The food and non-alcoholic beverage sectors are thriving. Given the size and complex nature of the industries, evaluations run a gamut with total dollar numbers coming in anywhere from $1.6 trillion to $4.8 trillion. While experts can’t seem to agree on the dollar amount, they do agree on one thing: the industries are growing at astonishing paces.
Mindful that the workforce is changing, too, employers in these sectors are updating their benefits and compensation packages accordingly. So what can employees working in these industries expect in 2020?
ForceBrands’ 2019 Food and Non-Alc Beverage Talent Market Report examined future benefits packages across small businesses (that earn less than $50 million in annual revenue) and large businesses (that earn more than $50 million in annual revenue).
The report found that in 2020, small companies will offer more traditional perks in 2020 that includes 401(k) plans and dental and vision insurance. Large companies that already offer many traditional health benefits like dental, vision, and life insurance, and are inclined to offer more ‘lifestyle’ perks in 2020 like a subsidized gym membership, discounted entertainment, and summer hours presumably in an effort to attract millennials and Gen Z talent that highly value these types of benefits.
The differences in future offerings speak to ForceBrands’ findings that small companies typically employ younger teams who are driving the conversation around customized benefits.
The industry-specific report follows the release of ForceBrands’ 2019 Talent Market Report, which surveyed 500 leading decision and hiring makers across CPG. For more insights into these industries and an even closer look at what to expect in 2020, download the rest of the report here.