Employee-owners are covered by a comprehensive benefits package, which includes group insurance, matching 401(k) and an excellent employee stock ownership plan (ESOP).
Pay structures, bonus programs, and long-term incentives are based on company performance, which is reviewed annually for compensation adjustments. While our benefits package is highly competitive, it’s our employee stock ownership plan that truly distinguishes us.
Austin Industries’ Employee Stock Ownership Plan is truly an extraordinary benefit. You are eligible to participate in a portion of the ESOP as early as after 60 days of employment through your participation in the Austin Advantage 401(k) Plan. Contributions to the ESOP are made each year that you work at least 1,000 hours. The match amount is 50 percent of your contributions to your 401(k) plan, up to 4 percent of compensation. (This amounts to 2 percent of pay if you contribute at least 4 percent to your 401(k)). Contributions are 100 percent vested immediately, and the match goes into the ESOP even if you are not yet eligible for basic contributions.
The Employee Stock Ownership Plan, or ESOP, is a trust established by a corporation which acts as a tax-qualified, defined-contribution retirement plan by making the corporation’s employees partial owners. Contributions are made by the sponsoring employer, and can grow tax-deferred, just as with an IRA or 401(k). But, unlike other retirement plans, the contributions must be invested in the company’s stock.
The benefits for the company include increased cash flow, tax savings, and increased productivity from highly motivated workers. The main benefit for the employees is the ability to share in the company’s success. Due to the tax benefits, the administration of ESOPs is regulated, and numerous restrictions apply.
A truly extraordinary benefit of Austin Industries is its Employee Stock Ownership Plan, which is 100 percent contributed to by the company. This benefit is what puts the “owner” in employee-owner. You are eligible to participate in a portion of the ESOP as early as after 60 days of employment through your participation in the Austin Advantage 401(k) Plan. Contributions to the ESOP are made each year that you work at least 1000 hours.
The ESOP is just one way that Austin employee-owners build retirement savings. The Austin Advantage 401(k) plan is another component of an employee-owner’s retirement benefits package. The 401(k) plan allows you to make pre-tax contributions through payroll deduction. You may join the plan after 60 days of employment. Once you enroll, Austin will match a portion of your contributions. You are immediately 100 percent vested in all contributions.
Austin Industries provides a PTO (Vacation) program that allows employee-owners to take paid time off for vacation time and/or sick time. In addition to this paid time off, Austin Industries observes eight paid holidays per year.
Austin Industries offers employee-owners the opportunity to increase their knowledge and skills through classroom and online training. Managers work with direct reports to identify and address developmental needs. Classes on computer software, time management, construction law, interviewing skills and job cost analysis are just a few of the classes that Austin employee-owners can access.
Austin Industries encourages employee-owners to improve themselves educationally by reimbursing tuition fees for business-related courses from an accredited state – or county supported – institution of learning.
Austin Industries strives to fill job vacancies with the most qualified candidates available and to train and develop employee-owners for advancement to higher level positions. Austin’s job opportunity program allows you possible advancement within the organization.
Employee-owner referrals are an excellent source of recruiting candidates for existing job opportunities. Employee-owners receive referral rewards for assisting in the fulfillment of open positions. Austin Industries encourages the referral of minority and women candidates for all positions.
MAP is a process designed to guide the accomplishments and advancement of employee-owners. It is an excellent opportunity for you and your manager to set performance goals, measure past performance, and assess your direction in the organization. Emphasis is put on individual development, determining the skills or abilities needed to reach your performance/career goals, and identifying the best way to deliver those skills and knowledge to you.
The FSA is a plan that allows you to contribute a portion of your salary on a pre-tax basis. You may save pre-tax dollars to pay for certain qualified expenses, such as health care related services or day care expenses. These pre-tax dollars reduce your taxable income, therefore saving you money. You may join the plan the first of the month after 90 days of employment.
* Excludes Austin Industrial
Austin Industries is committed to helping you experience the highest quality of life possible. The wellness program aims to reduce the severity of a number of potentially avoidable health conditions. By participating in our wellness program, employee-owners and spouses enrolled in Austin’s medical plan will not only improve their health, but will have the opportunity to qualify for the wellness incentive.
Through Austin Industries’ relationship with many of its vendors, the company is able to use its purchasing power to provide discounted fees and services to its employee-owners. Discounts in Dell’s computers, DART transit passes, and participating in Ford’s X-Plan pricing are a few examples of how the company passes savings along to its employee-owners.