Fidelity Employee Benefits Review: Are Their Careers Worth It?

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Fidelity Employee Benefits Review: Are Their Careers Worth It?

Fidelity Investments is an American financial institution and is known as one of the biggest asset managers in the world. The firm manages mutual funds, operates a brokerage firm, manages assets, and provides life insurance and securities. On the corporate level, the company is known for its diverse workforce and the Fidelity employee benefits program that keeps the company going strong.

The organization was founded in 1946, as Fidelity Management and Research (FMR). As of March 2019, Fidelity Investments operates $2.7 trillion in total assets around the world and generates $20.4 billion in annual revenue. In addition, Fidelity currently has over 50,000 employees, making it one of the largest firms of its kind, by size. They are thought of as highly innovative — being the first investment company to adopt the internet as a platform.

If you’re looking for a job at Fidelity Investments, continue reading to learn about their employee benefits and more.

Fidelity Investments Employee Benefits Team

bill-ackerman-fidelity

Bill Ackerman, Head of Human Resources

Bill Ackerman joined Fidelity Investments as the Head of Human Resources in August 2014. His responsibilities include managing employee compensation and benefits, talent acquisition and development, and general operations.

He previously served as the Senior VP (Strategy and Planning) for 9 years, and Senior VP and CFO (Business Development) for 6 years at Fidelity. He has a Bachelor’s degree in economics from Amherst College and a Master’s in Communication from Stanford University.

Find Bill Ackerman on:

 

What are Fidelity Investments’ Benefits?

Fidelity understands that its employees are one of the reasons for their worldwide success over the years. These are some of the benefits they offer to make sure employees remain satisfied and skilled.

Employee BenefitDescription
Health Insurance7 health insurance plans to choose from. General $1,000 per year, per family contributed.
Dental Insurance$2,500 for lifetime orthodontic services, plus free cleanings.
Vision Insurance1 free exam each year with discounts on glasses and accessories.
Life InsuranceUp to $250,000 (4x) contributed.
Retiree Health and Medical$3,000 per year, cashable after 10 years.
Health Care On-SiteBasic healthcare available to all employees.
Accidental Death and Dismemberment PlanUp to $50,000 paid by the company.
401(k) PlanCompany matchings from 3% up to 7%.
Maternity & Paternity Leave6 weeks for men and 16 weeks for women.
Work from HomeVariable according to rank and departments.
Vacation and Paid Time OffUp to 27 days plus all major holidays.
ChildcareBackup childcare offered via a network of care centers nationwide.
Dependent CareUp to 20 days of backup care.
Tuition AssistanceA lifetime maximum of $10,000.
Unpaid Extended LeaveUp to 4 months (pending authorization).
Employee Assistance ProgramCounseling and guidance for personal and work/life issues via Cigna Behavioral Health.

What Benefits is Fidelity Investments Known for?

fidelity-glassdoor-review

The employee benefits at Fidelity are up to the highest industry standards. They are the reason why the organization has some of the most engaged and satisfied employees of any similar firm. According to individual reviews on Glassdoor, employees are very satisfied with what Fidelity provides them, in terms of benefits.

Here are some of their more noteworthy benefits:

  • Healthcare plan.
  • 401(k) match up to 7%.
  • 16 weeks of maternity and 6 weeks of paternity leave.
  • Up to 27 days of PTO and all major holidays.
  • Dependent care benefits.
  • On-sight healthcare facilities.
  • Options to work from home.

Core employee life insurance is up to $50,000, with a 4x payment of up to $250,000, for basic employee life insurance. There is also supplemental life insurance of 15x, as paid by the employee. Additional, there is a domestic Partner/Spouse Life Insurance of up to $500,000.

Apart from having diverse college recruitment plans, Fidelity focuses on workplace diversity as a prime corporate objective. There are several cultural groups within the organization that assist employees to adjust to life at Fidelity. Eligible employees get reimbursed up to a variable percentage on transit and commuter parking fees.

How does Fidelity Investments Help with Student Loans?

Currently, Fidelity Investments offers up to $10,000 in student loan repayments, which serves as a lifetime maximum for the repayment program. The actual amount provided is on a case by case basis and is decided pending an evaluation of the employee’s needs at the time of application.

The same reimbursement of up to $10,000 also accounts for the tuition assistance package, which lets employees take courses at accredited colleges. Employees can take the given amount as a discount for either a semester’s fees or the overall course costs — allowing them to save on interest, as well as total payments.

Fidelity also plans on increasing the maximum amount offered to cover other expenses as well. In addition, employees who are studying and are not eligible for the repayment plan can find several student loan repayment strategies that are cost-effective.

Working at Fidelity Investments has always been beneficial for students since they can pay back their previously incurred loans and take courses at universities while working. Some colleges are currently partnering with Fidelity to ensure ease of payment for students.

Student loan repayment plans are quickly becoming a prime benefit for new candidates. For employers, it is a very effective retention tool that guarantees the best talent comes and stays with their company. Fidelity is already well on its way when it comes to offering this benefit.

There are many other employers that are planning to offer student loan repayments to their employees. These companies can implement the benefit through FutureFuel. It is a platform that enables companies to efficiently implement the student loan benefit program. It also allows employees to repay their student loans faster.

How do Fidelity Investments Benefits Change for Different Jobs?

Fidelity employee benefits don’t change for different jobs i.e., the basic benefit remains the same for all jobs, in all departments. The extent of the benefit (amounts, number of days, etc.) may change with seniority or department, as some departments inherently need more input.

Some benefits, such as the tuition assistance plan, are also subject to eligibility (to be decided by the oversight committee). The smaller employee perks, while largely similar, may change with location.

How Has Fidelity Investments Improved its Benefits Package Over Time?

Fidelity offers some of the most comprehensive benefits packages of any organization. The organization has always been a pioneer in terms of using technology to ease operations. Fidelity has made significant progress in making life easier and more rewarding for its employees by providing them competitive packages and benefits.

The company offers a lot of unique benefits that have set the standard for the rest of the industry to follow. For the future, the company is looking to invest in more diverse compensation and benefits packages.

Are Fidelity Investments Careers Worth It?

When it comes to a career that provides great rewards and competitive benefits, Fidelity has it covered.

Here are some of the highlights to expect when working at Fidelity:

  • World-class employee training programs. Candidates can get trained in their respective skill sets while on the job.
  • Voted one of the 50 Happiest Companies in America for 2018, by CareerBliss. Overall pleasant and friendly environment.
  • A culture built on inclusion. Specific benefits for employees with special needs, new mothers, senior citizens, etc.
  • A long list of benefits and perks. Both part and full-time employees receive extensive benefits that are an industry standard.

Overall, Fidelity jobs are worth it. Working there is especially rewarding for Millennials, who made up 35% of the workforce in the US, as of last year.

Discover Fidelity Investments Jobs and Careers

Fidelity Careers

The Fidelity Careers page shows all the open positions for each department and location. Other than the open positions, employees can go through benefits-related data and details to be more informed about what Fidelity jobs come with.

Fidelity

The Fidelity page has a lot of job postings, complete with location and eligibility specifics. The portal allows candidates to apply with their professional history on hand while having details on benefits at their disposal.

Fidelity Glassdoor

The Glassdoor page features all current vacancies for Fidelity’s country-wide network. Furthermore, Glassdoor displays reviews for the company, as well as each individual benefit. Interested candidates can also take a look at life inside Fidelity via the image gallery.

Fidelity Indeed

Fidelity’s Indeed page has all the relevant data candidates may need, such as overall reviews, benefits and perks, a gallery, and descriptions for each job. Candidates can browse jobs by location, department or keyword.

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