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The COVID-19 pandemic has brought many drastic changes to the U.S. economy, but some of the most lasting effects may be on the future of work. Over the past two and a half years, workers have been renegotiating how they work and what they want out of their jobs, from the rise of hybrid and remote work, to big resignations and “quiet retirements.” And as the labor market continues to tighten, employers are being forced to respond and offer more attractive jobs for current and potential employees.
Mass resignations are perhaps the most significant trend since the beginning of the COVID-19 pandemic, demonstrating increased worker power and mobility. Many workers, from essential workers who are regularly exposed to the virus to white-collar professionals who feel burnt out from working long hours, are at a loss for how their employers are treating them during the pandemic. I was dissatisfied. Others saw opportunities to advance their careers or to have more flexible working arrangements. Therefore, it is a major driving force.
All of these factors have contributed to a significant increase in job mobility across the US labor market. Total U.S. job turnover will begin to surge in 2021, reaching a high of 4.8 million in August 2021. Turnover declined slightly in the fall and winter that followed, but workers are still leaving at rates well above recent past levels. And in 2022, he passed 4 million quits per month from April to July.
The mass resignations affected all industries and income levels, but turnover is most concentrated in low-wage sectors. Sectors such as retail and hospitality have accounted for a disproportionate share of the country’s job turnover over the past two years, with workers frequently citing difficult working conditions and low wages as reasons for moving into new roles. I am listing. These areas are also the least likely to offer key benefits such as health insurance, paid time off, and flexible work arrangements, all of which have taken on new importance during the pandemic.
For all benefit types, access to benefits increases with wages. Of the bottom 10% of earners, 36% have retirement benefits, 32% have paid vacation, 26% have health insurance, and 15% have life insurance, while the share of the top 10% is Over 90%. each category of them. Even the gap between low- and middle-income earners can be substantial. For example, only 47% of employees in the bottom quarter have access to paid time off or paid time off, but 79% of employees in the bottom two quarters. Similarly, only 39% of bottom-quarter earners have health insurance, compared to 73% in the 25-50% wage percentile.
Companies with adequate resources have responded to the mass resignations by raising wages and increasing benefits, but not all employers have done so. Access to benefits has a clear relationship with company size. Companies with a large number of employees tend to offer benefits more frequently than companies with a small number of employees.
Workers looking for benefits for better jobs and working conditions may need to research specific industries to find employers most likely to offer benefits. A field’s typical income is one good indicator. High-income sectors such as finance and insurance or professional, scientific and technical services are both among the sectors with the highest access to benefits. However, other industries such as utilities and manufacturing also rank high in terms of profits. These fields may not pay as well as white-collar fields, but relatively high union rates and harsh working conditions make it more important for employers to provide benefits.
The data used in this analysis are from the U.S. Bureau of Labor Statistics. Researchers at Smartest Dollar, an organization that examines corporate insurance and other business products to determine which industries offer the best employee benefits, have access to paid vacation, paid time off, and life insurance. We computed an equally weighted composite score for the proportion of private industry workers who could. , health insurance, retirement plans, paid family leave and flexible working hours. In the event of a tie, the industry with a higher proportion of private companies with higher paid leave and paid leave usage rates will be ranked higher.
The US industries offering the best employee benefits are:
US Industry Offering Best Employee Benefits
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14. Leisure and hospitality
- Overall score: 5.1
- paid holiday: 29%
- Life insurance: 17%
- Health insurance: 32%
- Retirement plan: 31%
- Paid family leave: Ten%
- Flexible hours: Ten%
Photo credit: SFIO CRACHO / Shutterstock
13. MANAGEMENT AND SUPPORT, WASTE MANAGEMENT AND REMEDIATION SERVICES
- Overall score: 16.7
- paid holiday: 65%
- Life insurance: 31%
- Health insurance: 54%
- Retirement plan: 43%
- Paid family leave: 13%
- Flexible hours: Ten%
Photo Credit: George Rudy/Shutterstock
12. Retail
- Overall score: 23.1
- paid holiday: 64%
- Life insurance: 41%
- Health insurance: 53%
- Retirement plan: 73%
- Paid family leave: twenty four%
- Flexible hours: 6%
Photo credit: afotostock/Shutterstock
11. Construction
- Overall score: 23.1
- paid holiday: 75%
- Life insurance: 49%
- Health insurance: 75%
- Retirement plan: 63%
- Paid family leave: 12%
- Flexible hours: Five%
Photo credit: EHStockphoto / Shutterstock
10. REAL ESTATE AND RENTAL AND LEASING
- Overall score: 33.4
- paid holiday: 84%
- Life insurance: 60%
- Health insurance: 72%
- Retirement plan: 61%
- Paid family leave: 17%
- Flexible hours: 14%
Photo credit: Vitpho/Shutterstock
9. Transportation and warehousing
- Overall score: 35.9
- paid holiday: 86%
- Life insurance: 69%
- Health insurance: 85%
- Retirement plan: 80%
- Paid family leave: 9%
- Flexible hours: Four%
Photo credit: wavebreakmedia / Shutterstock
8. Educational services
- Overall score: 37.2
- paid holiday: 55%
- Life insurance: 69%
- Health insurance: 73%
- Retirement plan: 72%
- Paid family leave: 30%
- Flexible hours: 11%
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7. Health care and social assistance
- Overall score: 51.3
- paid holiday: 84%
- Life insurance: 63%
- Health insurance: 78%
- Retirement plan: 74%
- Paid family leave: 29%
- Flexible hours: 15%
Photo credit: iJeab/Shutterstock
6.Wholesale
- Overall score: 62.8
- paid holiday: 93%
- Life insurance: 69%
- Health insurance: 89%
- Retirement plan: 83%
- Paid family leave: twenty five%
- Flexible hours: 14%
Photo Credit: BigPixel Photo / Shutterstock
5. Manufacturing
- Overall score: 68.0
- paid holiday: 94%
- Life insurance: 80%
- Health insurance: 90%
- Retirement plan: 84%
- Paid family leave: twenty three%
- Flexible hours: 11%
Photo credit: mojo cp / Shutterstock
4. Information
- Overall score: 73.1
- paid holiday: 89%
- Life insurance: 78%
- Health insurance: 87%
- Retirement plan: 78%
- Paid family leave: 51%
- Flexible hours: 34%
Photo Credit: Dragon Images/Shutterstock
3. Professional, scientific and technical services
- Overall score: 78.2
- paid holiday: 91%
- Life insurance: 74%
- Health insurance: 89%
- Retirement plan: 85%
- Paid family leave: 41%
- Flexible hours: 46%
Photo credit: JWPhotoworks/Shutterstock
2. Utilities
- Overall score: 87.2
- paid holiday: 99%
- Life insurance: 98%
- Health insurance: 99%
- Retirement plan: 98%
- Paid family leave: 49%
- Flexible hours: 11%
Photo Credit: Zivica Kerkez/Shutterstock
1. Finance and insurance
- Overall score: 92.3
- paid holiday: 97%
- Life insurance: 90%
- Health insurance: 94%
- Retirement plan: 93%
- Paid family leave: 50%
- Flexible hours: 38%
Detailed findings and methodology
The data used in this analysis is for 2022 from the U.S. Bureau of Labor Statistics. Welfare Survey When Job offer/turnover rate surveyTo determine which industries offer the best employee benefits, Smartest Dollar researchers calculated an equally weighted composite score for the percentage of private industry workers who have access to: .
- Paid vacation / Paid vacation
- Life insurance
- Health insurance
- retirement plan
- paid family leave
- flexible time
In the event of a tie, the industry with a higher proportion of private companies with higher paid leave and paid leave usage rates will be ranked higher.
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