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As a subsector of the retail trade industry, the sporting goods, hobby, musical instrument, and bookstores industry specializes in the sale of sporting equipment and a wide variety of other leisure activities and products.
Customers looking to learn a new instrument, start up a new hobby, or throw themselves into a new sport will need access to expertise as much as physical products. As a result, employees will need extensive background knowledge and experience with the items they're selling. The need for these qualified individuals is increasing; only by offering excellent benefits can businesses pull the best candidates to their door.
Higher employee turnover rates and percentage of part time workers in these types of 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 around 45,000 sporting goods, hobby, musical instrument, and book stores nationwide, employing over 535,000 professionals. On average, each business is on the smaller side, with only 12 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 these companies offer life insurance, which is again below the national average of 56%.
Generally speaking, the sporting goods, hobby, musical instrument, and book stores industry must make some improvements to their employee benefits offerings in order to become in-line with the national industry standard. In order to meet all of the sporting goods, hobby, musical instrument, and book store employee benefits needs, employers can amp up access to medical insurance, increase the number of paid vacation time given, and provide more retirement savings options.Once these changes are made, the employers will start to notice that offering comprehensive benefits packages is a key factor in standing out as a differentiator from their competition, while attracting top-quality talent and retaining them for years to come.
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