Tesla Is One of the Best Employers with its Compensation Plan

Photo: Tesla

Tesla is one of the best employers in the world, and is especially popular among engineering graduates. However, in addition to the huge potential professional and career growth opportunities, the company offers its employees a decent compensation plan.

Tesla is extremely desirable for candidates looking for jobs in technology, engineering, and beyond. Millions of people apply each year in the hope of being hired by the manufacturer. The company said that in 2021 alone, it received over 3,000,000 unique applicants globally. So, besides career growth in a fast-growing company, what can Tesla offer?

Tesla is a young manufacturer on its way to massive growth. Every year the company makes significant improvements in order to attract the best talent. The manufacturer has developed a decent compensation plan that is constantly being improved. In its 2021 Impact Report, Tesla shared that it provides a highly competitive wage that meets or exceeds the wages of comparable manufacturing roles, even before equity and benefits are factored in.

In 2021, Tesla’s average national wage for manufacturing jobs in the U.S. was $21.60/hour plus benefits (which includes an option for $0 cost paycheck deductions) and equity, which is a 2.2% increase compared to 2020, the company said in the report. According to the Bureau of Labor Statistics, the mean hourly wage for Production Associates/Assemblers is $18.17 and the median is $17.59. Tesla continuously reviews salaries and wages against benchmarks, and adjusts to ensure wages are competitive. Evaluations for promotions also take place annually.

Tesla's employees have benefited enormously from the value appreciation of the company's stock seen through the years. While share prices will remain volatile and past performance is not indicative of future results, stock-based compensation brings shared ownership to the workforce, and the manufacturer's employees are encouraged to make a positive change for the benefit of all. Culturally, shared ownership of the company is one of the most essential attributes of working at Tesla.

Tesla also has an annual pay equity program in place, designed to assess whether similarly located employees are paid in a similar manner after accounting for a range of variables such as:

• Geographic zone
• Tenure (which determines how many grants are in the process of vesting)
• Average performance score
• Job function
• Management level and role

The company proudly offers comprehensive benefits to support its employees’ health and well-being. These benefits allow employees to choose the level of support that is right for them. Tesla offers no-cost paycheck contributions for medical, dental, and vision plan options for employees and family members. The manufacturer also offers employer-paid life, short- and long-term disability, confidential counseling for employees and their families, employee assistance programs, and voluntary benefit programs.

In addition, the company offers student loan and debt consolidation services, transportation subsidies and $0 cost shuttles, backup childcare, discount programs, and tools and resources to support growing families.

Since 2007, Tesla has provided:

• A $0 paycheck contribution medical plan
• A Confidential Counseling/Employee Assistance Program
• A $0 paycheck contribution dental plan and vision plan
• A $0 cost shuttle service to and from underserved transportation hubs in California and Nevada
• Employer-paid life insurance
• Employer-paid short-term and long-term disability

Since 2016:

• SafetyNet, a benefit that provides limited financial assistance for employees experiencing temporary hardship such as the sudden loss of housing, emergencies/natural disasters or expenses related to the loss of an immediate family member

Since 2018:

• 5 days of back-up child/elder care for employees
• Infertility benefits, including assisted reproductive technologies
• Transgender benefits aligned with the clinical protocol set forth by the World Professional Association for Transgender Health

Since 2019:

• Rethink, a benefit that provides resources for families with children who have learning, social or behavioral challenges

Since 2021:

• An expanded Safety Net program and health insurance offering that includes travel and lodging support for those who may need to seek healthcare services that are unavailable in their home state

Since 2022:

• A benefit concierge service for LGBTQ+ employees
• 401k contribution matching

Whether it is family planning or support for employees spending time with their family after the birth or adoption of a child, Tesla provides benefit and leave options to all active full-time employees in the U.S.

• Fertility Services including IVF, IUI and Egg/Embryo/Sperm Preservations up to $40,000 offered through Kindbody
• Adoption, up to $25,000 offered through Kindbody
• Third-Party reproduction services (donor & surrogacy), up to $25,000 offered through Kindbody
• 16 weeks of Paid Family Leave
• Up to one week of paid time off as a new parent through Tesla Child Bonding. This benefit can be taken following the birth or adoption of a child by an employee, their spouse or domestic partner.
• Six weeks of paid time off for new parents that have worked for Tesla for at least one year (12 consecutive months)
• Disability benefits
• Pay for nine weeks of maternity leave

© 2022, Eva Fox | Tesmanian. All rights reserved.

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Article edited by @SmokeyShorts, you can follow him on Twitter

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