Boeing Employee Benefits Review: Are Their Careers Worth It?

Boeing Employee Benefits Review: Are Their Careers Worth It?

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-Boeing

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 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:

LinkedIn

What are Boeing 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.

Employee BenefitDescription
Health InsuranceVarious health plans (care and insurance) to choose from. Basic $1,000 per year contributed.
Dental InsuranceMaximum coverage of $2,000 with $50 annual deductible.
Vision Insurance$1,050 per individual and $2,100 for family.
Life InsuranceBasic insurance of 1.5x yearly salary.
Disability InsuranceState-mandated plans for general disability.
Occupational Accident InsuranceVariable compensation (case-by-case basis).
401(k) PlanFrom 3%, up to 8% matchings.
Performance BonusUp to 7% of total salary, each year.
Maternity and Paternity LeaveUp to 12 weeks of combined parenthood leave.
Work From HomeUp to 2 days a week (pending approval).
Military Leave100% paid annual military leave.
Vacation and Paid Time Off2 weeks/year each for vacation and sick leave.
Paid Holidays2 weeks a year (entry-level).
Unpaid Extended LeaveVariable leave duration (manager approved).
Employee DiscountDiscounts on nation-wide stores for a variety of items.
Tuition Assistance100% tuition assistance for job-relevant degrees.

What Employee Benefits is Boeing Known for?

Boeing-employee-benefits

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. In addition to out-location memberships, some

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 fresh 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 debts 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?

With its corporate headquarters in Chicago, and operations 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 Boeing Improved its Benefits Package Overtime?

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.

Boeing Careers

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.

Boeing LinkedIn

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.

Boeing Glassdoor

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.

Boeing Indeed

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.

 

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