ESOP Plan. Can Anyone Share Info About How They Work ? TMC Drivers ?

Congratulations Hayden! We are glad to see you are in the game. I see the Maverick Glass trucks all the time. We are often delivering aluminum extrusions to the same manufacturers of window systems that Maverick is delivering to.

Just for clarification to those who may be just now coming across this conversation. TMC runs a wonderful operation and is a great place to work. The idea that an ESOP or percentage pay gives a company an advantage over the others does not hold true. That is all we were trying to convey to Hayden. Trucking success will always boil down to the individual's ability to perform well in a challenging environment. All the other little incentives thrown in by the trucking companies to lure drivers to them are insignificant matters in the decision making process. Some people like an ESOP, some like a more traditional 401K, but any savvy employee can create a valuable investment account either way.

There are mean averages in the trucking industry financials. Profits do not run wild. Nobody has come up with some secret sauce that allows their employees to make far more than other companies. That is something everybody looks for. They want some way of making more money. The only way to do that is to be really good at this job. That takes effort and determination by the employee. The little things that companies do to try to market themselves to you are insignificant to the big picture. We try our best to help people focus on what is critically important to their success at this. The method of payment is always limited by the fact that trucking companies are working in a framework of a 3 to 5 percent profit range. Almost 97% of their gross receipts goes to paying the bills. There is only a small slice of that pie that can be divided up and given to the employees. You can divide it all sorts of ways, but in the end it is still limited by the industry's mean average profit margins.

Congratulations Hayden! We are glad to see you are in the game. I see the Maverick Glass trucks all the time. We are often delivering aluminum extrusions to the same manufacturers of window systems that Maverick is delivering to.

Just for clarification to those who may be just now coming across this conversation. TMC runs a wonderful operation and is a great place to work. The idea that an ESOP or percentage pay gives a company an advantage over the others does not hold true. That is all we were trying to convey to Hayden. Trucking success will always boil down to the individual's ability to perform well in a challenging environment. All the other little incentives thrown in by the trucking companies to lure drivers to them are insignificant matters in the decision making process. Some people like an ESOP, some like a more traditional 401K, but any savvy employee can create a valuable investment account either way.

There are mean averages in the trucking industry financials. Profits do not run wild. Nobody has come up with some secret sauce that allows their employees to make far more than other companies. That is something everybody looks for. They want some way of making more money. The only way to do that is to be really good at this job. That takes effort and determination by the employee. The little things that companies do to try to market themselves to you are insignificant to the big picture. We try our best to help people focus on what is critically important to their success at this. The method of payment is always limited by the fact that trucking companies are working in a framework of a 3 to 5 percent profit range. Almost 97% of their gross receipts goes to paying the bills. There is only a small slice of that pie that can be divided up and given to the employees. You can divide it all sorts of ways, but in the end it is still limited by the industry's mean average profit margins.

Just to clarify; at my company (not necessarily all other ESOP companies) we have a 401(k) IN ADDITION to the ESOP. The ESOP is not a replacement for the 401(k). Just an FYI for anyone wondering.

Thanks Steve! That may even be the way it works at TMC. I honestly do not know. I do know that ESOP plans were not designed with the employees in mind. They are a way for family businesses to cash in on their private stock holdings of their company while still maintaining significant control of their operation. There is some benefit for long term employees, but I certainly would never consider it to be a deciding factor for a rookie driver when choosing their first company to drive for.

Thanks Steve! That may even be the way it works at TMC. I honestly do not know. I do know that ESOP plans were not designed with the employees in mind. They are a way for family businesses to cash in on their private stock holdings of their company while still maintaining significant control of their operation. There is some benefit for long term employees, but I certainly would never consider it to be a deciding factor for a rookie driver when choosing their first company to drive for.

Agreed!