realityofitall
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If the
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The stock is at under $11 a share today thats the only liquidity that they got. They sell stock to put money in their pockets. The same people who voted yes the last time are 5 years older and 5 years further into their careers at YRC. They wont go to another carrier and start all over again. They will say yes and take the bad medicine just to stay where theyre at.
YRCW stock bought and sold on the open market does absolutely nothing for YRCW's liquidity or bottom line. Those transactions are strictly between the buyer and the seller and have nothing to do with YRCW. The only time the company benefits from a stock sale is at an initial public offering, the IPO.
They sell stock to put money in their pockets. [/quote]
I think he's talking about senior executive management, with their stock options, and subsequent sellouts of that stock, that give them average or above average pay for the industry. All the while the rank and file are below industry standard in pay and benefits, as there is no pension or 401k with matching. Our pay is below non union scale. Yes we do have great healthcare, which we are paying the full cost for, and more, with the 15% give back. All thanks to the snake Hoffa and his loyal minions.YRCW stock bought and sold on the open market does absolutely nothing for YRCW's liquidity or bottom line. Those transactions are strictly between the buyer and the seller and have nothing to do with YRCW. The only time the company benefits from a stock sale is at an initial public offering, the IPO.
I believe he's only referring to the upper echelon selling their bonus shares?
I think he's talking about senior executive management, with their stock options, and subsequent sellouts of that stock, that give them average or above average pay for the industry. All the while the rank and file are below industry standard in pay and benefits, as there is no pension or 401k with matching. Our pay is below non union scale. Yes we do have great healthcare, which we are paying the full cost for, and more, with the 15% give back. All thanks to the snake Hoffa and his loyal minions.
Didn't mean to offend triplex. I had no intention of it coming across to you the way it did. I could have worded it better. Keep on Truckin.You both may be correct, but here are his exact words from his post:
"YRC will not give you a $6-8 increase in pay. They simply cannot afford it. They may give it to you by taking away the free benefits or getting greatly reduced benefits but the cannot afford to just spend nearly $300 million on raises. The stock is at under $11 a share today thats the only liquidity that they got. They sell stock to put money in their pockets."
From the little I remember of my grammar lessons, the four instances of "they" all refer back to "YRC" from the first sentence I've quoted. That's why I posted what I did. No biggie either way.
Can the YRCW Companies stay in business if they bump drivers to market wages? Non-Union companies paying on average $28/hour. YRCW paying $22/hour. Do the math....20,000 drivers X $6/hour extra X 8 hour day X 254 working days in a year = $244 Million Dollars. This is a CATCH 22 situation for YRCW; they cant afford market rates and they wont be able to find replacement drivers at 22/hour. The separation will only get worse as the Non-Union companies are giving $1/hour pay increases while YRCW is giving .35 cents/hour.
I agree with your statement about paying drivers what they are worth, and they will line up. YRWC does not generate the profit to pay their drivers what they are worth.
Didn't mean to offend triplex. I had no intention of it coming across to you the way it did. I could have worded it better. Keep on Truckin.
This post says everything you need to know why the Teamsters union has failed it’s members. Ironically the Teamsters is why the nons make what they do today yet somehow they are on the bottom scale today. Even with the pension and free healthcare the young guys will flock to the OD’s of the world. Who’s to blame? Look no further than poor leadership at the top of the Teamsters organization.Can the YRCW Companies stay in business if they bump drivers to market wages? Non-Union companies paying on average $28/hour. YRCW paying $22/hour. Do the math....20,000 drivers X $6/hour extra X 8 hour day X 254 working days in a year = $244 Million Dollars. This is a CATCH 22 situation for YRCW; they cant afford market rates and they wont be able to find replacement drivers at 22/hour. The separation will only get worse as the Non-Union companies are giving $1/hour pay increases while YRCW is giving .35 cents/hour.
I agree with your statement about paying drivers what they are worth, and they will line up. YRWC does not generate the profit to pay their drivers what they are worth.
I agree with everything you say in principle but don’t think the disparity in pay is that extreme all things considered.
Again sticking to the facts:
1. Healthcare at Non Unions (The good ones) is about $50/week for family coverage.
2. Teamsters healthcare will be subject to the Cadillac Tax in 2020. Thank Obama. 40% premium unless Congress overturns. Good luck there.
3. Most Non union carriers (the good ones) are paying some form of Overtime, either required by the states or most are paying OT after 45 hours (SAIA & ODFL).
4. The company I work for has an Employee Review Committee, which in the case of a termination, the employee gets to choose 3 employees and the company gets 2. More fair than the Union grievance procedure.
5. 401 k Match is 6%, and has been enhanced with the Tax reform, most non union carriers have bumped this up baes on profits.
6. Perception is that the Non union companies abuse their drivers, which is not the case.
YRCW has ineffective leadership that can’t overcome the wage difference.
The $385.00 / week paid in for our benefits comes out to over $20,000.00 / year.I would venture to say that beats all non unions by 5 to 10 thousand per year.Not to mention most all of them have at least a $2500.00 deductibles that we don’t.
As far as company costs go the $75.00 per week into our pensions totals to $3900.00/year.Most nons offer 4 to 4.5% match.A 4% match on $80,000/ per year is $3200.00 dollars.
Most of the nons don’t pay time and a half and none of their companies pay grievances nor have the job protections.Im not saying there is not disparities with the best of the best of the nons it’s just not that extreme all things considered.
This post says everything you need to know why the Teamsters union has failed it’s members. Ironically the Teamsters is why the nons make what they do today yet somehow they are on the bottom scale today. Even with the pension and free healthcare the young guys will flock to the OD’s of the world. Who’s to blame? Look no further than poor leadership at the top of the Teamsters organization.
I don’t think the layoff policy is right but I do understand it. I will say that a 10 year man would never be laid off before a 6 month guy without other serious issues involved such as accidents ... repetitive absenteeism ... or other things that would put him to the maximum point threshold of 12. It’s all about accountability where I work. Not special treatment just because you have so many years in.You think layoffs shouldn’t go by seniority like where you work.Its ok to layoff a 10 year man and keep a 6 month man working.
You make a strong case as to what union benefits truly are.
Not special treatment just because you have so many years in.
I never said it was right. I’m just saying it’s a cut throat business we work in where you either perform or you’re history. We are all just a number. Union or Not.Tell that to the 20 year man whose wife left him after 25 years of marriage and missed a lot of work because of his emotional struggles.And had a ***** for a terminal manager who couldn’t understand.
Most non union companies don’t have layoffs...the company I work for has had only 1 in its over 60 year existence. That was in 2008-2009You think layoffs shouldn’t go by seniority like where you work.Its ok to layoff a 10 year man and keep a 6 month man working.
You make a strong case as to what union benefits truly are.
You would think there might be an advantage to Truck Drivers that have a contract negotiation coming up.
Wow.. That's the amount of times I've been laid off in 31 years myself. And I got overtime that week!Most non union companies don’t have layoffs...the company I work for has had only 1 in its over 60 year existence. That was in 2008-2009
The teamsters union hasn’t failed their members, certain people in positions of leadership have been disappointing but I wouldn’t say they failed their members. The pension funds are in trouble but there’s plenty of blame to go around on that. I work over 8 hours I get time and a half not after 40 hours or 60 hours.This post says everything you need to know why the Teamsters union has failed it’s members. Ironically the Teamsters is why the nons make what they do today yet somehow they are on the bottom scale today. Even with the pension and free healthcare the young guys will flock to the OD’s of the world. Who’s to blame? Look no further than poor leadership at the top of the Teamsters organization.