November 1, 2024
Finance & Insurance Tops All Industries in Employee Benefits #IndustryFinance

Finance & Insurance Tops All Industries in Employee Benefits #IndustryFinance

CashNews.co

According to recent data, 78% of employees say they’re more likely to stay at a job based on the benefits offered. Furthermore, the cost of replacing an employee can be between one-half and two times the departing employee’s salary.

To discover which industries offer the most comprehensive employee packages, international telecom provider TollFreeForwarding.com gathered new data to rank 16 industries on their employee benefits. Each industry was ranked across 20 different benefits based on the average number of businesses in the sector that offer each perk.

Based on the findings, the Finance & Insurance industry has the best benefits, as the industry earned the highest overall score of 92.33 out of a possible 100. This industry scored highly for all 20 benefits, ranking either first or second for 14 of the 20 included in the study. Benefits that Finance & Insurance ranked best for include access to wellness programs (79%), access to employee assistance programs (84%), and access to student loan repayment (12%).

The complete rankings are as follows:

Industry Total Score (100)
Finance and Insurance 92.33
Utilities 85.87
Information 79.98
Professional, Scientific, and Technology 74.68
Manufacturing 67.92
Elementary and Secondary School (Public) 62.33
Wholesale Trade 56.73
Elementary and Secondary School (Private) 54.98
Healthcare 54.09
Professional and Business Services 51.16
Goods Producing 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 & Food Services 18.24

TollFreeForwarding.com also looked at which benefits are offered most overall across industries. The results are:

Benefit Average
Access to Paid Sick Leave 82.1%
Access to Healthcare Benefits 78.5%
Access to Paid Holidays 78.1%
Access to All Retirement Benefits 76%
Access to Paid Vacation 71.4%
Access to Life Insurance Plans 65.4%
Access to Employee Assistance Programs 58.6%
Access to Paid Personal Leave 53.2%
Access to Nonproduction Bonuses 47.6%
Access to Wellness Programs 46.4%
Access to Financial Planning 25.6%
Access to Retiree Healthcare at 65 and Over 21.8%
Access to Flexible Work Schedule 15.6%
Access to Childcare 11.6%
Access to Flexible Workplace 10%
Access to Subsidized Commuting 9.7%
Access to Student Loan Repayment 5.1%
Benefit Average Number of Days
Paid Sick Leave 30.3
Paid Holidays 8.1

Jason O’Brien, COO of TollFreeForwarding.com, said this of the findings:

“While it’s interesting to see how employee benefits compare across different industries, it can’t be overstated just how important it is, for both employers and employees, that businesses offer competitive benefit packages. Studies show how significant employee benefits are to attracting and retaining workers, but even businesses with comprehensive offerings can’t be static. We’ve found that younger employees don’t necessarily want the same benefits that were appealing to their parents’ generations. Therefore, business leaders need to continuously be learning what their employees want, as well as what else is being offered by others.”

No matter what industry you may be in, comprehensive benefits packages are beneficial to employers and employees alike. Not only do benefits enable employees to have more balance in their lives, but it also ensures businesses can retain their workers, preventing unneeded costs. Visit the TollFreeForwarding.com blog to learn more.

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