Industry Benefits Summary

Department Store Industry- Employee Benefits Summary

The Department Stores industry is all-encompassing; individual lines of merchandise, whether it be jewelry, electronics, clothing, home furnishings, or toys, are housed under one roof with no single line predominating sales. As of 2019, in-store shopping dominated the market in toys, clothing and fashion, skin and hair care products, and household appliances, most of which are commonly found in department stores.

It takes a village to run a department store. Whether employers are looking to hire cashiers, salespersons, supervisors, or stock clerks, it is essential that benefits are offered to attract the best talent.

Higher employee turnover rates and percentage of part time workers in department 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.

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The Department Store Industry Employment Summary

There are about 54,000 department stores nationwide, employing over 2.7 million professionals. On average, each store is medium-sized, with 50 staff members. This industry is split almost evenly between male and female employees, and the median employee age is 38 years old.

The Department Store Industry Insurance Benefits Comparison

53%

What percent of department store employers offer medical insurance?

  • 53% of department store companies offer medical benefits to their employees. This is much lower than the national average of 69%.
  • These businesses provide an average monthly employer premium of $948 for family coverage. This is also below the national average of $1,121.
  • Additionally, they provide an average monthly employer premium of $424 for individual coverage. This is below the national average of $458.

35%

What percentage of department store employers offer short and/or long-term disability insurance?

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%

What percent of department store employers offer life insurance?

42% of department store companies offer access to a life insurance plan. Comparatively, the national average is 56%.

17%

Do department store employers provide access to paid family leave?

  • 17% of department store companies provide access to paid family leave compared to the national average of 20%.
  • Unpaid family leave is offered at 90% of department store companies, compared to the slightly lower national average of 88%.
  • Consolidated leave plans are used in 39% of department store companies, compared to the national average of 44%.

Summary

As a whole, the department store industry has a lot of improvements to make when it comes to providing all-inclusive employee benefits packages to their teams. There are many ways employers can amp up their department store employee benefits offerings, such as providing access to medical insurance, increasing the number of paid vacation days, and giving more retirement savings options. Once these changes are made, employers will notice that offering a strong benefits package is key to enticing and retaining top-notch and experienced employers to their team.

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