A closer look at fleet management compensation

 

A closer look at fleet management compensation

Source: FleetAnswers How happy are fleet managers with their jobs? FleetAnswers aimed to find out with the 2018 Fleet Management Compensation Survey. This survey analyzed the factors that contributed to income levels as well as measured the overall median salary for fleet managers directors, supervisors and professionals. Here's an overview of the data and its potential meaning.

  • Fleet Manager Compensation – By the Numbers

In the 2018 fleet professionals survey, around 200 managers, directors and supervisors responded to question about their compensation packages. Of those surveyed, the majority earned between $100,000 and $120,000 when they had the title "fleet manager." Those called "fleet directors" earned between $130,000 and $150,000. "Fleet supervisors" received $90,000 to $100,000. A full 65% of those surveyed had received a raise, with the majority earning 2 to 4% raises. Analysts, assistants, coordinators and others who were designated as simply "fleet professionals" made an average of less than $60,000.

  • A Closer Look at Benefits

In addition to the pay amounts, the survey asked these fleet professionals about their benefits packages. Medical insurance, including dental, vision and life insurance for most, was almost universal. Interestingly, less than 50% had retirement benefits. Few reported incentives for performance, and those that did were employed in contracting, utilities, route delivery and cable primarily. Retirement benefits are an area where fleet professionals may be able to seek additional benefit without actually seeing a pay raise.

  • What Impacts Fleet Salary Levels

A closer look at the survey indicates the factors that can impact a fleet manager's compensation. Some of these are factors that fleet professionals have control over, while others are not. In order to ensure the best possible income, fleet managers should understand these factors.

First, education was a factor that impacted how much fleet professionals made. A bachelor's degree or master's degree will lead to increased income over simply a high school diploma. Regardless of the position held, having a college degree meant more income compared to those who did not have a degree.

Interestingly, the responsibilities held by the fleet management professional had little impact on compensation rates. The more work a professional takes on does not necessarily translate into higher pay. However, the overall size of the fleet managed does have an impact. The majority of the respondents to the survey had either fleets between 1,001 and 2,500 vehicles or less than 500 vehicles, and those with the larger fleets earned more.

So what can fleet professionals who want to earn more do? First, they can look for opportunities with larger fleets. Simply taking on more responsibilities in an existing job is not going to be sufficient. Second, they can pursue additional college training. Both of these had the biggest impact on the overall level of compensation a fleet manager reported.

  • Job Satisfaction Remains High

In the fleet management world, job satisfaction is very high. Over three-fourths of fleet professionals were satisfied or very satisfied with their jobs. In general, working as fleet management professional, regardless of the title, brings plenty of satisfaction, both in the job as a whole and in the compensation.

In 2018, job satisfaction and compensation amounts are expected to remain stable. Fleet professionals can move forward with confidence, knowing that their job will continue to provide them the satisfaction they crave in the year ahead.

To see more of the details in the report, including various factors impacting annual median salary, download the 2018 Fleet Management Compensation Survey Report today.

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