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

Topic 29957 | Page 2

Page 2 of 2 Previous Page Go To Page:
Old School's Comment
member avatar

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.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
Steve L.'s Comment
member avatar

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.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
Old School's Comment
member avatar

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.

OOS:

When a violation by either a driver or company is confirmed, an out-of-service order removes either the driver or the vehicle from the roadway until the violation is corrected.

Steve L.'s Comment
member avatar

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!

OOS:

When a violation by either a driver or company is confirmed, an out-of-service order removes either the driver or the vehicle from the roadway until the violation is corrected.

Page 2 of 2 Previous Page Go To Page:

New Reply:

New! Check out our help videos for a better understanding of our forum features

Bold
Italic
Underline
Quote
Photo
Link
Smiley
Links On TruckingTruth


example: TruckingTruth Homepage



example: https://www.truckingtruth.com
Submit
Cancel
Upload New Photo
Please enter a caption of one sentence or less:

Click on any of the buttons below to insert a link to that section of TruckingTruth:

Getting Started In Trucking High Road Training Program Company-Sponsored Training Programs Apply For Company-Sponsored Training Truck Driver's Career Guide Choosing A School Choosing A Company Truck Driving Schools Truck Driving Jobs Apply For Truck Driving Jobs DOT Physical Drug Testing Items To Pack Pre-Hire Letters CDL Practice Tests Trucking Company Reviews Brett's Book Leasing A Truck Pre-Trip Inspection Learn The Logbook Rules Sleep Apnea
Done
Done

0 characters so far - 5,500 maximum allowed.
Submit Preview

Preview:

Submit
Cancel

Join Us!

We have an awesome set of tools that will help you understand the trucking industry and prepare for a great start to your trucking career. Not only that, but everything we offer here at TruckingTruth is 100% free - no strings attached! Sign up now and get instant access to our member's section:
High Road Training Program Logo
  • The High Road Training Program
  • The High Road Article Series
  • The Friendliest Trucker's Forum Ever!
  • Email Updates When New Articles Are Posted

Apply For Paid CDL Training Through TruckingTruth

Did you know you can fill out one quick form here on TruckingTruth and apply to several companies at once for paid CDL training? Seriously! The application only takes one minute. You will speak with recruiters today. There is no obligation whatsoever. Learn more and apply here:

Apply For Paid CDL Training

About Us

TruckingTruth was founded by Brett Aquila (that's me!), a 15 year truck driving veteran, in January 2007. After 15 years on the road I wanted to help people understand the trucking industry and everything that came with the career and lifestyle of an over the road trucker. We'll help you make the right choices and prepare for a great start to your trucking career.

Read More

Becoming A Truck Driver

Becoming A Truck Driver is a dream we've all pondered at some point in our lives. We've all wondered if the adventure and challenges of life on the open road would suit us better than the ordinary day to day lives we've always known. At TruckingTruth we'll help you decide if trucking is right for you and help you get your career off to a great start.

Learn More