Industry Benefits Summary

Rental and Leasing Services Industry- Employee Benefits Summary

The rental and leasing sub-sector focuses on providing a variety of tangible goods; vehicles, computers, industrial machinery, etc.; to customers in exchange for a recurring rental or lease payment. This industry is split between two types of establishments: those that deal with consumer goods, and those that deal with machinery and equipment used in business operations.

Rental and leasing employees must have an intimate knowledge of financial policies depending on the establishment they work for. Learning the ins and outs of rental and leasing legalities takes time and training; any businesses looking to bring the best candidates on board will need to sweeten the pot with extensive employee benefits packages.

Higher employee turnover rates and percentage of part time workers can make benefit offering 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. To create a custom benefit package, an employer needs to know their specific group of employees.

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The Rental and Leasing Services Industry Employment Summary

There are around 55,000 rental and leasing services nationwide, employing 503,000 professionals. On average, each business is on the smaller side, with 9 staff members each. This industry is male-dominated, with only 32% of employees identifying as female, and the average employee age is 42 years old.

The Rental and Leasing Services Industry Insurance Benefits Comparison

69%

What percentage of rental and leasing employers offer medical insurance?

  • 69% offer access to medical insurance. This meets the national average.
  • These businesses provide an average monthly employer premium of $1,134 for family coverage. This is in-line with the national average of $1,121.
  • Additionally, they provide an average monthly employer premium of $484 for individual coverage. This is above the national average of $458.

40%

What percentage of rental and leasing employers offer short and/or long-term disability insurance?

40% of these employers offer short-term disability coverage, and 33% offer long-term disability insurance. The national average is 42% and 34%, respectively.

52%

What percentage of rental and leasing employers offer life insurance?

52% offer access to a life insurance plan. Comparatively, the national average is 56%.

13%

Do rental and leasing employers provide access to paid family leave?

  • 13% provide access to paid family leave. The national average is 20%.
  • 93% provide access to unpaid family leave. The national average is 88%.
  • 30% offer consolidated leave plans. The national average is 44%.

Summary

As a whole, the rental and leasing services industry must make some improvements if they are to meet the national industry standard for providing comprehensive employee benefits packages. Employers in this industry have the opportunity to increase their benefits offerings, including providing more retirement savings options, improving disability coverage, and providing more inclusive access to paid family leave.

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