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The Department Stores industry is all-encompassing; individual lines of merchandise, whether it be jewelry, electronics, clothing, home furnishings, or toys, are housed under one roof with no single line predominating sales. As of 2019, in-store shopping dominated the market in toys, clothing and fashion, skin and hair care products, and household appliances, most of which are commonly found in department stores.
It takes a village to run a department store. Whether employers are looking to hire cashiers, salespersons, supervisors, or stock clerks, it is essential that benefits are offered to attract the best talent.
Higher employee turnover rates and percentage of part time workers in department 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.
There are about 54,000 department stores nationwide, employing over 2.7 million professionals. On average, each store is medium-sized, with 50 staff members. This industry is split almost evenly between male and female employees, and the median employee age is 38 years old.
35% of employers offer short-term disability insurance, and 12% provide a long-term disability option. The national average is 42% and 34%, respectively.
42% of department store companies offer access to a life insurance plan. Comparatively, the national average is 56%.
As a whole, the department store industry has a lot of improvements to make when it comes to providing all-inclusive employee benefits packages to their teams. There are many ways employers can amp up their department store employee benefits offerings, such as providing access to medical insurance, increasing the number of paid vacation days, and giving more retirement savings options. Once these changes are made, employers will notice that offering a strong benefits package is key to enticing and retaining top-notch and experienced employers to their team.
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