Did you know about 85% of Mining, Oil, and Gas Companies offer medical insurance?
Complete Benefits Guide:
- Sick & Vacation
Learn more about the types of benefits mining, oil, and gas companies offer across medical, short term disability, long term disability, life, vacation and leave and financial incentives.
The mining, oil, and gas industry focuses on the extraction of naturally occurring mineral solids such as coal and other ores, liquids such as crude petroleum, and gases such as natural gas. Included in this sector is quarrying, beneficiating -- the crushing, screening, washing, and flotation of these naturally occurring materials -- and various other preparation activities.
Extraction workers and engineers make up the backbone of this industry. Because both positions require a significant amount of experience and training to be successful, companies are always vying for the best talent. By offering comprehensive oil, gas, and mining benefits plans, businesses will be able to beat out the competition and bring the top candidates on board.
A higher amount of physical labor in this industry can result in an increased number of workers comp claims and higher overall medical expenses. Because of this, there is a need for quality short and long term disability plans. Additionally, with a higher percentage of males in the industry, it is important to offer employer-sponsored healthcare and a 401K match, as this demographic tends to value these benefits over others.
As of January 2021, there were 28,000 mining, oil, and gas facilities nationwide, employing 578,000 professionals. On average, each business is on the smaller side, with only 22 staff members. This is a male-dominated industry, with only 13% of employees identifying as female, and the average employee age is 43 years old.
53% of these employers offer short-term disability coverage, and 39% offer long-term disability insurance. The national average is 42% and 34%, respectively.
69% offer access to a life insurance plan. Comparatively, the national average is 56%.
Generally speaking, employers in the mining, oil, and gas industry provide all-inclusive employee benefits packages that are above the national industry standard. However, there are still some improvements that can be made, such as providing more options for paid family leave and retirement savings plans to meet all of their employee’s needs.
As soon as these changes are made, employers will realize that comprehensive gas, oil, and mining employee benefits are key to creating a healthy, productive work environment. As a result, employers will experience decreased costs, higher efficiency levels, and stronger teams.