Recruitment is a tedious job, but retaining talent is even harder. Many employers experience the struggle of attrition rates and more have seen this problem subside after offering employee benefits. About 72 percent of employers increased their perks in 2018 for retention reasons. Even though employers are realizing the significance, there are different employee benefits for different industries.
Similarly, about 80 percent of employees will choose a job with average pay and benefits as opposed to a job with higher pay and no benefits. But why? Don’t they want more money? Why are benefits so significant? Some basic benefits like health insurance and a retirement plan make the employees feel secure. In case they get unwell, they are catered for. When they retire, there is money for them. Other benefits like tuition reimbursement, lunch allowance, gym subscriptions, paid offs, and others make their life easier as they work for you than working for an employer who offers no benefits.
In this article, we take a look at employee benefits for different industries.
1. Utilities Employees
Employees in the utilities sector have the highest recipient rate for 80 percent of the five key benefits. These include profit sharing, tuition assistance, health insurance, paid holidays, and 401 (K) plan. Research shows that 87.9 percent of employees in this industry access a retirement plan, while the employer matches their contribution. About 73.4 percent of them leverage tuition assistance. They have an annual median pay of $59, 621.
The median salary of teachers is $58,780. Education offers high job security because the demand for good educators is ever on the rise. A teacher gets a vision, dental, and medical coverage. Additionally, they get teaching grants, paid leaves, and sick days. Education has one of the best-rated paternity and maternity leave benefits, according to Glassdoor. And don’t forget the 401 (k) retirement plan.
3. Manufacturing employees
The manufacturing industry is heftily unionized. More than 95 percent of workers in this sector have access to profit sharing, health insurance, tuition assistance, and a 401 (K) plan. When it comes to paid vacation and sick leave, 93 percent of these employees access the benefits. The median annual pay for manufacturing workers is $47,644.
Dentists have a median salary of $156,240. In addition to having a high-paying career, dentists also get a pension, healthcare, and paid time off. Additionally, they get malpractice insurance. In case of potential legal suits, they are covered.
5. Mining Employees
Workers in the mining sector work in gas and oil extraction as well as quarrying. Despite low union representation, mining employees have a median salary of $102,988. Even more, 88.8 percent of them get health insurance while 89.3 percent access paid time off. Only 6.5 percent of mining employees fail to obtain key benefits.
An accountant earns an average salary of $54,481 yearly. They have some of the best benefits because the finance field is lucrative. Some benefits that an accountant is likely to receive include 401 (K), maternity leave, short term disability, life insurance, dental insurance, medical insurance, and Cobra. Well, that’s not all. Some companies will offer interest-free season ticket loan, graduate loan, lunch allowance, childcare vouchers, annual travel insurance, and personal accident insurance, among others.
7. Flight Attendant
Flight attendants get 401(k) s and health insurance plans. In addition to their average annual salary of $48,500, some employers in this industry provide their staff with tuition assistance. The highlight of their benefits is the free air trips during days they are on off. Their families also get discounted rates for air travel.
Journalists get retirement and health insurance plans among a host of other perks. They also receive paid time offs like vacations and sick days. Journalism is one of those careers where the staff work independently without supervision. They conduct interviews, write news, and investigate leads without any supervision. What’s more, they get to travel and access exclusive events. They get a median annual pay of $38,870.
Utilities workers, educators, and manufacturing employees have the best benefits as the majority of them can access the top five benefits. The other industries, like finance, aviation, journalism, and others, also offer excellent employee benefits. Employees in these industries feel secure and valued. Other sectors, like technology, have very creative benefits. Some tech companies offer nap rooms while others provide free fertility treatments. Henceforth, we are going to see more innovative employee benefits for different industries in the near future.