A recent study by Forbes Advisor found that 40% of employers believe that employees quit their jobs to find new ones with better employee benefits. Further, one in ten workers would accept a pay cut if it meant access to better benefits. This highlights a shifting trend in the job market where the value of comprehensive benefits packages is increasingly outweighing the allure of higher salaries alone.

If you aim to entice top-tier talent with your perks and benefits program, consider mirroring the strategies of firms like T-Mobile. As a telecommunications titan, T-Mobile boasts an international workforce that appreciates the company's commitment to maintaining a balance between a dynamic work environment and a familial atmosphere.

What's T-Mobile's secret to attracting and retaining high-caliber employees? The answer lies in a carefully curated set of T-Mobile employee benefits, emphasizing social support and work-life balance.

Let's delve into T-Mobile's well-regarded benefits and perks contributing to its high employee satisfaction.

5 T-Mobile Employee Benefits To Learn From

Here are the top T-Mobile employee benefits.

1. Excellent Health Insurance Covers

T-Mobile offers excellent Healthcare plans to all employees. Employees get to select a plan that suits their needs. They can choose between the Health Reimbursement Account (HRA), Exclusive Provider Organization (EPO), or the Health Savings Account (HSA). 

After determining their plan structure, they can decide between two considerable insurance providers: UnitedHealthcare or Premera Blue Cross. Workers enjoy the following covers:

• Comprehensive Medical Plan: This plan covers a wide range of healthcare needs, including preventive care, hospitalization, outpatient services, and prescription drugs, making sure employees have access to healthcare whenever they need it.

• Dental Insurance: T-Mobile provides dental insurance covering preventive, primary, and major dental care, as well as orthodontia for children and adults.

• Vision Care: Their vision care plan covers routine eye examinations, eyewear, and contact lenses. It also provides discounts for laser eye surgery, ensuring employees' vision needs are well catered for.

Robust insurance coverage alleviates the financial burden associated with healthcare costs. It gives employees peace of mind, knowing they can access quality healthcare services without worrying about the cost. This contributes to their overall well-being and enhances their productivity at work.

2. 401(k) Savings Plan

T-Mobile provides a robust 401(k) savings plan managed by Fidelity to help employees secure their future. Employees are eligible for this plan from the day they join the company. This 401(k) allows workers to contribute up to 75% of their regular earnings and up to 85% of their bonus earnings, subject to the IRS annual limit. There are three contribution options available: pre-tax, Roth, and after-tax.

After a year of service, employees become eligible for an employer match. T-Mobile matches the first 3% of one's contribution at 100% and the next 2% at 50%, either as pre-tax or Roth.

The 401(k) savings plan is an invaluable benefit any business can offer its employees. It aids employee retention by promoting financial security and fosters a culture of saving and financial responsibility. 

Financially secure employees tend to be more focused, productive, and engaged, contributing to the company's overall success.

3. Holidays And Paid Time Off

Employees often avoid taking time off at many workplaces due to potential income loss. T-Mobile, however, values personal time and understands its importance for overall well-being. Employees gain flexibility and control over their time management through their Paid Time Off (PTO) program.

T-Mobile employees start earning PTO immediately, with hours being awarded bi-weekly, allowing for time off without compromising their earnings. This approach encourages a work-life balance, recognizing life's experiences are as crucial as work commitments.

Beyond the comprehensive PTO program, T-Mobile further enriches its benefits package with additional paid holidays. Employees are granted 12 paid holidays yearly, including 2 floating holidays, with pay calculated based on their typical work schedule. 

Such provisions are important as they show an organization's commitment to its workforce's well-being, allowing employees to enjoy significant occasions without financial concern.

4. Paid Parental Leave

For many new parents, the joy of welcoming a child is often coupled with financial insecurity due to the need for time off from work. T-Mobile curbs this with its paid parental leave offering, which seeks to alleviate this concern.

Employees become eligible for this benefit after 180 days of continuous active employment. Birth parents receive up to eight weeks of fully paid maternity leave, supplemented by four weeks for family bonding time. 

Non-birth parents also receive up to four weeks of fully paid leave for family bonding. This leave can be taken in two segments, each of at least eight days.

Paid parental leave is a critical aspect of employee benefits. It acknowledges the importance of the early bonding period between parents and their newborn or newly adopted child. This fosters familial bonds, promotes emotional well-being, and cements your reputation as a family-friendly organization.

5. Educational Assistance

Continued learning is an essential component of personal and professional growth. T-Mobile understands this and offers educational assistance to its employees who wish to pursue further education or professional development courses. This program covers tuition, textbooks, and course fees for eligible coursework up to a maximum of $5,250 per calendar year.

T-Mobile's educational assistance program shows the company's commitment to investing in its employees' growth and development. It also helps attract top talent as potential candidates are drawn to companies that value their career advancement.

In addition to personal development, T-Mobile has the future of its employees' children in mind. It offers a substantial benefit that aids in navigating the often stressful college admission process. 

This includes one-on-one guidance from experts, application strategies, personalized feedback on essays, and online resources and tools. This is a thoughtful approach that shows T-Mobile's commitment to supporting the families of its employees.

Final Thoughts

Employee benefits are a strategic tool for attracting, engaging, and retaining top talent. They underscore a company's values, demonstrate its commitment to its employees, and create a supportive and empowering workplace culture. Offering comprehensive employee benefits can be one of the most influential factors in a potential candidate's decision to join your organization.

For T-Mobile, their commitment to extensive employee benefits is a direct reflection of their core values. It illustrates a workplace that listens to its employees' needs and provides benefits to address them. This helps to foster a community of satisfied and dedicated workers.

If your business is seeking a solution that can help you emulate T-Mobile’s successful approach of giving employees what they truly want and need, try PerkUp. We streamline the rewards and recognition process, allowing you to give your team perks they’ll love. This approach empowers your workforce, enhances the appeal of your company's benefits, and plays a crucial part in attracting and retaining top-tier talent.