McKesson Employee Benefits Review: Are Their Careers Worth It?

McKesson Employee Benefits Review: Are Their Careers Worth It?

McKesson Corporation is one of the leading pharmaceuticals distributors in the U.S. The company also provides medical supplies, health technology, and healthcare management tools. McKesson employee benefits make the company an excellent workplace.

The company was founded in 1833 and its headquarters are in Irving, Texas. McKesson features on the Fortune 500 list and is the 6th largest corporation by revenue in the United States. It has more than 78,000 employees.

McKesson Employee Benefits Team

Tracy Faber – Executive Vice President and Chief Human Resources Officer

Tracy Faber – Executive Vice President and Chief Human Resources Officer

Ms. Tracy Faber joined McKesson in 2011 as Senior VP Human Resources. She was promoted to her current position in 2019. Ms. Faber is the top and official advisor to the company’s Chief Executive Officer and Board of Directors for diversity, inclusion, succession planning, transformational changes, and leadership development.

Before joining McKesson, Faber worked with PepsiCo for almost 11 years. She received her MA from the University of Minnesota and her BA from Michigan State University.

Find Tracy Faber on:

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What are McKesson Employee Benefits?

You can enjoy some of the following major benefits at McKesson:

Employee BenefitsDescription
Health InsuranceYou get medical care and prescription drug coverage. Employees can choose between HSA and HSA Plus plans.
Dental CoverageDental plan is administered by Cigna Dental. You can choose between PPO and DHMO. PPO plan also gives you the option to sign up for PPO Plus Plan.
Vision CoverageThe coverage is administered by Vision Service Plan (VSP). You can choose between VSP and VSP Plus plans.
Basic Life & AD&D CoverageBasic life and AD&D insurance is up to $50,000.
Disability CoverageShort-term disability coverage is provided for up to 25 weeks and long-term disability coverage offers 60% of your earnings. LTD is available until you are 65 or fully recovered.
401 (k) PlanYou get a match up to 5%.
Employee Stock Purchase ProgramYou can buy the company's stock at a discounted price.
Paid Time OffUp to 28 days off every year. You also get paid holidays.
Parental LeaveUp to 6 weeks of paid parental leave.
Family and Medical LeaveUp to 12 weeks a year and 26 weeks for military caregivers.
Military LeaveMilitary leave of up to 5 years is available.
Personal Leave of AbsenceUp to 30 days off.
Weight Loss ProgramCompany offers savings for your weight loss program.
Employee Assistance ProgramIt helps you with your day-to-day work-related and personal challenges.
Tuition ReimbursementIt is offered to eligible employees.
Flexible Spending Accounts (FSAs)It allows you to save pre-tax money for dependent and health care expenses.

What Employee Benefits is McKesson Known for?

McKesson employee benefits are some of the most comprehensive in the industry. These benefits not only keep employees motivated but they also improve the company’s employee engagement and employee retention rates. Here are some of the most talked-about employee benefits at McKesson:

  • Healthcare insurance.
  • 401 (k) match up to 5%.
  • Paternal leave for up to 6 weeks.
  • Paid time off up to 28 days.
  • Disability coverage.
  • Commuter benefits.
  • Adoption assistance up to $2,000 per adoption.
  • Tuition reimbursement up to $5,250 per year.

The medical plan is administered by a number of providers including Aetna, Kaiser, HSMA, Cigna, and Anthem, depending on the state you live in. Employees except those who live in Miami can choose between HSA and HSA Plus plans. The medical plan gives you 80% coverage and you have to pay the remaining 20% for in-network services. While for out-of-network services you will have to pay 40% of the total cost and the plan will cover 60%.

The medical plan also offers dental, vision and prescription drug coverage. You can also opt for Flexible Spending Accounts (FSAs) for dependent care and health care expenses.

The Fidelity 401 (k) savings plan is also quite good. You can contribute up to 1%-75% of your salary. The company offers a 100% match up to the first 3% of your salary and then a 50% match up to the next 2%. McKesson does not match above 5%. You can contribute on a pre-tax and post-tax basis.

Another popular benefit is the PTO policy of the company. After completing one year of service at McKesson, you can get 16 days of PTO. After 5 years of service, you are entitled to 28 days a year. PTO is offered as a bundle and includes vacation days, sick leave, and personal time off. Holidays are not included in PTO. Paternal or maternity leave of 6 weeks is also given separately.

There are many other benefits such as commuter benefits, adoption benefits, education benefits, learning and development that make McKesson a good workplace.

How does McKesson Help with Student Loans?

McKesson does not provide its employees with student loan repayment assistance. The company, however, does have a good tuition reimbursement program. You can get up to $5,250 per year for programs or degrees related to your current or any other job within the McKesson system.

Student loan support is, now, considered the most important benefit for American college graduates. The reason is obvious, the massive student debt that has put Americans in a huge financial crunch. That is why employers with student loan support programs have become a preference. But unfortunately, only 4% of total American employers offer the program.

But the need to hire the best talent is pushing many more companies to offer student debt support in the near future. The best way to implement the program is through FutureFuel. It is a unique management system that allows its users to manage student loans, monitor the benefits program, have personalized accounts, and make monetary transactions such as company contributions or student loan payments.

How do McKesson Benefits Change for Different Jobs?

Benefits at McKesson are available to all employees but not everyone has the same access to them. Depending on your job type, job level, and experience, your benefits will be different from some of your coworkers.

Here are a few ways how your benefits are likely to vary:

  • Medical plans are not the same for employees across the U.S. Employees living in Miami do not have access to HSA and HSA Plus plans.
  • Casual or part-time employees become eligible for the 401 (k) plan after completing a full year of service. Full-time employees qualify if they work 40 hours every week.
  • New hires have to complete a full year of service before becoming eligible for PTO.
  • Moreover, new hires do not have access to all the benefits.
  • New hires have to contribute more to their HSA as compared to part-time or full-time employees.
  • Family leave is only available to employees who have worked for at least a year at McKesson.
  • Benefits also change with state policies.

How McKesson Improved its Benefits Package Overtime?

McKesson has been around since 1833. One of the reasons for its long and thriving life is the focus the company has always maintained on its employees’ wellbeing. Employees reciprocate the company’s effort through their loyalty and dedication.

To keep the employer-employee relationship strong, McKesson keeps improving its benefits in different ways. Here are a few examples:

  • Despite rising costs everywhere, McKesson has always kept its insurance and coverage plans as affordable as possible.
  • It is one of the few companies that offer full benefits for part-time employees as well.
  • The company has extended its paternity leave to all parents.
  • There are also many benefits that mature as you spend more years at McKesson. These include your savings accounts and PTO.

Are McKesson Careers Worth It?

McKesson is one of the leading pharmaceutical companies in the United States. It is the 6th largest in terms of revenue. Any work experience with McKesson not only improves your industry knowledge but it also increases your market value.

Here are a few more reasons why McKesson careers are worth it:

  • Insurance plans are quite affordable that will help you improve your financial health.
  • The retirement and savings plans offer a good match and company contribution, which helps you save well for your retirement.
  • Benefits like commuter, education, and adoption provide even more monetary support.
  • PTO, family leave and other types of leaves allow you to maintain a good work-life balance.
  • The company promotes within its ranks, which allows for excellent career growth.

Discover McKesson Jobs and Careers

Here are a few websites that will keep you up to date with all the latest job openings available at McKesson:

McKesson Careers

The official Careers page of McKesson has all the information about McKesson’s careers. It tells you about the company’s culture and the reasons that make it a good career choice. You can click on the “Search McKesson Jobs” tab to land on the page will all the job listings. You can also find all the global opportunities as well. The search feature of the website is excellent and has plenty of filters that will help you narrow down your search results. You can submit your application online.

McKesson Glassdoor

Glassdoor is an excellent place for job searching. There are about 2.4k McKesson job openings on the website. You can filter your search using the search feature and save time. Glassdoor also has hundreds of employee reviews that will give you a good idea of how McKesson treats its employees.

McKesson Indeed

McKesson is quite similar to Glassdoor. It has about 630 job listings each of which has all the necessary information about the job. The website also has employee reviews and a Q&A page that contains answers to all the frequently asked questions about careers at McKesson.

McKesson LinkedIn

Linked also contains a few job listings. If you want to look for specific jobs, you can use the search toolbar. The website allows you to apply directly on the McKesson website.

 

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