Terminal employees saw 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, according to the latest Terminal Employees Compensation and Benefits Report from the International Liquid Terminals Association (ILTA).
The 2023 survey, conducted by Industry Insights, 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 terminal industry is responding to an increasingly competitive labor market by raising compensation for people with specialized skills such as engineers, electricians, and welders,” Kathryn Clay, ILTA president, said in a news release. “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 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 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.