Archive for category: Crew benefits
As one of the 65 million U.S. households with a dog, ours isn’t exactly unique—except that our 105-pound dog, Seiko, was born blind. In 2022, Seiko tore his cruciate ligament. The vet said surgery was the only option if we wanted to see him walk again, and that the operation would cost around $7,000. Fortunately, we had pet insurance. When we received the invoice for the coinsurance costs of the surgery, we tapped into Vanguard’s annual FlexFund stipend, covering the entire out-of-pocket cost for the operation.
At the time, I didn’t work at Vanguard—but my wife, Rebecca, did. As a full-time freelancer, I enjoyed the auxiliary benefits of Rebecca’s health care coverage through Vanguard, though I never imagined our dog would, too. While I was certainly impressed by Vanguard’s benefits, it would still be another year before I joined Vanguard (and doubled our FlexFund).
My roundabout journey to Vanguard
In the 10 years since I completed my undergraduate degree, I’ve had half a dozen jobs. I’ve been self-employed, worked for startups, co-owned a small business, and experimented with different careers in different industries, from advertising and insurance to life sciences and sales.
For most of that decade, I didn’t put much thought toward company culture or values, which I believe is part of the reason those jobs didn’t work out. For years, I’d heard Rebecca and other friends who worked at Vanguard praise the company’s values, the healthy work-life balance, the supportive structure, and the employee benefits package.
Life as a freelancer was lonely at times, and I often thought about what it might be like to work at Vanguard. For several months, I kept tabs on Vanguard’s careers page, searching hopefully for writing and editing roles. One day, a new job posting caught my eye—Vanguard was hiring a financial services editor. Rebecca encouraged me to apply immediately, and to my delight, I received an invitation to interview. Fast-forward two months, and I found myself on campus for my very first day as a crew member.
My first week at Vanguard
During my first week at Vanguard, I, along with other new hires, attended a benefits overview session. I assumed it would be all about health insurance options, and as someone who, for many years, paid the full costs of my health care coverage out of pocket, that would have been more than enough for me.
In addition to medical, dental, and vision insurance, Vanguard also offered disability coverage and life insurance. Then there was the health savings account, the flexible spending account, and the company’s generous retirement savings plan. On campus, there’s a health clinic with nurse practitioners and physical therapists, plus multiple fitness centers with a variety of instructor-led classes. Oh, and let’s not forget about the aforementioned FlexFund.
Creating a community through shared values
As the spouse of a crew member, I thought I had a pretty good idea of what Vanguard was all about. Rebecca has always said she doesn’t see herself working elsewhere, and now that I’m here at Vanguard, I understand why. Despite its size, Vanguard manages to bring crew members and families closer together. From the people who work here to the company culture and employee benefits, Vanguard prioritizes the well-being of every crew member, and in doing so, creates a community focused on unity, mutual respect, and shared values.
One of the surprising benefits of working for Vanguard is that you’re sure to find like-minded individuals with whom you can collaborate or befriend. Vanguard facilitates these connections through its intranet (naturally, Seiko is the highlight of my profile) and countless opportunities for engagement both on campus and virtually.
Besides joining the ranks of Vanguard’s many gymgoers, I’m also an active member of several Vanguard communities, including one dedicated solely to dogs. It seems there’s a resource group or interest group for just about everything, and I’m still discovering new benefits and support available to the Vanguard community.
How Vanguard invested in our family’s well-being this year
In 2024, Rebecca used her FlexFund to pay the annual premium for Seiko’s pet insurance and medication; I used mine to purchase an exercise bike and a rowing machine. Though we still have a tough time saying goodbye to Seiko on the days we work in the office, we’re pretty sure he’s okay with it—as long as we keep spending the FlexFund on him.
– Jonathan P.
The Two Reasons I said ‘Yes’ to Vanguard Tech
Here’s why Chief Brokerage Architect Ravi A. accepted a “once-in-a-lifetime opportunity” at Vanguard.
From Dentistry to Dividends and How a Passion for Chicken Lead the Way
In this blog, Valerie F. shares her unique journey to Vanguard. After working in various industries, she decided to leverage her unique skillset and start her career in the financial services industry.
Growing and Glowing: How I found my dream job and family at Vanguard
In this blog, Hailee B.opens up about how she found her career and family at Vanguard.
In this video blog, we highlight Vanguard’s 2023 interns as they reflect on their unique experiences working in various specialty programs.
In this blog, Scott M. talks about his experience as a senior application engineer in Vanguard’s Information Technology division.
For the past few years, we’ve all weathered a series of increasingly complex challenges. A global pandemic, social and economic crosswinds, and newly flexible work arrangements have had direct implications for how we view work, our careers, and our livelihoods.
According to recent data compiled by the Bureau of Labor Statistics, the proportion of individuals unemployed in September who voluntarily left their jobs stood at 15.9% — a thirty year high. At the heart of this historic exodus is a unique focus on the role our workplaces play in our physical, emotional, and mental well-being.
That’s why great benefits have never been so important in determining whether we continue to stay with our current employer, or join the millions that have sought out a new job in a labor market that is flush with opportunity. In my role leading Vanguard Global Total Rewards since 2019, I’ve seen firsthand the value that a range of employee benefits can have in making a profound impact during the moments that matter most to our crew (employees), such as managing mental health issues, becoming a parent, or embarking on retirement.
While the sparkle of unlimited paid time-off, on-site yoga classes, free lunch, and other unique perks may catch your eye if you’re considering a career move, also recognize and consider benefits that will have a significant impact on your health and financial wellness. Out-of-the-box perks may have some allure and can certainly be additive to our lives, but it’s important to avoid getting swept up in the moment without also considering the long-term value of “traditional” benefits such as industry-leading retirement packages and health savings plans. Indeed, failing to do so could have a lasting effect on your future financial freedom.
Looking for the Right (Retirement) Match
Contrary to today’s popular belief, stellar employee benefits aren’t just about solving for present-day needs – they’re also about setting you up for future success. The Federal Reserve reports that a quarter of American adults have no retirement savings. And, of those with savings, only 40% are on track for retirement.
The amount needed to save for retirement depends on several individual factors, including expected retirement age, lifestyle, savings, and retirement income. However, a good rule of thumb is to save at least 12-15% of your pay to meet retirement goals.
So, what does this mean if you’re considering a career move? It’s critical to understand that while many prospective employers offer a retirement savings plan, not all plans are created equal. In fact, employer matches, non-matching contributions, eligibility, and vesting schedules can vary greatly.
According to our research, most company 401(k) plans offer a match between 3% and 6% of participants’ salary, with an average match of 4.5%. Out of those retirement plans, only 36% provide both an employer match and additional employer contributions.
When evaluating your next career opportunity, you will be well-served by researching and evaluating a future employer’s retirement savings plans and their ability to deliver on your long-term financial goals.
As a company whose mission is to help investors achieve investment success, Vanguard, for example, offers our crew (employees) a generous match and contribution program which has resulted in retirement savings plan balances over 2.5x the national average, according to How America Saves 2022.
Maximizing Flexibility and Savings with an HSA
While no one wants to think about future health needs, thinking proactively will help ensure you’re well prepared when the time comes. It’s expected that an average couple will need nearly $300,000 in retirement to pay for out-of-pocket healthcare expenses alone, according to Employee Benefit Research Institute. As rising healthcare costs and inflation continue to be a cause for concern, a health savings account (HSA) can be a great option if you’re looking to avoid dipping into your retirement accounts to fund healthcare expenses.
An HSA operates as a tax-advantaged savings account outside of a workplace retirement plan where you can save money to pay for medical costs now and in the future. Importantly, all interest earned is tax-deferred, and withdrawals are tax-free for eligible medical expenses. These tax advantages, combined with an HSA’s continuous rollover and the ability to invest the balance, make it a great vehicle to supercharge your retirement savings.
But similar to a company’s retirement benefits, the value of an HSA can depend on a few factors, including employer seed contribution and match. Both can boost your ability to fund healthcare expenses and long-term retirement savings goals.
While HSA contributions are on the rise, you should increasingly be asking prospective employers how their health benefits will set you up for future success. According to Willis Towers Watson’s 2021 Best Practices in Health Care Employer Survey, of financial services firms that contribute to an HSA, only 9% offer an HSA contribution match. To note, Vanguard contributes up to $2,450 in annual HSA contributions to individual enrollees, which is approximately 5X the median contribution provided by other financial services firms, according to the Willis Towers Watson 2021 survey.
Benefits For Your Future
As this newfound focus on overall well-being shows no signs of slowing down, benefit packages and perks will assuredly remain a critical factor in the decision to remain with a company, or sign the dotted line with a prospective employer. Factors such as company culture, compensation, vacation days, and unique perks are important considerations when considering your next career move – but they should not come at the expense of your future health and financial needs.
While retirement could seem to be a far-away concern – effectively planning and financially preparing for it can (in most cases) only be accomplished in advance, and is often fundamental to fostering sound physical, mental, and financial well-being now and in the future.
Amid a robust and deliberate talent market, it’s mission critical to consider retirement when making a final decision. Understanding your all-inclusive benefits, both now and for your future can help provide peace-of-mind now, plus safety, security, and fulfillment for years ahead.
-Alexandra G.
This article originally appeared on Fortune.com
Disclosure
HSA tax implications: You will be responsible for paying any federal, state, local, or foreign taxes on a nonqualified distribution or withdrawal. Nonqualified withdrawals made before age 65 may be subject to a 20% federal penalty tax.
Vanguard’s Innovative Benefits Support Your Well-Being Your Way
In this blog, we introduce Vanguard’s new FlexFund benefit. This forward-thinking offer first started in the tech industry, and Vanguard is one of the first financial institutions to adopt it.
Vanguard Dallas: Join Our Team of Advisors
In this blog, Luke H. shares what he is most excited about serving as a leader at our new Vanguard site in Dallas, Texas.
My Experience at Last Year’s Grace Hopper Conference
In this blog, Kimberly W. shares her experience attending the Grace Hopper Celebration in 2021.
In this blog, several crew open up about their experiences in changing careers and joining Vanguard’s Client Services and Operations group.
Join Vanguard’s Global Risk and Security Division
In this blog, Principal and Chief Information Security Officer, Manish Nagar, shares insights into the work GR&S is responsible for, his personal career experiences, and Vanguard’s new footprint in Dallas, Texas.
Leading an ultra-high net worth wealth management business and sponsoring the launch of a private investment product, all with an infant on my lap, was not how I pictured my career. Given my degrees in the arts, a career at an investment management company didn’t even seem in the realm of possibility. So, the idea of doing it all while holding my baby would never have occurred to me- outside of a random fantasy about living a functional version of Diane Keaton’s Baby Boom boardroom scenes.
Yet, my arts background has made me comfortable with and invigorated by ambiguity—I find joy in the strategy needed to launch a business solution—as it provides me with the opportunity to create. So, when I got the beautiful surprise of my first child shortly after I’d been given one of my biggest career opportunities leading a heavily investment-focused project, I was excited… and then I panicked about whether I could balance my new normal.
Thankfully conversations with my bosses and mentors helped me realize that I could be a good mom and keep my career going. I’m still amazed that amidst the biggest assignment of my career, I was able to take a fully paid four-month maternity leave and return to pick my work up right where I left off.
Now in my mid-forties, I often find myself cuddling my infant daughter (and at times feeding her puff baby snacks, thus the crunch as I sat down today) during work meetings about Vanguard’s Family Office Wealth Management business, Family Legacy Services, and Private Equity …and I love it. The quirky mix warms my heart. I’m forever grateful to work for an organization that never denied me career opportunities, even as I balanced the joyous shock of my dream-come-true life event of becoming a mother. Vanguard has never wavered on its commitment to help me learn and grow, and to present awesome career opportunities as I lean in.
As a working mom, who cares passionately about her career and utterly adores (and never wants to miss a moment of) her daughter, Vanguard is the place I want to be. A life of baby puffs and big presentations works for me.
— Talli H.
Addressing the need
The COVID-19 pandemic brought many mental and emotional issues to the forefront, caused by anxiety, depression, uncertainty, or life circumstances, including caring for children, parents, other family members or friends, or even the unfortunate loss of a loved one.
“What the pandemic did was further enable people to admit that ‘it’s okay to not be okay,’” said Jamie C., senior manager. “However, mental health issues existed before, and we wanted to talk about them and break down the stigma.”
And this is exactly what Jamie aimed to do when she began the Breaking Down the Stigma mental health and wellness group in the U.S. in February 2021. With the encouragement from Vanguard’s Human Resources division, a support group formed that continues to grow and help those in need of a safe haven to discuss mental, emotional, and behavioral health concerns affecting them and their loved ones.
For Jamie, the initiative was born out of personal experience. “Having a very close relative with mental health problems, I dealt with these issues my entire life,” said Jamie. “I knew others could benefit from mutual support, as I did.”
The stigma begins to break
The Breaking Down the Stigma group meets twice per month virtually and provides a forum where anyone can raise a topic and discuss whatever is on their mind.
“While the group is not the forum to receive diagnosis and treatment, it is an inclusive complement to our existing benefits,” said Torrey W., an HR business partner and advocate for the group.
The impact
The group uses word of mouth to create awareness and encourage participation. For those involved, Breaking Down the Stigma has made a positive difference.
“It’s very important to have a support group like this in my workplace. People need a voice and a platform to talk about what’s on their minds, especially on matters outside of the workplace.”—Josephine U.
“The level of mutual support is incredible. There’s always a non-judgmental shoulder for everyone.”—Russ D.
“One year ago, my life completely changed when I became a full-time caregiver for a loved one. This group helped me through every month. I brought my tears and my smiles. It was my support system.”—Deborah L.
Now marking its first anniversary, the group has doubled its membership, and its compassionate purpose continues. “There’s always someone to turn to,” said Jamie. “There’s always support.”
Our commitment
Vanguard offers several options for crew who would like to speak to a professional.
Learn more about Vanguard’s enhanced Total Rewards package.
What is FlexFund?
FlexFund, powered by Level, is a $1,500 annual stipend program that allows crew to choose the benefits that matter most to them.
This benefit is different from others because it is money that Vanguard sets aside specifically to support crew well-being—whatever that may look like. Crew can spend their dollars freely on the categories below. While we’ve included some examples of the various perks, there are even more that crew can explore.
Physical and Emotional Wellness
• Fitness subscriptions
• Fitness equipment
• Gym memberships
• Emotional wellbeing apps
• Resiliency training
Lifestyle/Convenience
• House cleaning service
• Lawn moving service
• Laundry service
• Transportation
Family Care
• Childcare
• Elder care
• Pet expenses
Technology and Mobility
• Entertainment subscriptions
• Cell phone data plan
• Personal technology device
Financial Wellness
• Tax prep service
• Identity theft service
• Debt/credit counseling service
FlexFund in action
The flexibility doesn’t stop there. Crew can choose to spend the entire amount on one category or across many. These expenses that one chooses can change over time as each crew’s lives change. Even the payment process makes it easy for crew with three flexible ways to pay; digital card, hard card, or reimbursement from a personal card via a modern app.
This forward-thinking offer first started in the tech industry, and Vanguard is one of the first financial institutions to adopt it. Because FlexFund is meant to be responsive to crew needs, the benefits team regularly collects crew feedback about their experience and the kinds of options they would like to see. The list of eligible expenses will change over time based on the feedback and trends.
As for the feedback received thus far, here is what some crew had to say about the FlexFund:
What a great and absolutely flexible way for Vanguard to provide the crew with those little pleasures that help us all from a physical and mental wellness point of view. – Louise K.
Really excited about this one — I love how diverse and practical the options are! Relevant to a range of life circumstances (relationship or parenting statuses too) and more. Feels so useful in making a felt difference in life’s day-to-day. – Rebecca H.
This year, I’ve thought a little bit more about gratitude at work. In the past, gratitude at work was aligned with my team excelling in their roles, knocking a project out of the park, a colleague supporting me as I navigated a tough stakeholder management situation, or covering a meeting for me. All things that are much appreciated, but the gratitude I feel now runs deeper. Over the summer, I learned that my mom was going to have major surgery. I knew I needed some support while I’d be managing a busy career and addressing concerns about my mother’s health. A colleague reminded me that our Vanguard benefits plan includes expanded access to mental wellbeing benefits and encouraged me to sign up. I was equipped with tools and tactics to help me thrive. I feel fortunate to work for a firm that supports crew with a suite of benefits that addresses all aspects of employee wellbeing.
As the surgery date drew near, I was grateful for the distraction of a very busy work schedule but knew that I would need to take some time off. As someone who has always taken pride in being a shoulder for others to lean on, I felt uncomfortable asking for help.
Over the next two weeks as I took time off work to care for my mom (and my dad as he was caring for my mom), I can safely say that I have never felt my heart so full of sheer gratitude.
I’m grateful that Vanguard supports caregiver time off so that I could be there for my family when they needed it most. I’m grateful for my friends who checked in on me all hours of the day. I’m grateful for my teams who not only called with messages of support, but also kept the business running smoothly during one of our busiest seasons. Most of all, I will forever be grateful for the talented surgeons, doctors and wonderful nurses that were there every step of the way. 90 days post-surgery and my mom is doing great!
I think back on this journey with gratitude, and I’m reminded of a quote from Albert Schweitzer and I’m grateful for the sparks in my life.
“At times, our own light goes out and is rekindled by a spark from another person. Each of us has cause to think with deep gratitude of those who have lighted the flame within us.” – Albert Schweitzer
– Tamara T.
We congratulated those that recently graduated and shared with them a personal poem.
Though this year has been mostly onscreen
You made it look easy and keen.
You persevered because you’re the best
You made it through—you passed the test!
So don your caps and gowns and don’t be late
Because now it’s time to celebrate.
Vanguard sends congrats and a cheer
To the graduates of 2021—hear hear!
Pictured are a few of our crew who submitted their recent graduation photos.
Your well-being matters Let’s be real for a minute—the last year has not been an easy one. The global pandemic has redefined the concept of well-being at home and at work. Whether you’ve had to adjust to virtual school, working where you live, socially distanced or virtual holidays with loved ones, or any of the other ways the last year has changed how we go about our lives, we could probably all use some time to focus on what our minds and bodies need. May is Mental Health Awareness Month, and Vanguard, along with our well-being partners, is hosting several events to further support the well-being of crew. Virtual Wellness Expo: How our well-being vendors support crew Mental health is more than just acknowledging how you feel. In order to aide crew in their holistic mental health journey, our well-being vendors have come together to create a three-day expo. The event features wellness focused on a variety of topics, including: A special panel with our vendors will give crew a quick overview of how each of the well-being vendors can assist in their wellness journey. Two of our partners are hosting webinars centered on the topic of resilience: Prioritizing mental health We encourage taking advantage of our new services, especially if crew or a loved one: “At first, I thought I didn’t have an issue with working from home and dealing with the pandemic. I was wrong. You don’t realize the mental toll it takes on you, from the isolation to lack of boundaries between work and home. I took advantage of Vanguard’s new services and was able to talk to someone who could help me work out the tornado going through my brain and focus on having a clearer mind.” – Anonymous crew member. Vanguard offers a variety of resources and programs to support crew health and wellness goals. We’re invested in our crew and in creating an environment where everyone can thrive.