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Intellectual property (IP) refers to intangible creations of the human intellect, such as inventions, artistic works, designs, as well as the symbols, names, and pictures used in commerce. Copyrights, patents, trademarks, and trade secrets all serve to protect this category of property.
Industries that focus heavily on IP management are booming and for good reason. This innovative approach to business allows companies a leg up against the competition; as a result, their employees are more creative and devoted to their overall success. One way to incentivize such rare and experienced employees is to offer comprehensive employee benefits packages. Typical employee benefits for the IP management industry include access to health, vision, and dental insurance, paid time off, retirement savings, and disability coverage.
There are around 3,000 IP management businesses nationwide, employing 39,000 professionals. On average, each business is on the smaller side, with 14 staff members each. This industry is almost evenly split between male and female employees, and the average employee age is 48 years old.
40% of these employers offer short-term disability coverage, and 33% offer long-term disability insurance. The national average is 42% and 34%, respectively.
52% offer access to a life insurance plan. Comparatively, the national average is 56%.
Altogether, the IP management industry has some improvements they have to make in order to meet the national industry standard for providing comprehensive employee benefits packages. Employers have the opportunity to increase their benefits offerings, including providing more retirement savings options, improving disability coverage, and providing more inclusive access to paid family leave.
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