Terminal Industry Compensation and Benefits Report Shows a Changing Labor Market
Terminal employees saw some increases in compensation and improvements in benefits over last year as terminal operators are paying closer attention to workforce development in the face of competitive job markets. That was one conclusion of the Terminal Employees Compensation and Benefits Report conducted by Industry Insights, Inc. and released today by the International Liquid Terminals Association (ILTA).
The 2023 survey covered 2022 salaries and employee benefits. The total compensation for environmental health and safety supervisors rose 7% from $234,729 to $250,215, for office finance manager rose 30% from $176,460 to $229,617, and for intermediate pipeline integrity engineer rose 28% from $98,997 to $127,791.
The report further showed that principals and senior executives saw salaries come down by 24% and 12% respectively. CEOs saw average total annual compensation drop to $810,229 from $1,064,408 and senior executives saw total compensation drop to $372,879 from $423,304.
“The terminal industry is responding to an increasingly competitive labor market, by raising compensation for people with specialized skills such as engineers, electricians, and welders,” said Kathryn Clay, ILTA’s president. “The compensation and benefits survey provides a good indicator of our workforce development needs. Our continued high safety performance may depend on our ability to attract a highly-qualified terminal workforce.”
“The workforce has changed dramatically since we first started looking at the terminal industry in 2005,” said Matthew Chaffin, senior project director at Industry Insights. “After COVID, our data show the terminal industry is doing well in adjusting to workforce changes, but the need to maintain a strong workforce is an ongoing task.”
In 2022, 14% of companies offered full medical coverage, while 86% offered partial medical coverage compared to 6% in 2021 for full coverage, 85% partial coverage and 9% unreported. The average amount of money employers spent on salaried employee health care rose by 4.9% per employee to $12,550. Among salaried employees, 71% received life insurance coverage in 2022, down from 73% in 2021. All companies offered 401(k) programs both years.
The 2023 study, which provides deeper detail about compensation for terminal operators, safety professionals, a variety of engineers and marketing and administrative professionals, is for sale. The report also includes information on benefits such as family insurance, remote working data, wellness programs, and short-term disability, among other things. To get more information about the report and how to purchase it, please contact ILTA Membership Manager, Christopher Meilink at cmeilink@ilta.org.