The scientific research and development services industry focuses on conducting research with the goal of developing new products or processes for a variety of fields. Life sciences, physical sciences, engineering, social sciences, and the humanities all benefit from the work done through this sector.
Employment is rising throughout this industry. Considering the expertise and experience required for this field, the best way to attract qualified candidates is through an extensive benefits package.As these employees are educated and skilled workers, competitive benefit packages can help to attract talented employees and lower turnover rates. Additionally, benefits can help to lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Some examples of this include student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.
There are around 19,000 scientific research organizations nationwide, employing 751,000 professionals. On average, each business is mid-sized, with 40 staff members. This industry is split almost evenly between male and female employees, and the median employee age is 42 years old.
60% of employers offer both short-term and long-term disability protection. The national average is 42% and 34%, respectively.
75% of these companies offer life insurance, which is again above the national average of 56%.
All in all, the scientific research industry is above the national industry standard of providing comprehensive benefits packages to their employees. Employers in this field recognize that providing all-inclusive scientific research employee benefits is key to standing out as a differentiator to their competition, while also attracting top-notch and experienced candidates to their team. And as a result of these candidates getting their needs met, the employers will be able to retain them for years to come.