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The Administrative and Support Services industry is expected to grow a whopping 20% by 2022. This is due in part to the rapid globalization of businesses and the introduction of new product offerings and advanced technologies into the workforce. This shows that there will be more of a demand for traditional administrative and support services in businesses of all sizes, no matter their industry.
A growing market like this requires a comprehensive set of employee benefits to both attract and retain the best administrative talent. Any business owner will need to provide medical, dental, and vision insurance, with disability, life insurance, and paid time off to appeal to top candidates.
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.
There are more than 32,000 administrative and support service companies in the United States. Of this number, there are 811,249 employees, with an average of 25 employees per business. The administrative industry is predominantly female, and the median age of each employee is 42 years.
21% of administrative companies offer access to short-term disability plans, well under the national average of 42%. Additionally, 14% provide long-term disability insurance, when the national average is 34%.
30% of administrative companies offer life insurance, which is again below the national average of 56%.
The administrative and support services industry falls well below the national average when it comes to providing their employees with an up-to-date and comprehensive benefits package. Employee benefits are a huge factor in retaining valuable talent, so all administrative and accounting companies need to take some time to evaluate their offerings and invest in competitive insurance administrative services employees can count on.
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