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The rental and leasing sub-sector focuses on providing a variety of tangible goods; vehicles, computers, industrial machinery, etc.; to customers in exchange for a recurring rental or lease payment. This industry is split between two types of establishments: those that deal with consumer goods, and those that deal with machinery and equipment used in business operations.
Rental and leasing employees must have an intimate knowledge of financial policies depending on the establishment they work for. Learning the ins and outs of rental and leasing legalities takes time and training; any businesses looking to bring the best candidates on board will need to sweeten the pot with extensive employee benefits packages.
Higher employee turnover rates and percentage of part time workers can make benefit offering 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. To create a custom benefit package, an employer needs to know their specific group of employees.
There are around 55,000 rental and leasing services nationwide, employing 503,000 professionals. On average, each business is on the smaller side, with 9 staff members each. This industry is male-dominated, with only 32% of employees identifying as female, and the average employee age is 42 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%.
As a whole, the rental and leasing services industry must make some improvements if they are to meet the national industry standard for providing comprehensive employee benefits packages. Employers in this industry 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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