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The Electronics and Appliance Stores industry is unique in that it often requires locations that provide special provisions for floor displays, such as the inclusion of a certain electrical capacity to allow for the demonstration of products.
Knowledgeable staff are fundamental to the electronics and appliance stores industry. Selling complex electronic products to the average customer, or installing and repairing appliances in the home, requires a level of intelligence and experience that can be hard to find. In order to ensure they’re getting the best candidates available, businesses must offer extensive employee benefits packages.
Higher employee turnover rates and percentage of part time workers in electronics and appliance 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 30,000 electronics and appliance stores nationwide, employing over 321,000 professionals. On average, each store is small, with only 11 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 electronics and appliance store companies offer life insurance, which is again below the national average of 56%.
All in all, the electronics and appliance stores industry has a lot of improvements to make when it comes to providing comprehensive employee benefits packages to their teams. There are many opportunities for employers to better their electronics and appliance 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 employees to their team for years to come.
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