Learn more about the types of benefits small retail and digital consumer store companies offer across medical, short term disability, long term disability, life, vacation and leave and financial incentives.
The small retail and digital consumer stores industry deals with the sale of consumer merchandise by either small businesses, online markets, or a combination of the two. Goods can vary from clothing and personal accessories to technology and artisan products.
As of late, there has been an extreme uptick in online shopping, causing an unprecedented jump in digital sales. This shift will undoubtedly continue, forcing businesses to seek out talented web designers, marketers, and salespersons to run these digital markets.
Higher employee turnover rates and percentage of part time workers in small retail and digital consumer stores 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. 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 your specific group of employees.
As of January 2021, there were 187,000 small retail and digital consumer stores nationwide, employing over 1.5 million professionals. On average, each business is quite small, with only 8 staff members each. This industry is almost evenly split between male and female employees, and the average employee age is 38 years old.
35% of these employers offer short-term disability coverage, and 12% offer long-term disability insurance. The national average is 42% and 34%, respectively.
42% offer access to a life insurance plan. Comparatively, the national average is 56%.
All in all, the small retail and digital consumer stores industry is well below the national industry standard of providing inclusive benefits packages to their employees. Employers in this industry have many opportunities to increase their benefits offerings, such as providing more retirement savings options, improving disability coverage, adding in more paid vacation days, and offering more inclusive access to paid family leave.
Once these improvements have been made, employers will soon see how offering employee benefits packages are key to meeting employee’s needs while attracting and retaining new talent to their teams.