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The aerospace product and parts manufacturing industry is included within the transportation equipment and manufacturing subsector. The establishments in this industry focus primarily on the design, manufacture, and assembly of aerospace technology and vehicles. This requires coordination on an enormous scale to make sure that each step of the process is up to industry standards of safety, accuracy, and quality.
Production, installation, maintenance, and repair occupations make up more than a third of workers in this field, with architecture and engineering professions making up the next largest group. With employee expertise as varied as that required in this industry, employers need to design their insurance packages appropriately to cover each group’s specific needs. A higher amount of physical labor can result in an increased number of workers comp claims and higher overall medical expenses, thus making quality short and long term disability plans important. Additionally, a higher percentage of males are in this industry, and this demographic tends to place importance on having access to employer sponsored healthcare and 401K match benefits.
There are about 2,000 aerospace product and parts manufacturing businesses across the country, employing over 392,000 employees. Companies in this industry are quite large, with each one only having an average of 233 employees. This is a male-dominated industry, with only 24% of employees identifying as female. The median employee age is 44 years old.
60% offer both short-term and long-term disability insurance. The national average for these metrics is 42% and 34%, respectively.
81% offer access to life insurance coverage. This is well above the national average of 56%.
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Do aerospace product and parts manufacturing companies provide access to paid family leave?
As a whole, the aerospace product and parts manufacturing industry stands above the national average when it comes to providing benefits packages that meet all their employee needs. There is an opportunity to improve access to paid family leave and consolidated leave plans, as well as retirement assistance. Once this happens, employers will be able to attract, retain, and incentivize top-talent to join their team, which sets this industry up for success in the future.
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