Industry Benefits Summary

Aerospace Product and Parts Manufacturing Industry- Employee Benefits Summary

The aerospace product and parts manufacturing industry is included within the transportation equipment and manufacturing subsector. The establishments in this industry focus primarily on the design, manufacture, and assembly of aerospace technology and vehicles. This requires coordination on an enormous scale to make sure that each step of the process is up to industry standards of safety, accuracy, and quality.

Production, installation, maintenance, and repair occupations make up more than a third of workers in this field, with architecture and engineering professions making up the next largest group. With employee expertise as varied as that required in this industry, employers need to design their insurance packages appropriately to cover each group’s specific needs. A higher amount of physical labor can result in an increased number of workers comp claims and higher overall medical expenses, thus making quality short and long term disability plans important. Additionally, a higher percentage of males are in this industry, and this demographic tends to place importance on having access to employer sponsored healthcare and 401K match benefits.

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The Aerospace Product and Parts Manufacturing Industry Employment Summary

There are about 2,000 aerospace product and parts manufacturing businesses across the country, employing over 392,000 employees. Companies in this industry are quite large, with each one only having an average of 233 employees. This is a male-dominated industry, with only 24% of employees identifying as female. The median employee age is 44 years old.

Aerospace Product and Parts Manufacturing Industry Benefits Comparison

91%

What percent of aerospace product and parts manufacturing companies offer medical insurance?

  • A full 91% of aerospace product and parts manufacturing companies offer their employees access to medical insurance. This is well above the national average of 69%.
  • These businesses provide an average monthly employer premium of $1,234 for family coverage. This is above the national average of $1,121.
  • Additionally, these businesses provide an average monthly employer premium of $452 for individual coverage. This is also a bit below the national average of $458.

60%

What percentage of aerospace product and parts manufacturing companies offer short and/or long-term disability insurance?

60% offer both short-term and long-term disability insurance. The national average for these metrics is 42% and 34%, respectively.

81%

What percent of aerospace product and parts manufacturing companies offer life insurance?

81% offer access to life insurance coverage. This is well above the national average of 56%.

18%

Do aerospace product and parts manufacturing companies provide access to paid family leave?

  • 18% provide access to paid family leave, which is slightly below the national average of 20%.
  • 92% provide access to unpaid family leave, which is above the national average of 88%.
  • 33% offer consolidated leave plans, which is slightly below the national average of 44%.

Summary

As a whole, the aerospace product and parts manufacturing industry stands above the national average when it comes to providing benefits packages that meet all their employee needs. There is an opportunity to improve access to paid family leave and consolidated leave plans, as well as retirement assistance. Once this happens, employers will be able to attract, retain, and incentivize top-talent to join their team, which sets this industry up for success in the future.

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