Supporting Our Teams

The pandemic impacted the entire healthcare ecosystem, causing increased stress and challenges for Labcorp and many other organizations.

To help, Labcorp was proud to provide significant benefits and services, with particular emphasis on improving U.S. health-related programs to support our employees’ safety and well-being.

Expanded health benefit programs by adding company paid short-and long-term disability insurance coverage in the U.S.
Held payroll contributions flat for our U.S. Healthy Value medical, dental and vision insurance plans, benefiting approximately 36,000 covered employees and more than 30,000 dependents
Reduced the cost of monthly insurance contributions by $240 per year for U.S. employees earning less than $50,000 per year
Provided up to $4,560 in annual medical plan contribution discounts for over 36,000 employees and their spouses/partners for committing to and maintaining a healthy and tobacco-free lifestyle
Encouraged health and wellness education and activities by providing up to $1,000 in Health Reimbursement Account contributions to approximately 31,000 U.S. employees and their spouses/partners, which included $100 for COVID-19 vaccines and $50 for flu vaccines
Reimbursed up to $300 in fitness-related costs for approximately 16,000 employees

Our People

Rewarding Our Teams

Throughout 2021, our employees met the unique challenges faced by patients and customers to provide impactful answers and solutions when needed most.

Labcorp invested more than $120 million in addition to merit-based pay to recognize and reward our global workforce with a particular focus on our frontline workers:

Provided $35 million in two separate global “gratitude” bonuses to over 61,500 employees globally
Awarded $14 million in retention payments to employees in key global positions to encourage continued career development
Made $51 million in market-based pay adjustments globally, including raising the minimum wage for all employees in the U.S. to $15 per hour
Invested $21 million to increase base wages by up to an additional 1.5% for U.S. employees earning less than $75,000 per year to encourage 401(k) retirement savings plan participation

Developing Our Teams

As an organization that pursues answers to the world’s most critical healthcare questions, it is incumbent that we support our employees with a work environment that puts continuous learning and development at the forefront.

In 2021, Labcorp achieved the following training milestones:

Provided more than 46,000 courses that are available virtually within the global learning management system
Completed over 3.2 million hours of training, primarily consisting of regulatory and technical training
Matched 2,786 employees with mentors, the largest number of matches made to date in the program’s 15-year history
Completed more than 65,000 hours of professional development
Launched the Labcorp Education Advantage Program, removing access barriers to college-level coursework in the life science and healthcare fields by providing tuition upfront. The program supplements Labcorp’s existing tuition reimbursement program

At Labcorp, we believe the best learning comes from a mix of formal courses and programs combined with mentoring and coaching, as well as challenging work projects and experiences. This approach is often referred to as a 70/20/10 development framework. To align our belief with our actions, we offer formal and informal mentoring, job rotations and opportunities for temporary assignments.

Empowering Leadership

Our leadership framework, called Leadership ID, is our compass guiding expected behaviors and introduced to all people leaders globally. Leadership ID is composed of four principles: Inspire, Innovate, Deliver and Develop. The foundation of these principles is demonstrated by leaders who create environments of trust, respect and inclusivity. Each principle has defined associated behaviors that describe what each looks like in action at work. These principles were developed to be relevant over time, applicable to leaders across all levels, geographies and demographics, and easily seen and recognizable.

Leadership ID is being introduced into many of our programs and processes, such as performance management, development offerings and talent review processes. Leadership ID resources, programs and curriculum are available to managers throughout the year and embedded in all leadership development.