Lowe’s offers health, dental and vision insurance, vacation, sick time, flexible spending account plans, a discounted stock purchase plan, a 401(k) plan with a company match, no-cost health screenings and more.
Participation in our medical and retirement benefits has increased in recent years. In 2015, more than 75 percent of full-time Lowe’s employees participated in our health plans. We also offer medical plans that include maternity-management programs, personal health advocates and other services.
Eighty percent of full-time employees and 20 percent of part-time employees participated in our 401(k) plan in 2015, after meeting the six months of service eligibility requirement. In 2015, Lowe’s contributed $152 million in matching contributions for eligible participants. We also encouraged more employees to save for retirement by introducing a streamlined 401(k) investment lineup accompanied by a comprehensive communication strategy.
Finally, Lowe’s tuition-reimbursement program reimburses full-time employees up to $2,500 per fiscal year. This popular program has reimbursed a total of $11.3 million over the past three years.
Promoting Employee Wellness
We place a special focus on wellness, preventative care and making sure the right kind of help is available when our employees need it. We also provide resources to encourage our employees to actively manage their health.
Care and Health Maintenance
The following programs and benefits, among many others, are available to eligible full-time employees to help them get the care they need and maintain their health:
- No-cost health screenings, offered through five mobile health screening units that make annual site visits to every U.S. store, distribution center and customer support center. We also provide 19 on-site health centers at our distribution and customer support centers. In 2015, employees and family members completed 111,792 health screenings — a 10 percent increase from 2014.
- Virtual doctor visits via the Teladoc remote medical consultation service. These allow employees in our self-funded health plans to visit the doctor using their personal computer, smart phone or telephone, for diagnosis and treatment of non-urgent health issues. Teladoc is available 24/7/365, and first time visits are free of charge.
- Discounted copays (50 percent of a primary care physician visit) at CVS MinuteClinics, and free flu shots are available in partnership with Quest Diagnostics and CVS. In 2015, more than 45,000 employees received a flu shot.
- A no-cost counseling program for employees and family members, which received nearly 12,000 calls in 2015.
We’ve also created a health benefits program for our eligible part-time employees and their families. These Preventive and Preventive Plus plans include two or four physician visits to in-network doctors each year. In 2016, the Plus plan also will provide generic prescription drug coverage.
Using the System Wisely
The skyrocketing costs of healthcare for more advanced medical procedures can create significant financial burdens on our employees and their families. To bring more affordable options to our employees, we partner with high-quality providers, like Cleveland Clinic, through our Centers of Excellence program. This provides eligible employees and their dependents enrolled in our self-funded programs with access to cardiac care. Additionally, Lowe’s has partnered with other preeminent facilities to provide hip and knee replacements and spine care. Lowe’s covers all costs associated with medical procedures, including travel for the patient and a companion.
Since 2010, 110 employees and eligible dependents have received heart surgery at the Cleveland Clinic. In 2015, 208 employees received no-cost hip and knee replacements, and 84 employees received no-cost spine surgery.
Benefits of Communication
We make all of the information about these extensive benefits and opportunities fully available to employees and their families through engaging, interactive and accessible communication channels, including:
- My Lowe’s Benefits, an internal web page where employees and their family members can access everything they want to know about their health plan, 401(k) and other available benefits. The site received 10 million views in 2015.
- My Life Track is a wellness portal used by 41 percent of Lowe’s employees in 2015 — a jump of more than 50 percent since its 2013 launch. Users can track their weight, food intake and activities, and join weight-management programs, 30-day challenges and other initiatives.
- In 2016, all participants in our self-insured plans and qualified dependents will have a “personal health system navigator” on call to help with common issues such as replacing an ID card, explaining doctors’ bills, or finding a primary care physician.
Lowe’s Employee Relief Fund
Successful companies are those that connect with their employees not only on a professional level, but also on a personal and emotional level, particularly in times of need.
The Lowe’s Employee Relief Fund (LERF) assists those experiencing significant financial hardship through the contributions of fellow team members. All full-time and part-time employees are eligible for support. The program is funded by employee payroll deductions and check contributions, with Lowe’s matching each contribution dollar-for-dollar and funding the operating costs.
Since its inception in 1999, LERF has helped more than 23,000 Lowe’s employees with more than $26 million in financial assistance.
In 2015, LERF distributed more than $3.3 million to assist more than 2,800 Lowe’s employees and their families. The funds helped support employees through significant unforeseen hardships, including medical issues, death events, house fires and natural disasters.