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Industry Benefits Summary
Sporting Goods, Hobby, Musical Instrument, and Book Stores Industry- Employee Benefits Summary
How do your benefits compare to other sporting goods, hobby, musical instrument, and bookstores companies?
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As a subsector of the retail trade industry, the sporting goods, hobby, musical instrument, and bookstores industry specializes in the sale of sporting equipment and a wide variety of other leisure activities and products.
Customers looking to learn a new instrument, start up a new hobby, or throw themselves into a new sport will need access to expertise as much as physical products. As a result, employees will need extensive background knowledge and experience with the items they're selling. The need for these qualified individuals is increasing; only by offering excellent benefits can businesses pull the best candidates to their door.
Higher employee turnover rates and percentage of part time workers in these types of stores can make benefit offerings and administration somewhat more difficult than the average industry. The average employee demographic can range significantly from a high school senior to a retired senior citizen, each with different motivations for working. Disability plans are important as there can be a physical component to the role, from moving heavy items to stocking shelves. To create a custom benefit package, every employer needs to know their specific group of employees.
There are around 45,000 sporting goods, hobby, musical instrument, and book stores nationwide, employing over 535,000 professionals. On average, each business is on the smaller side, with only 12 staff members. This industry is split almost evenly between male and female employees, and the median employee age is 38 years old.
35% of employers offer short-term disability insurance, and 12% provide a long-term disability option. The national average is 42% and 34%, respectively.
42% of these companies offer life insurance, which is again below the national average of 56%.
Generally speaking, the sporting goods, hobby, musical instrument, and book stores industry must make some improvements to their employee benefits offerings in order to become in-line with the national industry standard. In order to meet all of the sporting goods, hobby, musical instrument, and book store employee benefits needs, employers can amp up access to medical insurance, increase the number of paid vacation time given, and provide more retirement savings options.Once these changes are made, the employers will start to notice that offering comprehensive benefits packages is a key factor in standing out as a differentiator from their competition, while attracting top-quality talent and retaining them for years to come.
The software and technology development industry deals with the creation of applications that run on devices and systems; this can include computers, tablets, cell phones, smart systems, and everything in between.
As a direct result of our technologically-focused society, the need for talented and educated software developers is expected to increase an astounding 22% within the next eight years. This significant demand will place companies in a race to secure the best candidates for themselves rather than risk them going to the competition. With a complete benefits package, the ideal employees will come right to their door.
Since these employees are educated and skilled workers, competitive benefit packages can help to attract talented employees and lower turnover rates. Additionally, benefits can help to lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Some examples of this include student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.
There are about 144,000 software and technology development organizations nationwide, employing over 1.8 million professionals. On average, each business tends to be on the smaller side, with 25 staff members. This is a male-dominated industry, with only 27% of employees identifying as female, and the median employee age is 42 years old.
60% of employers offer both short-term and long-term disability protection. The national average is 42% and 34%, respectively.
75% of software and technology development companies offer life insurance, which is again above the national average of 56%.
As a whole, the software and technology development industry stands above the national industry standard for providing comprehensive benefits packages to their employees. There is some room for improvement, such as providing higher employer premiums for individual and family coverage, which employers can change to meet national guidelines. Once these changes are made, employers in this industry will realize how important all-inclusive employee benefits for software and technology development professionals are for attracting and retaining top talent for years to come.
The scientific research and development services industry focuses on conducting research with the goal of developing new products or processes for a variety of fields. Life sciences, physical sciences, engineering, social sciences, and the humanities all benefit from the work done through this sector.
Employment is rising throughout this industry. Considering the expertise and experience required for this field, the best way to attract qualified candidates is through an extensive benefits package.As these employees are educated and skilled workers, competitive benefit packages can help to attract talented employees and lower turnover rates. Additionally, benefits can help to lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Some examples of this include student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.
There are around 19,000 scientific research organizations nationwide, employing 751,000 professionals. On average, each business is mid-sized, with 40 staff members. This industry is split almost evenly between male and female employees, and the median employee age is 42 years old.
60% of employers offer both short-term and long-term disability protection. The national average is 42% and 34%, respectively.
75% of these companies offer life insurance, which is again above the national average of 56%.
All in all, the scientific research industry is above the national industry standard of providing comprehensive benefits packages to their employees. Employers in this field recognize that providing all-inclusive scientific research employee benefits is key to standing out as a differentiator to their competition, while also attracting top-notch and experienced candidates to their team. And as a result of these candidates getting their needs met, the employers will be able to retain them for years to come.
The social assistance services subsector provides a number of different social services directly to clients; community food and housing services, emergency relief services, rehabilitation services, and even child daycare services fall under this vital umbrella.
Employees in this industry serve so many people on a regular basis that capable, caring employees will always be needed. Only businesses offering protection in the form of comprehensive health coverage will be able to draw the best candidates. Higher employee turnover rates and percentage of part time workers can make benefit offering and administration somewhat more difficult than the average industry. The average employee demographic can range significantly from a high school senior to a retired senior citizen, each with different motivations for working.
Additionally, staffing approaches can have a significant influence on benefits and structure, with some part time shifts, becoming the norm. With both a higher rate of females in child-bearing age as well as a variety of older employees, disability plans are important as there can be a physical component to this role. To create a custom benefit package, you need to know your specific group of employees and decide what options will meet their needs.
There are around 76,000 social assistance services organizations nationwide, employing over 1.8 million professionals. On average, each business tends to be on the smaller side, with 25 staff members. This is a female-dominated industry, and the median employee age is 42 years old.
37% of employers offer short-term disability insurance, and 39% provide a long-term disability option. The national average is 42% and 34%, respectively.
60% offer access to a life insurance plan. Comparatively, the national average is 56%.
In general, the social assistance services industry stands above the national industry standard of providing comprehensive benefits packages to their employees. While yes, there is some room for improvement, such as providing more disability coverage options, as a whole employers in this industry recognize the importance benefits packages can bring. Namely, all-inclusive social assistance employee benefits packages work hard to attract quality, experienced candidates, while retaining them for years to come.
The small retail and digital consumer stores industry deals with the sale of consumer merchandise by either small businesses, online markets, or a combination of the two. Goods can vary from clothing and personal accessories to technology and artisan products.
As of late, there has been an extreme uptick in online shopping, causing an unprecedented jump in digital sales. This shift will undoubtedly continue, forcing businesses to seek out talented web designers, marketers, and salespersons to run these digital markets.
Higher employee turnover rates and percentage of part time workers in small retail and digital consumer stores can make benefit offering and administration somewhat more difficult than the average industry. The average employee demographic can range significantly from a high school senior to a retired senior citizen, each with different motivations for working. Disability plans are important as there can be a physical component to the role, from moving heavy items to stocking shelves. To create a custom benefit package, every employer needs to know your specific group of employees.
There are about 187,000 small retail and digital consumer stores nationwide, employing over 1.5 million professionals. On average, each business is quite small, with only 8 staff members each. This industry is almost evenly split between male and female employees, and the average employee age is 38 years old.
35% of these employers offer short-term disability coverage, and 12% offer long-term disability insurance. The national average is 42% and 34%, respectively.
42% offer access to a life insurance plan. Comparatively, the national average is 56%.
All in all, the small retail and digital consumer stores industry is well below the national industry standard of providing inclusive benefits packages to their employees. Employers in this industry have many opportunities to increase their benefits offerings, such as providing more retirement savings options, improving disability coverage, adding in more paid vacation days, and offering more inclusive access to paid family leave.
The scenic and sightseeing transportation sub-sector provides entertainment and recreation via transportation equipment over both water and land. Common forms of scenic and sightseeing transportation include buses, cable cars, carriages, railways, steam trains, and trolleys.
This industry is all about the user experience; highly educated and trained staff are required to ensure that every aspect of that experience runs smoothly, from the engineer that operates the steam train to the landscaper that perfects the view. Companies looking to hire the best possible candidates will need to provide a benefits package to stand out as a differentiator from their competitors. Generally speaking, sightseeing tours employee benefits packages include access to health, vision, and dental insurance, paid time off, life insurance plans, disability coverage, and retirement savings.
There are only 3,000 scenic and sightseeing tour organizations nationwide, employing 30,000 professionals. On average, each business is small, with 10 staff members, and the median employee age is 44 years old.
50% of scenic and sightseeing tour employers offer short-term disability coverage, and 29% offer long-term disability insurance. The national average is 42% and 34%, respectively.
73% offer access to a life insurance plan. Comparatively, the national average is 56%.
All things considered, the scenic and sightseeing tours industry provides their employees with ample and all-inclusive employee benefits packages, as per the national industry standard. However, there is still some room for improvement, such as providing more long-term disability and paid family leave options to meet their employee’s needs. As soon as employers make these changes, they will see how comprehensive scenic and sightseeing tours employee benefits packages are key to standing out among a sea of competitors while attracting and retaining quality talent to their team.
Restaurants and bars are encompassed by the Food Services and Drinking Places industry. Their focus is on preparing meals, snacks, and beverages for customers to consume immediately, either on- or off-premises. Due to the flexible nature of this definition, establishments vary from full-service restaurants to special food services such as caterers.
Since both bars and restaurants are only ever as good as their staff, companies looking to onboard the best talent available will need to offer comprehensive benefits packages.
Higher employee turnover rates and percentage of part time workers can make benefit offering and administration somewhat more difficult than the average industry. The average employee demographic can range significantly from a high school senior to a retired senior citizen, each with different motivations for working. Disability plans are important as there can be a physical component to the role, from moving heavy items to being near cooking equipment. To create a custom benefit package, every employer needs to know their specific group of employees.
There are about 658,000 restaurant and bar establishments nationwide, employing over 11 million professionals. On average, each business is small, with 18 staff members each. This industry is almost evenly split between male and female employees, and the average employee age is 29 years old.
16% of these employers offer short-term disability coverage, and 4% offer long-term disability insurance. The national average is 42% and 34%, respectively.
19% offer access to a life insurance plan. Comparatively, the national average is 56%.
As a whole, the restaurant and bar industry is well below the national standard when it comes to providing comprehensive employee benefits packages. There are many opportunities for employers to increase their benefits offering, including providing more retirement savings options, improving disability coverage, adding in more paid vacation days, and providing more inclusive access to paid family leave.
Nursing assistant and orderly positions are expected to grow 8% in the next eight years, much faster than average. When it comes to attracting top-quality candidates to fill these vital roles, offering an all-inclusive benefits package is a must.
But, staffing approaches can have a significant influence on benefits and structure, with some part time shifts such as three days on and three days off can become the norm. There's also a higher rate of females in child bearing age, and this means a higher demand for quality short term disability benefits and both maternity and paternity leave benefits. Often additional education is required and student loan assistance may be a differentiator. Work related injuries can be more common as there is physical labor involved in many of the roles dealing with patient care.
As a whole, these employees are active participants in the healthcare sector, meaning they are likely to be somewhat higher users and have an improved higher general health education.
There are around 90,000 nursing homes and senior living facilities nationwide, employing over 3.5 million people. Each community has an average of 39 employees, and the industry is female-dominated, with only 21% of employees identifying as male. The median employee age is 43 years old.
37% of nursing home facilities offer short-term disability insurance, and 39% provide a long-term disability option. This is lower than the national average of 42% and 34%, respectively.
60% of senior living communities offer life insurance coverage. This is slightly above the national average of 56%.
Nursing homes and senior living communities are in line with the national standard for providing comprehensive employee benefits packages. There are some opportunities to improve their nursing home employee benefits, including providing more in-depth short-term and long-term employee benefits packages and increasing the number of paid vacation days. Once these changes are made, senior living employers will notice how strong benefits packages are a prime factor to attracting employees to their team, while retaining them for years to come.
The rental and leasing sub-sector focuses on providing a variety of tangible goods; vehicles, computers, industrial machinery, etc.; to customers in exchange for a recurring rental or lease payment. This industry is split between two types of establishments: those that deal with consumer goods, and those that deal with machinery and equipment used in business operations.
Rental and leasing employees must have an intimate knowledge of financial policies depending on the establishment they work for. Learning the ins and outs of rental and leasing legalities takes time and training; any businesses looking to bring the best candidates on board will need to sweeten the pot with extensive employee benefits packages.
Higher employee turnover rates and percentage of part time workers can make benefit offering and administration somewhat more difficult than the average industry. The average employee demographic can range significantly from a high school senior to a retired senior citizen, each with different motivations for working. To create a custom benefit package, an employer needs to know their specific group of employees.
There are around 55,000 rental and leasing services nationwide, employing 503,000 professionals. On average, each business is on the smaller side, with 9 staff members each. This industry is male-dominated, with only 32% of employees identifying as female, and the average employee age is 42 years old.
40% of these employers offer short-term disability coverage, and 33% offer long-term disability insurance. The national average is 42% and 34%, respectively.
52% offer access to a life insurance plan. Comparatively, the national average is 56%.
As a whole, the rental and leasing services industry must make some improvements if they are to meet the national industry standard for providing comprehensive employee benefits packages. Employers in this industry have the opportunity to increase their benefits offerings, including providing more retirement savings options, improving disability coverage, and providing more inclusive access to paid family leave.
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