Boeing is an American multinational corporation and one of the largest aerospace companies in the world. They manufacture aircraft, satellites, rockets, as well as telecom and defense equipment. Their massive worldwide success is attributed to their range and quality of products, but a large part of it is due to a satisfied workforce. They have the Boeing employee benefits program to thank for that.
The company was founded in 1916 as Aero Products Company, by William E. Boeing. As of 2018, the company owns over $117 billion in assets and recorded over $101 billion in revenue. Boeing currently has over 153,000 employees worldwide and was ranked at number 24 on the Fortune 500 for 2018. Being the biggest in the field, they have set up a benefits program that complements their scope.
Continue reading to learn all about the employee benefits at Boeing and more.
Boeing Employee Benefits Team
Heidi Capozzi, Senior Vice President of Human Resources
Heidi Capozzi became the Senior Vice President of Human Resources at Boeing in March 2016. Her responsibilities include managing the leadership development program, training, employee relations, workforce planning and the benefits program.
She previously served as the VP of Leadership Talent Management and Organization Effectiveness for 3 years and director of Human Resources for 2 years at Boeing. She has a Bachelor’s degree in Arts and Political Sciences from Oberlin College and a Master’s in Human Resources and Industrial Relations from the University of Minnesota.
Find Heidi Capozzi on:
What are Boeing’s Employee Benefits?
Boeing knows the secret to its massive success is the happiness and satisfaction of its equally massive workforce. Here are some of the top benefits they offer to employees to keep them engaged.
|Health Insurance||Various health plans (care and insurance) to choose from. Basic $1,000 per year contributed.|
|Dental Insurance||Maximum coverage of $2,000 with $50 annual deductible.|
|Vision Insurance||$1,050 per individual and $2,100 for family.|
|Life Insurance||Basic insurance of 1.5x yearly salary.|
|Disability Insurance||State-mandated plans for general disability.|
|Occupational Accident Insurance||Variable compensation (case-by-case basis).|
|401(k) Plan||From 3%, up to 8% matchings.|
|Performance Bonus||Up to 7% of total salary, each year.|
|Maternity and Paternity Leave||Up to 12 weeks of combined parenthood leave.|
|Work From Home||Up to 2 days a week (pending approval).|
|Military Leave||100% paid annual military leave.|
|Vacation and Paid Time Off||2 weeks/year each for vacation and sick leave.|
|Paid Holidays||2 weeks a year (entry-level).|
|Unpaid Extended Leave||Variable leave duration (manager approved).|
|Employee Discount||Discounts on nation-wide stores for a variety of items.|
|Tuition Assistance||100% tuition assistance for job-relevant degrees.|
What Employee Benefits is Boeing Known for?
Boeing has some of the best health and life insurance coverage in the industry. These benefits are the foundation of their success over the years. According to Glassdoor reviews, both current and former employees appreciate the financial security that comes with Boeing careers.
Here are some of the highlights of their benefits program:
- Healthcare insurance plan.
- 401(k) match up to 8%.
- Up to 12 weeks of maternity and paternity leave.
- 2 weeks of PTO each year.
- 100% paid military leave.
- Employee discounts.
- Performance-based bonuses up to 7% of an employee’s salary.
Both part and full-time employees are trained on the job during the early segment of their careers. There are also paid training options for select departments, with regular training updates being provided to the majority of employees.
The company also offers commuter compensation for all employees. The total compensation is calculated on a daily basis and provided to each employee each month. It’s important to note that different locations have different compensation amounts.
There are fitness benefits too. Full-time employees get a gym membership that’s free of cost in most locations.
Boeing is one of the very few companies that offer a full-tuition assistance package with a full-time job. This benefit covers 100% of the tuition-related expenses for Bachelor’s, Master’s, and Ph.D. credentials. This is only for degrees in subjects that are related to the open departments at Boeing. Degrees in STEM fields are automatically covered.
How does Boeing Help with Student Loans?
Currently, Boeing does not have a student loan repayment plan. However, they do provide compensation for all tuition-related expenses for employees who’re taking courses during their time at Boeing. The assistance programs cover both degrees from accredited colleges and institutions and certifications in fields relevant to an employee’s area of work.
Boeing has a wide range of jobs in a variety of fields. This means that candidates have many options in course areas, given that the course they are taking is related to their work. While this may not be suitable for someone who is looking for a degree in another subject, the majority of candidates will find the full ride extremely beneficial.
With the debt crisis hitting new highs, student loan repayment is becoming a very popular benefit among new candidates. Companies looking for new employee retention methods can attract new talent by offering student debt assistance.
Employers that have student loan benefits or want to offer it can implement it efficiently through FutureFuel. The platform offers extensive features that allow employees to repay their student debt faster. Employers can also use FutureFuel to manage the benefits program and perform actions such as fund transfers. All actions on the platform can be performed through personalized accounts.
How do Boeing Benefits Change for Different Jobs?
Boeing’s corporate headquarters is in Chicago and operates in 65 countries across the world. Boeing has a huge global presence. Despite this, they have a standard set of benefits for all full-time employees, which is unified across all locations.
The basic benefit remains the same for all employees, however, the extent of the benefit may change according to either the employee’s seniority or their contribution to the company. Overall though, each employee gets the same benefits, from the beginning to the end of their time at Boeing.
How Has Boeing Improved its Benefits Package Over Time?
Over the years, Boeing partnered with various financial, medical, and educational institutions to create new benefits or improve upon the ones they have. One example is their recent partnership with Degreed.com and Thurgood Marshall College Fund to provide employees with access to certification courses, online classes, and degree programs.
Apart from this, Boeing has focused on offering competitive retirement benefits. While they did remove their pension plan from the benefits program, they upgraded the 401(k) to make up for it. Their current 401(k) plan is above industry standard, as a result.
Are Boeing Careers Worth It?
Regardless of the specific job you have at Boeing, you’ll be covered medically, financially, educationally, and socially.
Here’s what you can expect from a job at Boeing:
- Admired in the industry. Boeing was ranked 19th on the ‘World’s Most Admired Companies’ list for 2019.
- Job openings around the world. Candidates can work anywhere in the world, and get similar benefits.
- Inclusive company culture. Be part of a company that values diversity and inclusion and provides equal opportunity to everyone.
- Consistently improving financial benefits. Boeing considers employee reviews about pay and compensation to improve their salary and benefits packages.
In conclusion, a career at Boeing is definitely worth it. They offer above-average salaries and are always working to compensate and upskill their employees.
Discover Boeing Jobs and Careers
Looking for a job at Boeing? You can search for one on the following platforms.
The Careers page on Boeing’s website has current openings set by location (US and global), career areas/sectors, and specifics such as keyword, industry, and department. Candidates can sign up for job alerts, as well as, look for recently viewed and most searched jobs.
There are over a thousand job postings for Boeing on LinkedIn for their worldwide centers. The LinkedIn portal has extensive details about each job, specific to the region in which it is located. Candidates can apply to the positions directly via LinkedIn.
Glassdoor maintains relevant job details and the salary range for each job, as well as, reviews for the company and employee benefits. Interested candidates can get accurate insights into what it’s like to work at Boeing.
Other than the reviews and eligibility criteria, Indeed features Q&A’s and an image gallery to better inform you of what a career at Boeing is like. Candidates can browse through their details tabs to make a more informed decision.