Industry Benefits Summary

Sporting Goods, Hobby, Musical Instrument, and Book Stores Industry- Employee Benefits Summary

As a subsector of the retail trade industry, the sporting goods, hobby, musical instrument, and bookstores industry specializes in the sale of sporting equipment and a wide variety of other leisure activities and products.

Customers looking to learn a new instrument, start up a new hobby, or throw themselves into a new sport will need access to expertise as much as physical products. As a result, employees will need extensive background knowledge and experience with the items they're selling. The need for these qualified individuals is increasing; only by offering excellent benefits can businesses pull the best candidates to their door.

Higher employee turnover rates and percentage of part time workers in these types of stores can make benefit offerings 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 their specific group of employees.

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The Sporting Goods, Hobby, Musical Instrument, and Book Stores Industry Employment Summary

There are around 45,000 sporting goods, hobby, musical instrument, and book stores nationwide, employing over 535,000 professionals. On average, each business is on the smaller side, with only 12 staff members. This industry is split almost evenly between male and female employees, and the median employee age is 38 years old.

The Sporting Goods, Hobby, Musical Instrument, and Book Stores Industry Insurance Benefits Comparison

53%

What percent of these employers offer medical insurance?

  • 53% of these dealers companies offer medical benefits to their employees. This is much lower than the national average of 69%.
  • These businesses provide an average monthly employer premium of $948 for family coverage. This is also below the national average of $1,121.
  • Additionally, they provide an average monthly employer premium of $424 for individual coverage. This is below the national average of $458.

35%

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

35% of employers offer short-term disability insurance, and 12% provide a long-term disability option. The national average is 42% and 34%, respectively.

75%

What percent of these employers offer life insurance?

42% of these companies offer life insurance, which is again below the national average of 56%.

17%

Do these employers provide access to paid family leave?

  • 17% of these companies provide access to paid family leave compared to the national average of 20%.
  • Unpaid family leave is offered to 90% of these companies, compared to the slightly lower national average of 88%.
  • Consolidated leave plans are used in 39% of these companies, compared to the national average of 44%.

Summary

Generally speaking, the sporting goods, hobby, musical instrument, and book stores industry must make some improvements to their employee benefits offerings in order to become in-line with the national industry standard. In order to meet all of the sporting goods, hobby, musical instrument, and book store employee benefits needs, employers can amp up access to medical insurance, increase the number of paid vacation time given, and provide more retirement savings options.Once these changes are made, the employers will start to notice that offering comprehensive benefits packages is a key factor in standing out as a differentiator from their competition, while attracting top-quality talent and retaining them for years to come.

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