Recent data shows that 78% of employees say they are likely to stay in their job based on the benefits offered. Additionally, the cost of replacing an employee can be one-half to twice the departing employee’s salary.
To find out which industries offer the most comprehensive employee packages, international communications provider TollFreeForwarding.com collected new data and ranked 16 industries in terms of employee benefits. Each industry was ranked across 20 different benefits based on the average number of companies in the sector offering each benefit.
Based on our findings, the Finance & Insurance industry has the highest overall score of 92.33 out of 100 and offers the best employee benefits. The industry scores highly on all 20 benefits, ranking either first or second in 14 out of 20. included in the study. Benefits rated most highly by Finance & Insurance include access to wellness programs (79%), access to employee assistance programs (84%), and access to student loan repayment (12%).
Here are the complete rankings:
Total Industry Score (100) Finance and Insurance 92.33 Public Works 85.87 Information 79.98 Professional, Scientific and Technical 74.68 Manufacturing 67.92 Elementary and Secondary Schools (Public) 62.33 Wholesale Trade 56.73 Elementary and Secondary Schools (Private) 54.98 Healthcare 54.09 Professional and Business Services 51.16 Merchandise Production 44.98 Transportation and warehousing 44.10 Real estate, rental and leasing 38.52 Retail trade 30.86 Construction 23.22 Leisure and hospitality 19.73 Accommodation and food services 18.24
TollFreeForwarding.com also researched which benefits are most commonly offered across industries. Here are the results:
Benefits Average access to paid sick leave 82.1% Access to medical benefits 78.5% Access to paid time off 78.1% Access to full retirement benefits 76% Access to paid time off 71.4% Access to life insurance plans 65.4% Employees Access to employee assistance programs 58.6% Paid personal leave 53.2% Access to non-productive bonuses 47.6% Access to wellness programs 46.4% Access to financial planning 25.6% Access to health care for retirees age 65 and older 21.8% Flexibility Access to a flexible work schedule 15.6% Access to child care 11.6% Access to a flexible workplace 10 Access to subsidized commuting % 9.7% Access to student loan repayment 5.1% Average number of paid days on benefits Sick leave 30.3 Paid vacation 8.1
Commenting on the findings, Jason O’Brien, COO of TollFreeForwarding.com, said:
“While it is interesting to compare employee benefits across different industries, it is unclear how important it is for both employers and employees that companies offer competitive benefits packages. We can’t stress this enough: research shows how important employee benefits are to attracting and retaining employees, even for companies that offer comprehensive services. , can’t be static. We now know that younger employees don’t necessarily want the same benefits that were appealing to their parents. You need to continually learn what you want and what others are offering.”
No matter the industry, a comprehensive benefits package is beneficial for both employers and employees. Benefits not only allow employees to lead more balanced lives, but they also help businesses retain employees and avoid unnecessary costs. For more information, please visit the TollFreeForwarding.com blog.
