Did you know 73% of Performing Arts, Spectator Sports, and Related Industries companies offer medical insurance?
Complete Benefits Guide:
- Sick & Vacation
Learn more about the types of benefits performing arts and sports companies offer across medical, short term disability, long term disability, life, vacation and leave and financial incentives.
The performing arts, spectator sports, and related industry subsector is part of the larger arts, entertainment, and recreation sector. These businesses are defined as those who produce, organize, and promote live presentations of athletes, musicians, dancers, singers, and other entertainers. Some common examples are Broadway musicals, event centers such Madison Square Garden, and even cruise lines.
This industry is growing steadily year over year, but it boasts quite a competitive landscape. With this in mind, not only do employers have an uphill battle to find the best talent, the employees can be picky when they choose which job offer to accept. So to entice the top-tier performers, employers need to offer quality benefits, like health insurance for performance artists, to help them stand out among a sea of competition.
As these employees are typically skilled workers, competitive benefit packages can help to attract talented employees; lower turnover rates, and 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.
The performing arts and spectator sports industry is quite small. As of January 2021, there are 55,000 performing arts and spectator sports organizations nationwide, employing a little over half of a million employees. Each organization has about 9 employees, with 42% being female. On average, each employee is 39 years old.
41% of performing arts and spectator sports organizations offer access to short-term disability plans, and 53% offer access to long-term disability plans. The national average is 42% and 34%, respectively.
64% offer life insurance coverage. The national average is 56%.
As a whole, the performing arts, spectator sports, and all other related industries fall in line with the national standard of providing comprehensive benefits packages to their employees. In particular, the performing arts and spectator sports organizations do a great job in providing more paid vacation days than the national standard. However, to make themselves seem more competitive and enticing to employees, they can increase their offerings for consolidated leave plans and retirement benefits.