The transportation industry is performing well. This means profits for employers and benefits for people who work in the industry but, a study shows that the industry is facing a huge demand and supply gap of transport workers. There are multiple reasons that are attributed to this trend. Significant employee benefits and employee appreciation are one among the reasons that keeps the right people away from the industry.
Top Benefits for Your Transportation Employees
Better Healthcare Options
The transportation industry has a higher rate of injury and illness at the workplace. So employees often look for generous healthcare and wellness benefits. You can offer your employees health insurance coverage which includes dental and eye care. In certain cases, collective bargaining agreements result in richer benefits packages. Voluntary benefits such as short-term and long-term disability and critical care insurance are also very common.
There are other insurance options that offer pre-tax spending accounts extended to other family members of employees including their children and the elderly. You can also introduce health savings accounts for your employees as this is considered as a win-win situation. You might be wondering how? Well, the contributions that you make to employee health savings accounts are tax-free. Also, you are maintaining better control of the healthcare plans you offer, which allows saving even more money.
Many employees prefer health savings accounts as they can be transferred from one company to another easily. This means if they leave your company and start working for another company that offers a similar program, the money that they earned while working with you will remain in their accounts and continue to grow. According to a survey, almost more than half of the employees said that they were extremely satisfied with their consumer health savings plans.
Training and Development Programs
Technology is leaving no industry untouched including the transportation industry. It is important to have a workforce that is technologically educated. Employees always look for opportunities to learn new things and move up in the ranks, it is your duty as a business owner to facilitate the necessary training and development programs for your employees. Providing your employees with a platform to develop new skills and encourage them to attend webinars and courses related to your industry.
According to a study, more than 60% of employees believe that the best way to advance their careers is to receive new training and learn new skills on the job. It’s a profitable investment for your business because by equipping your employees with new skills, you are keeping them committed and happy while creating potential future leaders. Another benefit of providing educational opportunities for your employees is the fact that education assistance is tax-exempt.
Performance Rewards and Bonuses
Employee retention is one of the most important things to look at in the transportation industry. This depends largely on a happy and solid workforce. American Psychological Association performed a study that shows that employees perform better when they are appreciated and valued by the management. Achievement awards and performance bonuses are great ways by which you can not only motivate employees but also show appreciation. Most companies offer discounts for employees on family leisure activities, provide longevity bonuses and even paid vacation.
Employee appreciations and awards don’t always have to be monetary. You can even talk to employees to know their preference. Do a systematic poll of your employees to find out what they want. Let them tell you what matters to them the most and what types of benefits they would most appreciate. Chances of getting a full consensus are low, but getting honest inputs from your team is an optimal way to create the best benefits program.
Savings and Compensation
Collective bargaining agreements include defined-benefit pensions and create upward pressure for non-union transportation companies to provide savings and compensation plans. For example, UPS (United Parcel Service) offers employee discounted stock purchase plans and management profit-sharing plans. Various other companies that provide profit sharing plans for instance Delta’s 401(k) plan; it has an automatic employer contribution for up to 2% of eligible pay and 100% match for the first 6% of contributions along with monthly payouts and profit sharing.
Happy employees tend to be the most loyal and productive ones. When it comes to keeping your transportation business employees happy, the basics still ring true; better salaries, a positive company culture, time off and other employee benefits. Eventually, it all comes down to how well you make your employees feel appreciated. You can reach out to loan providers for small transportation businesses. Shortage of money should never stand in the way of you providing these benefits to your employees.