A recent proxy statement from Tesla has revealed that in 2018, a median employee of the electric car maker made $56,163, including salary or wages, performance bonuses, and stock awards. This figure is true for full-time, part-time, and temporary employees, excluding Elon Musk.
According to data from the Federal Bank of St. Louis, the median American made around $31,099 per year in 2016, the latest year where data on median earnings in the United States was available. Considering that the median earnings of Tesla’s employees is $56,163, the electric car maker’s workers seem to be receiving around 81% more than the median American.
While the median pay of Tesla’s employees is significantly higher than the US average, the company’s compensation for its workers is right in the middle of the auto sector. In 2018, Tesla’s median workers were paid less than Ford and GM, whose median employees made $64,316 and $77,849, respectively. Tesla’s median workers received more than Fiat Chrysler’s median employees, who received $37,504 in 2018.
Tesla’s 2018 median pay stands at the lower end of the spectrum when compared to other tech companies, together with industry leader Apple, whose median workers earned $55,426 in 2018. Median employees in other tech juggernauts such as Alphabet and Facebook earned significantly more, with the median employee in the two companies standing at $246,804 and $228,651, respectively.
Tesla has seen a number of layoffs this year as the company continued to streamline its operations amidst the ongoing Model 3 ramp. So far, Tesla has noted that as of April 1, it had around 42,742 employees in its ranks.
Tesla is known for being a challenging company to work for, though such a reputation seemingly adds to its allure among applicants. Back in October, for example, Tesla ranked as 2018’s “hottest” company among job applicants in Indeed, an employment-related search engine. The company was also listed on Hired‘s 2018 list of employers for whom tech workers want to work for the most, together with giants such as Google and Netflix.
Part of Tesla’s allure is the company’s earnest mission, which goes far beyond making cars and energy storage products. Tesla’s leadership, headed by rockstar CEO Elon Musk, also helps build the company’s image as an ideal place to work for if one is motivated and willing to take on challenges. Musk is known for his bold leadership style that is not for the faint of heart. Nevertheless, a poll from compensation monitoring website Comparably has revealed that Tesla and SpaceX employees perceived Elon Musk as one of the best CEOs of 2018.
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Author: Simon Alvarez