Did you know about 87% of Software and Technology Development Companies offer medical insurance?
Complete Benefits Guide:
- Sick & Vacation
Learn more about the types of benefits that software and technology development companies offer across medical, short term disability, long term disability, life, vacation and leave and financial incentives.
The software and technology development industry deals with the creation of applications that run on devices and systems; this can include computers, tablets, cell phones, smart systems, and everything in between.
As a direct result of our technologically-focused society, the need for talented and educated software developers is expected to increase an astounding 22% within the next eight years. This significant demand will place companies in a race to secure the best candidates for themselves rather than risk them going to the competition. With a complete benefits package, the ideal employees will come right to their door.
Since these employees are educated and skilled workers, competitive benefit packages can help to attract talented employees and lower turnover rates. Additionally, benefits can help to 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.
As of January 2021, there were 144,000 software and technology development organizations nationwide, employing over 1.8 million professionals. On average, each business tends to be on the smaller side, with 25 staff members. This is a male-dominated industry, with only 27% of employees identifying as female, and the median employee age is 42 years old.
60% of employers offer both short-term and long-term disability protection. The national average is 42% and 34%, respectively.
75% of software and technology development companies offer life insurance, which is again above the national average of 56%.
As a whole, the software and technology development industry stands above the national industry standard for providing comprehensive benefits packages to their employees. There is some room for improvement, such as providing higher employer premiums for individual and family coverage, which employers can change to meet national guidelines. Once these changes are made, employers in this industry will realize how important all-inclusive employee benefits for software and technology development professionals are for attracting and retaining top talent for years to come.