GE Employee Benefits Review: Are Their Careers Worth It?

GE Employee Benefits Review: Are Their Careers Worth It?

The General Electric Company (or GE) is one of the biggest conglomerates in the mechanical and industrial engineering industry. With a tremendous workforce under its wing, it manages retention and employee engagement through its broad GE employee benefits program.

Headquartered in Boston, GE was founded in 1892 when J. P. Morgan initiated the merger of the Edison General Electric Co. with Thomson-Houston Electric.

Today, GE has over 283,000 employees worldwide, annual revenue of $121.1 billion, and ranks at number 21 on the Fortune 500.

If you’re interested in building a career at GE, continue reading to learn more about its employee benefits.

GE Employee Benefits Team

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Kevin Cox – Senior Vice President, Chief Human Resources Officer

Kevin Cox joined GE as the Chief HR Officer in February 2019. He’s responsible for overseeing compensation and benefits, leadership development and learning, talent management, employee relations, and the security of GE employees.

Before GE, he observed the same role at American Express for almost 14 years. Prior to working there, he spent 16 years at Pepsi-Cola where he held positions in HR and business development.

What are GE Employee Benefits?

Employee BenefitsDescription
Health InsuranceAll-encompassing health plan with the Blue Cross Blue Shield Association.
Dental InsuranceDental insurance covers everything except adult braces. Preventative work is free. $150 deductible and after that it’s 80/20 with up to $2,000 per year.
Vision InsuranceAll vision examinations are covered and you get new contacts or glasses every year.
Accidental Death & Dismemberment InsuranceThe typical 2.5x of the employee’s salary is given as compensation.
401(K) PlanEmployees have the option to choose from various risk categories. Matching up to 8% with the ability to contribute to Roth.
Retirement PlanA small percentage from the salary is contributed towards retirement plans. Can be cashed in if you leave the company before retirement.
Charitable Gift MatchingYou can receive 100% matching of up to $5,000 per year.
Maternity & Paternity LeaveFor maternity leave, it’s 4 weeks before birth and 6 weeks after. For paternity leave, it’s 4 weeks after (with PTO) and extendable at reduced pay.
Fertility AssistanceFertility assistance of up to $30,000 with IVF. There’s also a referral program for minor discounts.
Work From HomeEmployees are allowed to work from home as long as they get the work done.
Vacation & Paid Time OffYou can take your vacation for up to 3 consecutive weeks. You can also take time off (pending approval) if your work is completed.
Volunteer Time OffYou get time off for volunteering, provided you show valid proof. You can take up to 1 week off.
Employee DiscountThere are 10-20% discounts on GE and non-GE products for employees.
Gym MembershipFree membership at select gyms and 50% reimbursement at gyms of your choice.
Job TrainingAll new employees are trained on the job. Each employee can opt for additional training, every year.
Tuition AssistanceTuition assistance is provided to employees (pending approval). Their grades need to be C-Average or above and the reimbursement amount is capped at $50,000.

What Employee Benefits is GE Known for?

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GE’s work-life balance is praised around the world by its employees. GE’s employee benefits include a wide variety of areas, with the best-known ones being the 401(k) Plan, Health Insurance, and Vacation & Paid Time Off.

GE tends to have greater employee retention due to the sheer number of employee benefits that they provide like:

  • Health insurance plan.
  • 401 (k) match up to 8%.
  • Up to 3 weeks of vacation time.
  • Up to 10 weeks of maternity leave.
  • Option to work from home.
  • Employee discounts.
  • Life insurance.
  • Job training.

GE provides several investment options categorized according to their risk and it’s available to all employees regardless of their post. They match up to 8% and give you the opportunity to contribute to Roth. However, GE’s stock has underperformed in the last decade which has affected the 401k plans.

Permissive time off ensures that you can take as much time off as you want as long as the work is being done. Moreover, you can take your vacation at any time you want for up to 3 weeks.

While GE’s health insurance covers everything from visual to dental insurance, it is relatively expensive. Proper all-encompassing coverage always ends up costing more than you need.

GE is one of the few companies that provides a retirement plan along with the 401k. The pension plan was, however, shut down except for people who retired during the time it was active.

The company provides the typical 4 weeks before birth and 6 weeks after for the maternity leave. For the paternity leave, it’s 4 weeks PTO. Although, you can extend each leave at reduced pay. Furthermore, permissive time off can be utilized to work from home during your leaves so you can extend them even further.

GE provides employee discounts on not only GE products but also non-GE products and services. Most of the discounts range between 10% to 20%.

Employee benefits for companies like GE are usually available to all the employees, however, there might be changes according to region and culture.

How does GE Help with Student Loans?

GE does not currently have any programs that help with student loans. However, they do have tuition assistance that’s capped at $50,000 i.e. you can only continue receiving if your grade stays above C- Average.

Almost 54% of people that go to college have some student debt. In addition, 2 out of 10 students are behind on their payments.

This is why a lot of companies have started to help their employees pay off their student loans. It’s bound to increase employee retention and is more likely to keep your employees motivated and loyal to your company.

In terms of overall assistance, GE may not provide relief from student loans. But, they do make sure the student has an easier time paying for education. It’s safe to say that if GE were to help pay off student loans, their employee retention would be far higher.

GE and other companies that could offer a student loan debt program can implement the benefit using FutureFuel. The platform makes it easier for employees to manage their student loans. It also helps employers keep checks and balances and carry out actions such as transfer company contributions to employees’ student debt funds.

How do GE’s Employee Benefits Change for Different Jobs?

GE is a multinational company with offices all over the world, so each region has slight changes in the benefits they offer. For example, the 401(k) plan is only available in the US. Elsewhere, GE’s retirement plan is the equivalent.

Benefits like tuition assistance, fertility assistance, etc. are also limited to a few developed countries.

However, while the benefits may change or be reduced, the overall value doesn’t change.

In addition, all GE employees in any given region have the same benefits. Although, the better position you have, the greater the value you receive (for example, better health insurance coverage, discounts, etc.).

How GE Improved its Benefits Packages Overtime?

GE has changed drastically over the last 2 decades. It went from a classic conglomerate to a globalized technology-driven company.

While this has led to some unconventional changes like the elimination of supplemental health insurance plans for retirees, it has created new and better benefits for current employees.

As the company moves forward, they keep adding new benefits like:

  • Developing the culture of providing lunches and snacks for free.
  • Bereavement leave of up to 3 days (can be extended using the permissive time off).
  • Offering adoption assistance to employees.
  • Providing charitable gift matching with 100% matching for up to $5,000.

As the business landscape gets smarter and more competitive, GE can be expected to create newer, better employee benefits.

Are GE Careers Worth It?

With a GE career, your resume gains credibility simply due to the GE name (GE is ranked as the 18th-largest firm by gross revenue among the Fortune 500).

Having developed a culture of diversity and giving back (benefits) they have become a worthwhile employer over time.

Anyone looking to develop a career in mechanical, electrical or industrial engineering (among other industries) should consider a career in GE because:

  • There are more benefits at GE than most companies.
  • GE provides free training, courses, and skill development classes to employees.
  • GE has been heavily investing in renewable energy and smart grid initiatives.
  • GE’s health insurance covers mental health, dental, vision, and disability insurance too.

GE has built a reputation for providing quality retiree health and medical coverage, all-encompassing retirement plans, as well as financial benefits.

Discover GE Jobs and Careers

If you’re considering building your career at GE, keep an eye out for job openings on the following platforms:

GE Careers

The company page shows all the different subsidiaries of GE like GE Aviation, GE Power, GE Corporate, etc. This lets you choose your industry and check for jobs specific to that industry and apply appropriately. It also lets you join GE’s talent community, so you can be notified whenever relevant jobs are put up. It also provides learning opportunities and invites to job fairs, talent hunts, and other public events. To search for jobs, you can either use your resume or answer a few questions which would then automatically show you job openings that you qualify for.

GE Jobs via LinkedIn

GE’s LinkedIn is updated daily which is why it currently has over 2,400 job openings. The majority of the job postings are for manager-level positions like the Manager for Digital Operations, Manager for Brand Experience, SEO Manager, etc. Moreover, you can find a lot of internship postings like the Global Supply Chain Internship program, Project Management Intern, Statutory Intern, etc.

GE Jobs via Indeed

General Electric doesn’t have a unified company page on LinkedIn. Each subsidiary has its own page with separate job postings, salary estimates, reviews, etc. So you need to search according to the subsidiary (like GE Aviation) you want. Once you’ve opened that page, you can find hundreds of jobs there, for example, for GE Corporate, you can find jobs like Field Engineer, Lead Scientist for Chemistry, Technical Product Manager, etc. You can also check the salaries for each job in different subsidiaries. For example, at GE Corporate, a Lead Engineer earns around $102,700 on average while the same job at GE Aviation will give you $100,700 on average.

 

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