The transportation industry is performing well, and while that means profits for employers, it also means it’s hard to find qualified employees. With an unemployment rate around 4 percent in the industry this year, employers are scrambling to find the employees they need. Transportation companies have to work hard to stand out, and strong employee benefits are a sure bet for attracting people to job openings. With about 20 percent of positions in the industry represented by collective bargaining agreements that often result in strong benefits packages, it takes a lot to rise above the rest. Here are some of the top benefits offered in the transportation industry.
Health and Wellness
The transportation industry has a higher-than-average rate of workplace injuries and illnesses, so employees often know to look for generous health and wellness benefits. Larger companies tend to offer particularly strong health insurance coverage that includes dental and vision benefits; in some cases, collective bargaining agreements result in richer benefit packages. Voluntary benefits such as life, long- and short-term disability and critical care insurance are also common. UPS offers pre-tax spending accounts for childcare and eldercare as well.
With increasing reliance on technology, transportation companies need a well-educated workforce. In addition, some companies will put applicants through the schooling necessary for training. Schneider Trucking pays up to $6,000 for driving school graduates. UPS offers a variety of tuition reimbursement programs, depending on the position and the education. Crete Carrier Corp., a trucking firm, also offers several different education and tuition benefits.
Compensation and Savings
Collective bargaining agreements often include defined-benefit pensions and create an upward pressure for non-union companies to provide strong compensation and savings plans. UPS offers stock purchase plans, as well as management profit-sharing plans. Delta’s 401(k) plan has an automatic company contribution for up to 2 percent of eligible pay and a 100 percent match for the first 6 percent of contributions, as well as profit sharing and monthly payouts. Crete Carrier also offers profit sharing.
Life on the road can be disruptive to a family, so many top transportation companies offer benefits that keep families involved, even when someone is gone for long periods. Many airlines such as United offer reduced rates and special travel passes for family members, for example. Schneider Trucking has a “passenger program” designed to let friends and family members ride along in the cab with the employee.
Retention is crucial in the transportation industry, which relies on a solid, stable workforce that understands the sometimes complicated and always evolving rules of the road and regulations on freight. Many companies offer longevity bonuses to employees or discounts on leisure activities for families. Schneider, for example, offers paid trips to attend sporting events, which include travel, hotel, food and tickets.
Winston Benefits is an HR solutions company that helps businesses enhance and optimize employee benefit plans, enrich compensation and rewards programs, and save money on benefits communication, enrollment and administration. Contact us to learn more.