The Banking Industry Employment Summary

There are about 193,990 financial and banking institutions nationwide, employing more than 2.9 million individuals. Each organization averaged 15 employees, and this is a female-dominated field with 53% of all employees identifying as so. On average, the median age of each worker is 43 years old.

Banking Insurance Benefits Comparison

What percent of banking companies offer medical insurance?

• A full 93% of banking institutions offer medical insurance. This is well above the national average of 69%.
• These businesses provide an average monthly employer premium of $1,212 for family coverage. The national average is $1,121.
• Additionally, they provide an average monthly employer premium of $455 for individual coverage. The national average is $456.

What percent of banking companies offer short and/or long-term disability insurance?

77% of banking institutions provide access to both short and long-term disability insurance. For comparison, the national average is 42% and 34%, respectively.

What percent of banking companies offer life insurance?

89% offer life insurance coverage. The national average is 56%.

Do banking companies provide access to paid family leave?

• 40% of banks provide access to paid family leave. Comparatively, the national average is 20%.
• Unpaid family leave is offered 97% of the time, well above the national average of 88%.
• Consolidated leave plans are used in 55% of banks, compared to the national average of 44%.

Summary

The banking industry far surpasses many other industries when it comes to providing employee benefits packages. By providing an all-inclusive benefits package, banking institutions are attracting and retaining top-quality employees by using their packages as a differentiator. Doing this leads to increased employee productivity, work-life balance, and satisfaction while cutting costs and turnover.

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