Not sure how to say it to the Boss..

[jermy74]

I have been working in the tree care industry for around 16 years now, last 10 years on the professional level. I have been working for a local company since 2000' . It is a small company. We do anything from large removals to structural pruning, deadwooding, cabling, planting....etc... anyways I am the climber/forman of this 4 man outfit. The pay is good BUT that is about it. it has takin me 4 1/2 years to just now get a retirement fund. He pays in 3% on my 15% every week. Well, without getting into all the details after 30 more years that would be around $22,500 on his part. So what I am saying is, is it possible to get more? What would be wrong with sick pay, vacation, health, life, bonuses, a real 401k plan, sick leave.... I do love my job and like very much where I work but I am married with 3 kids now and working just for a friday check is not my style anymore. I was just curious if anybody here has run into this situation and can give me a heads up on what to do. thanks

be safe......

 

[Newfie]

I think you may be confused about the 3% match that your employer is offering as part of your 401K, because based on the numbers and working the math backwards you are only making $12 an hour? That's not even good money never mind great. Your employer if matching 3%, is supposed to be matching 3% of your income, not 3% of your contribution.

 

[jermy74]

I make 17 an hour it is not the best but ok for kentucky..lol

 

[Newfie]

Then his match over 30 years will be around 30K assuming 52, 40 hour weeks on average. That's still free money for you plus compounding interest. I think you are probably lucky that he is offering a 401K at all. The greater your hourly wage, the more his 3% will be.

 

[jermy74]

I never did say the money was great I said it was good..that is 17x40 hours= 680. 680x52 = 35,360. 35,360 x 30 years = 1,060,800 take out my 15% of that 159,120 add his 3% 31,824....yes I was wrong on my adding I made more and he paid almost 10,000 more but that was not my point it is not how much i made..it is about the benifits and how to get more if any at all......

 

[jermy74]

Lucky?

 

[Crazy Canuck]

Do your own thing???????????

 

[Nickrosis]

To borrow a phrase from my dad...

Constructive engagement! Find what reaches your boss and use that avenue. You usually can't go wrong with taking a deep breath and writing a letter that outlines what you're looking for and what you're willing to change on your part. A memo dictating changes won't result in results.

Try surveying what other companies are doing and make a list. The industry organizations track this for you, too. Put some of this info into the letter and share why you think those benefits or employee policies are important. Be compassionate instead of pissed off! Comment about how it could help recruiting new employees and retaining people like yourself down the road.

A Custer's Last Stand is rarely appropriate when you're gainfully employed. This is more of a detente, well, not even...more like trying to diplomatically win a couple of battles.

 

[Dadatwins]

Sit and talk with your boss about it. Hopefully after 4+ years you have a good relationship and can express your concerns. Health insurance is a MAJOR $$$ for a small company to buy. Cost can range from 2k - 5k a year without deductible for each employee covered. With the cost of doctors and hospitals and especially with children you really do need to have it though to protect yourself. You can get benefits on your own but is usually cheaper to get a group rate. Is it possible to split the cost with your employer? Company retirement benefits are great to have but you can easily set up your own IRA and discipline yourself to contribute to it. Health benefits are much more important IMO in this day and age.
Be warned though, if your employer is not willing to offer benefits, and knows you want them, boss may see that as a sign that you are leaving and start looking for replacement. Good luck.

 

[Ekka]

One of the wisest things I heard at an investment seminar ...
... it's not your bosses job to make you rich, it's yours.

 

[SteveBullman]

bottom line is, you're not going to get rich working for someone else.....at least not in this game

 

[MasterBlaster]

"WORD!"

 

[KentuckySawyer]

Working for yourself is more lucrative, but its a lot more than just cutting.

You might have to move to a bigger city to get the bigger money. The biggest company in Louisville probably tops climber/foremen out in the mid 20s maybe. Thats with full benefits, gear, and 401k. The main thing is potential for advancement. So when you're 50 you can run a crane or some lot clearing machine.