Employee Benefits Summary for the Banking Industry

Learn more about the types of benefits banking companies offer across medical, short term disability, long term disability, life, vacation and leave and financial incentives.

employee-benefits-for-banking

Did you know 93% of Banking companies offer medical insurance?

Complete Benefits Guide:

  • Medical
  • Disability
  • Life
  • Sick & Vacation
  • Retirement

 

The banking industry comprises any institution that handles cash, credit, and any other financial transactions. As a part of the larger financial industry, banking is an industry that is not poised to dramatically slow down any time soon.

With the industry growing at such a high rate, employers are dealing with the challenge of attracting and retaining top talent. When an employer dedicates time to creating an employee benefits package that is appealing to prospective applicants, they can stand out amidst a sea of competition. Quality candidates will not settle for benefit packages that are not comparable to the national average, so employers need to invest in comprehensive banking employee benefits.

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 FSA's, HSA's and similar products are likely to be used.

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The Banking Industry Employment Summary 

As of January 2021, there were 193,990 financial and banking institutions nationwide, employing more than 2.9 million individuals. Each organization averaged 15 employees, and this is a female-dominated field with 53% of all employees identifying as so. On average, the median age of each worker is 43 years old.

Banking Insurance Benefits Comparison

93% Offer Medical Benefits

What percent of banking companies offer medical insurance?

  • A full 93% of banking institutions offer medical insurance. This is well above the national average of 69%.
  • These businesses provide an average monthly employer premium of $1,212 for family coverage. The national average is $1,121.
  • Additionally, they provide an average monthly employer premium of $455 for individual coverage. The national average is $456.
77% Offer Short-Term Disability

What percent of banking companies offer short and/or long-term disability insurance?

77% of banking institutions provide access to both short and long-term disability insurance. For comparison, the national average is 42% and 34%, respectively.

89% Offer Life Insurance

What percent of banking companies offer life insurance?

89% offer life insurance coverage. The national average is 56%.

40% Offer PaidFamily Leave

Do banking companies provide access to paid family leave?

  • 40% of banks provide access to paid family leave. Comparatively, the national average is 20%.
  • Unpaid family leave is offered 97% of the time, well above the national average of 88%.
  • Consolidated leave plans are used in 55% of banks, compared to the national average of 44%.

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Summary

The banking industry far surpasses many other industries when it comes to providing employee benefits packages. By providing an all-inclusive benefits package, banking institutions are attracting and retaining top-quality employees by using their packages as a differentiator. Doing this leads to increased employee productivity, work-life balance, and satisfaction while cutting costs and turnover.