’ experience and make sure they receive the care they need.
Similar initiatives have been pursued by Apple, Amazon, and other tech giants. According to reports, Berkshire Hathaway, JP Morgan, and Amazon created Have in 2019. The Haven plan addresses health care service issues like high health insurance rates and poor quality health care, much like the Health Connect plan.
Plan 401K
Microsoft offers a $0.50 match on pre-tax or Roth contributions up to the IRS basic contribution limit with its 401k plan. Elective deductions of up to $19,500 are available to taxpayers in 2020 under their federal tax return. It should be evident by now that if an employee contributes the maximum amount of $9750, they will also contribute $9750 more. Glassdoor is currently hiring a principal software engineering manager who has rather complimentary things about the plan.
401K contributions from them are excellent – the funds contributed are added to the employee’s long-term savings. It’s great that you are offering these free services to manage your 401K funds since working 401Ks with financial institutions increases the return on your investment.
In light of this employee’s personal experience, using the financial planning services and the refinancing program offered by the company makes managing one’s 401k and other financial responsibilities a bit easier.
Stock Purchase Program for Employees
Employee stock purchase programs (ESPPs) at Microsoft allow employees to become shareholders. Stock is discounted by ten percent on the ESPP. In addition to Microsoft, there are many other companies in the tech sector whose employees are entitled to buy company stock, including Apple, Netflix, Amazon, and Facebook. According to a Quora user, these shares are of great benefit.
The standard PTO
Compared to other tech companies, Microsoft’s paid time off (PTO) policy is not outstanding. There are 35 paid holidays. These paid holidays include 15 paid vacation days, 10 spent sick leave days, and 10 paid United States holidays each year. Employees also get to take two personal days every year in addition to their sick days. One employee posted on Quora that employees also can earn two weeks more of vacation – 20 planned vacation days altogether – if they work for the company for five years.
Microsoft provides workers with more time off than Amazon, but Amazon does not offer as much as Microsoft. After six years of employment, their employees will get a total of up to 20 vacation days paid for in the first year. After three years, this is increased to four weeks, and after five years, it is increased to five weeks. Moreover, Amazon usually pays its employees for only six holidays in the United States per year. Instead, they adhere to standard policies that allow work/life balance to be maintained acceptably.
Leave Policy for Parents
For employees who need parental or caregiver leave, Microsoft offers generous policies. All new parents, including foster and adoptive parents, can receive 12 weeks of paid parental leave, compared to 20 weeks of paid parental leave for birth mothers. Among the 12 week categories is also paternity leave which counts for one of the 12 weeks.
According to one employee on Glassdoor, a culture does not exist where new parents are pushed to return immediately after leaving.
“I haven’t used this, but I know plenty of people who used it, and they were not pressured to start working immediately. We take care of our employees at this company”
When compared with other technology companies, Microsoft offers one of the most comprehensive parental leave policies. Microsoft offers fewer paid vacation days than Netflix, according to Vox. The policy provides “unlimited” parental leave — that is, they have a whole year off.
If a family member suffers a severe illness, Microsoft also grants paid caregiver leave of four weeks.
Working with a variety of people
Its employees can move from team to team since it makes money on an extensive range of tech products. It is also possible to simply collaborate to create something new.
One longtime employee here wrote on Quora, “With so many products available, it is easier to take ideas from Column A, Column B, and combine them to make something new and exciting.”.
Great people to work with
Since Nadella took over as CEO of Microsoft, the company has shifted to a culture of collaboration over competition.
One employee says, “it values its employees, and its culture has changed from being only concerned about its own success to helping other employees succeed and being team-oriented, reducing stress at work.”.
Discounts
Through the company store, employees can get discounts on Microsoft products, including Azure.
“[The] company store offers great discounts on software, as well as some reasonable discounts on hardware,” a current employee wrote in a review of the perks. Similarly, you can assign discounts to family members and friends so they can benefit without needing to reach out to you.”
Employees can take advantage of discounts on travel, dining, shopping, entertainment, and even loans and mortgages through Microsoft PRIME mobile membership programs. Additionally, Microsoft offers a variety of discounted services and paid opportunities for employees. If a student is related to Microsoft business, they offer discounts on child care and college tuition reimbursements.
Conclusion
Hard work is the hallmark of Microsoft, a company that has always demanded a great deal from its workers. Work-life balance was rated 3.3 stars out of 5 by Microsoft employees. If any queries, then let us know in the comment section below.