Novant Employee Benefits Review: Are Their Careers Worth It?

Novant Employee Benefits Review: Are Their Careers Worth It?

Founded in 1891, Novant Health is headquartered in Winston-Salem, North Carolina. The company is an integrated network of hospitals, outpatient centers, and clinics. It has more than 29,000 employees. Novant employee benefits make the company an excellent workplace.

It currently has over 1,600 physicians and 15 outpatient centers spread across its 630 locations. The company helps over 4 million patients every year.

Last year Novant reported an operating income of $94 million and revenue of $4.99 billion.

Novant Employee Benefits Team

Frank E. Emory Jr. – Executive Vice President and Chief Administrative Officer

Frank E. Emory Jr. – Executive Vice President & Chief Administrative Officer

Mr. Frank Emory joined Novant Health in 2019. He supervises government relations, human resources, health equity teams, inclusion & diversity, corporate audit, risk management, compliance, and legal.

Mr. Emory is an Angier B. Duke Scholar of Duke University. It is the University’s most prestigious scholarship. He earned his law degree from the University of Carolina.

Find Frank E. Emory Jr. on:

LinkedIn

What are Novant Employee Benefits?

Following are some of the major employee benefits offered at Novant:

Employee BenefitsDescription
Medical InsuranceMedical insurance is administered by Cigna. You can choose between Premium and the Standard Plan. The company will add a third option in 2020.
Dental CoverageDental plan is offered through MetLife. You get both out-of-network and in-network coverage. You are given 100% coverage for preventive care, 80% for basic care and 50 restorative services. 50% orthodontia coverage for children above 18 only.
Vision CoverageVision plan is provided through MetLife. It covers lenses, frames, eye exams, and contact lenses, etc. Some in-network services are fully covered while others are available on copay.
Flexible Spending Accounts (FSAs)You can set aside pre-tax dollars to cover your healthcare and dependent care costs.
Basic Life InsuranceIt is covered by the company and is equal to 1 times your base pay. The insurance maximum is $1,000,000.
Disability CoverageBoth long short-term and long-term disability coverage is equivalent to 60% of your salary. Long-term coverage is fully covered by Novant.
401 (k) PlanYou are enrolled in the plan from your first bi-weekly salary at a 4% (of your salary) contribution rate. A 100% match up to the first 6% of your pay.
Investment OptionsYou get multiple investment options to increase your retirement savings.
Paid Time OffYou can accrue 8 hours every 2 weeks.
Long-Term Care InsuranceThe company covers the cost for long-term care needed due to serious illness or an accident.
Pharmacy BenefitsYou get coverage for pharmacy drug purchases.
Accident InsuranceYou get coverage for an injury covered by your accident insurance.
Critical Illness InsuranceYou get coverage for a critical illness such as cancer, heart attack, or stroke.
Supplement Life and AD&D InsuranceYou can get anywhere between 1 to 4 times your base salary.
Retirement PlannerYou can have one-on-one counselling with retirement planners from Fidelity.
Voluntary BenefitsThese include pet insurance, critical illness, accident insurance, auto & home insurance.

What Employee Benefits is Novant Known for?

Novant employee benefits are extensive and focus on mental, physical and financial wellbeing of the company’s employees.

Here are some of the most talked-about employee benefits at Novant:

  • Health insurance.
  • Dental and Vision coverage.
  • A 100% 401 (k) match up to the first 6% of salary.
  • PTO accrues 8 hours every 2 weeks.
  • Life insurance.
  • Disability coverage.
  • Pharmacy benefits.

Novant Health offers one of the most comprehensive medical insurance plans in the industry. The plan is administered by Cigna and employees can choose between two options – the Premium and Standard Plan. You will have to contribute more with the Premium plan, but it has lower deductibles. The Standard plan has higher deductibles. With a certain Premium coverage, you can also get an HRA deposit funded by the employer.

Both plans offer prescription drug coverage. You also get Dental and Vision coverage through MetLife.

The Fidelity 401 (k) savings plan offered by Novant is quite good. The company automatically enrolls you in the plan with your first bi-weekly salary at a 4% contribution from your salary. The plan offers a 100% match up to the first 6% of your salary. Contributions can be anywhere between 1%-60% of your salary. You are 100% vested in your contributions and vested fully in company contributions after 3 years.

The PTO policy is also quite popular among employees at Novant. According to employee reviews on Glassdoor, you can accrue 8 hours of PTO every two weeks. Part-time employees can also get PTO, but they do not get paid holidays.

These benefits go a long way in making employees feel cared for, which not only increases employee morale but also improves the company’s employee retention rate.

How does Novant Help with Student Loans?

Novant does not help with student loan repayment. Employees, however, do get tuition reimbursement from the company. You become eligible for this benefit after completing a year of service at Novant. You can get assistance for courses pertaining to your current job or any other job within the Novant system.

Despite its benefits, tuition reimbursement does not help employees to pay off their student loans, which has become a financial nightmare for American college graduates. The debt has reached its record high and not enough employers offer student loan repayment support. There are only 4% of organizations that offer student loan benefits and a few more are planning to implement it in the near future.

The most efficient way to implement the program is through FutureFuel. It is a complete management system that allows employers to monitor the benefit without glitches and make monetary contributions to their employee’s student loans funds. The platform also allows employees to manage their student loans efficiently and even make online payments. All activities are done through personalized and highly secure FutureFuel accounts.

How do Novant Benefits Change for Different Jobs?

Novant Health offers excellent benefits to its employees but your eligibility depends on a number of factors.

Here are a few ways your Novant benefits are likely to be different than your colleagues:

  • Part-time employees have to pay more to get the same insurance coverage as full-time employees.
  • Hourly workers do not get paid holidays. They have to use their PTO hours or take unpaid holidays.
  • New hires do not get immediate access to all the benefits.
  • New hires have to wait a full year to receive tuition reimbursement.
  • Employees who have been with Novant for 3 or more years are vested in their company’s 401 (k) contributions. Employees with less experience, are vested in their own contributions only.

Besides these differences, your benefits will vary with state policies as well.

How Novant Improved its Benefits Package Overtime?

Novant was founded in 1891. For a company that has been around for this long, Novant has an excellent employee retention rate. So, how does a company of this size successfully retains its employees? By taking care of its employees and ensuring they get the best benefits.

Here are a few ways Novant benefits have improved over time:

  • Despite rising expenses and costs, Novant has kept its insurance plans, such as health and life plans, as affordable as possible.
  • The company offers an extensive medical plan that offers two plan options. Novant will add a third medical plan option in 2020.

There are also a few benefits that offer more as you spend more years at the company. For example, your 401 (k) plan and PTO mature and get better with time.

Are Novant Careers Worth It?

Novant has a formidable reputation in the job market. The company looks after its employees’ personal, professional, and financial interests. Through its salary, training & development, and compensation packages, Novant ensures that its employees can get the most out of their time at the company.

Here are a few reasons that make Novant a good career option:

  • Insurance plans are affordable that reduces the financial burden.
  • With the PTO policy, you can maintain a good work-life balance.
  • The retirement and savings plans are quite good and help you save will for your future including retirement.
  • Tuition assistance can help you continue your education and learn more about your industry.
  • Work experience with Novant can open up new doors and avenues for you in the industry.

The company is an excellent workplace and has the 38th place on the Forbes’ America’s Best Employers for Diversity list.

Discover Novant Jobs and Careers

If you want to build a career at Novant, you need to know where to find the best jobs. Here are a few websites that worth bookmarking.

Novant Careers

The official page contains all the available job categories. You can select the category and look for the jobs you want. If you want, you could further narrow down your search by using the search feature. You can officially submit your application online through the Careers page.

Novant Glassdoor

Glassdoor has about 3.6k Novant jobs. Since these are too many, you can save time by using the search feature. Each job has all the necessary details such as requirements, skills needed, job descriptions, expected salaries, and location. To get a better idea about the working culture and environment at Novant, you can see the employee reviews section.

Novant Indeed

Indeed is another good job-hunting platform. The website has more than 800 jobs and each of these have all the necessary information. Indeed’s search feature is also very powerful and helps you quickly find jobs based on your preferences. You can see hundreds of employee reviews. To get more information about the company, you should see the Q&A page.

Novant LinkedIn

LinkedIn also has an extensive database of Novant jobs. You can find more than 1,800 jobs here. Click on each listing to get more details. If you want to look for specific jobs, use the search feature for faster results. LinkedIn allows you to apply directly on the Novant official website.

 

 

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