The colleges and universities industry – also known as the higher ed industry – comprises both public and private not-for-profit educational institutions that provide degrees, certifications, and licensing opportunities. This industry has experienced great levels of growth in the past few years, as the improving job market has inspired students to enter higher education in pursuit of a license or a degree.
The higher ed industry shows no sign of slowing down anytime soon. This just highlights the vital importance of investing in experienced teachers and educational professionals to sustain this unprecedented growth. One of the best methods of doing so is to offer college employee benefits plans, which typically includes offering access to health, vision, and dental insurance, disability coverage, a life insurance plan, a retirement savings account, and ample paid vacation time.
For educational services, the school boards and trustees often play a key role in the insurance broker and carrier selections. For public institutions, benefits are usually organized on a regional or even statewide basis and there tends to be a higher level of unionization. With a higher percentage of females, short and long term disability is important. Complications include working for 9 months out of the year, yet needing coverage for 12 months so the way certain things are approached from payroll deductions to enrollment have to be customized. Traditionally, educational institutions have shown a higher uptake of voluntary plans, making employee education extremely important.
There are about 22,000 higher education institutions nationwide, employing over 2 million educators. On average, each school has 95 staff members, with 70% of the employees identifying as female and the median employee age is 44 years old.
41% of employers offer short-term disability insurance, and 53% provide a long-term disability option. The national average is 42% and 34%, respectively.
64% of colleges, junior colleges, universities, and technical schools offer life insurance coverage. The national average is 56%.
As a whole, the colleges, junior colleges, universities, and technical schools industry offers employee benefits packages that are above the national industry standard. Some improvements can be made, such as increasing access to retirement benefits, but this industry is doing very well in providing for their employees.
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