Headquartered in Chicago, Illinois Northern Trust is a well-reputed company that offers financial services to corporations, individuals, families or institutional investors. Northern trust employee reviews are quite comprehensive and help the company offer a good employee experience.
Northern Trust is one of the oldest and largest banks in the U.S. It has branches in 20 different states in the U.S. and about 23 other countries. The bank also is featured on the Fortune 1000 list. It has around 18,800 employees.
Northern Trust specializes in Asset Management, Wealth Management, and Investment Management.
Northern Trust Employee Benefits Team
Mark Welch – Chief Human Resources Officer
Mark Welch is the Chief Human Resource Officer in the North America region. He earned his degree in Economics and Environmental Studies from the University of California.
Welch is an experienced and motivated person who is committed to his role at the company. He is responsible for overseeing all HR related issues. Welch also focuses on developing and implementing human resources strategies in the North American region. He also supervises a team of HR Managers and HR Business Partners and offers them his assistance when needed.
Find Mark Welch on:
What are Northern Trust Employee Benefits?
Some of the major employee benefits at Northern Trust include the following:
|Health Insurance||Northern Trust offers a comprehensive health plan to its employees at an affordable price.|
|Dental and Vision Coverage||Basic dental & vision coverage is available.|
|401 (K) Plan||The company offers a 50% match for the first 6% contribution.|
|Retirement Plan||Pension after retirement is offered.|
|Performance Bonus||Northern Trust offers performance bonuses from time to time.|
|Parental Leave||One week of paid maternity leave is offered with more unpaid time off.|
|Professional Development||Northern Trust offers some courses to help employees grow professionally.|
|Paid Time Off||New employees can get up to 3 weeks of paid vacations. PTO can go up to 4 weeks. You also get sick days and paid holidays.|
|Volunteer Time off||The company offers 2 days per year for volunteering.|
|Employee Discounts||Employees can get discounts on many of the company’s services.|
|Tuition Assistance Program||Northern Trust has partnered with Ashford University which allows the employees to earn a college degree online while working for the company. The university offers full-tuition grants to Northern Trust employees.|
What Employee Benefits is Northern Trust Known for?
Northern Trust’s employee benefits combined with competitive salary keep employees motivated and happy. Northern Trust’s employee benefits focus on employees’ physical and financial wellbeing. The company also does its best to offer a good work-life balance through its PTO policy and other similar benefits.
Below are some of Northern Trust’s best-known benefits:
- Comprehensive health insurance.
- Dental and Vision coverage.
- 401(k) plan with a 50% match up to the first 6% contribution.
- Pension plan.
- Paid time off.
- Performance bonuses.
- Employee discounts.
- Tuition Assistance Program in partnership with Ashford University.
Northern Trust offers a comprehensive and affordable health insurance package for employees. The plan includes dental and vision coverage as well. The health benefits are also available for eligible family members. Besides basic healthcare, employees can also open a Flexible Spending Account (FSA) and Health Savings account (HSA).
To provide its employees with financial stability the company also offers a retirement plan, which includes a pension and a 401(k) plan. The 401(k) match is 50% for the first 6% contribution. As for the pension plan, the company offers a defined plan.
Another popular benefit that keeps employee morale high is the paid time off. Employees can get up to 4 weeks of paid time off. Besides vacation days, employees can also get sick days and paid holidays. Besides sick days, employees can also take 2 days off per year for volunteering.
Another amazing benefit the company extends towards its employees is the Tuition Assistance program. Northern Trust has partnered up with Ashford University which allows the company’s employees to earn a college degree online while working full-time. The university offers full-tuition grants to Northern Trust employees; almost all programs offered by the company are covered by the university except the doctoral degree programs.
How Does Northern Trust Help with Student Loans?
Northern Trust does not help employees with student loans at this time. The company does provide education assistance through its tuition reimbursement program.
Even though tuition assistance is helpful for continuing studies, it does not pay off existing student loans. The financial burden brought on by student debt has become a massive concern for American college graduates. That is why companies that offer student loan repayment support usually are able to attract the best talent.
Companies that currently do not offer any support do understand the importance of getting the best human workforce. That is why many of them are also planning to implement the program.
To make the implementation process simple and highly efficient, employers can turn to FutureFuel. It is a platform that allows employers to manage the benefit and make monetary transactions. Employees too can use their FutureFuel accounts to pay off their student loans faster and manage them efficiently.
How Do Northern Trust Benefits Change for Different Jobs?
Northern Trust benefits can be accessed by all eligible employees; however, their terms and conditions vary with your job type, job level, and a few other factors such as years of service at the bank.
Here are some of the ways Northern Trust’s employee benefits change for different jobs:
- The number of paid days off increases with the number of years you spend at Northern Trust.
- Performance bonuses usually depend on an individual’s base salary and evaluation, which means not everyone gets the same amount. Also, your eligibility for the bonus may depend on how long you have been working at the company.
- Benefits are different for full-time and part-time employees.
- Benefits also vary with state and country policies.
How Has Northern Trust Improved its Benefits Package Over Time?
In order to enhance employee retention over the years, Northern Trust has worked hard on its employee benefits package. Besides updating the existing benefits, the company also introduces many new incentives and programs to motivate its employees to deliver their best performance.
Despite the ever-changing economic conditions, the company has tried its best to keep its different insurance plans as affordable as possible. Moreover, many benefits get better with time, for example, your number of paid days off increases with time and the retirement plan also matures with your years of service at the company.
Are Northern Trust Careers Worth It?
Northern Trust was founded in 1889 and since then has established itself as a reputable bank and an excellent workplace. Any work experience with Northern Trust has weight and value in the banking industry. Apart from its success, the company provides many job opportunities for job seekers. The salary, experience, and benefits make working at Northern Trust a worthwhile career choice.
Here are some significant factors that make Northern Trust careers worth it:
- An excellent work environment with talented and motivated staff.
- The company believes in inclusivity.
- The bank offers assistance to employees for settling into their roles.
- Northern Trust also provides employees with ample opportunities to grow professionally.
- Insurance plans are affordable and help attain financial stability.
- 401(k) plan and retirement plans provide financial stability after retirement.
- The bank offers a good work-life balance.
- Employees can grow professionally through the company’s education assistance program.
Discover Northern Trust Jobs and Careers
If you are interested in looking for a job at Northern Trust, then you can bookmark the following websites to get constant updates about available vacancies.
Northern Trust Careers
Northern Trust’s official careers page has all the jobs listed categorically. You can choose the category and then search for all available vacancies. Each listing also offers all the necessary information. The website allows you to apply for the job online.
Northern Trust Glassdoor
Glassdoor is another reliable platform to look for available vacancies at Northern Trust. The website has hundreds of job openings. You can use the search bar to narrow down your search and find the category you are interested in. Glassdoor also has a review section where you can find comments left by other employees. These reviews will give you a clear picture of how things work at Northern Trust and what kind of employee experience it offers.
Northern Trust Indeed
Indeed is another excellent website to look for jobs at Northern Trust. It has a plethora of job vacancies, which can take a long time. To make the search process easier you can use the website’s powerful search feature and narrow down your search. Indeed also has hundreds of employee reviews along with an exclusive Q&A page that will give you all the information you need about the work culture at Northern Trust.