Who says there is no such thing as a free lunch?

Job seekers place a high premium on benefits such as retirement plans, parental leave and yes, free food, when evaluating opportunities. In fact, 60 percent consider benefits and perks among their top considerations, according to a recent survey by Glassdoor.

This survey took a fresh approach by quantifying the quality of benefits—not simply their availability—by industry.

Glassdoor researchers analyzed the firm's database of benefits offered by hundreds of thousands of businesses around the world, representing more than 470,000 employees.

The study ranks worker satisfaction on a scale of 1 (low) to 5 (high). Here is what it found. 

Overall Benefits

Benefits now comprise about one-third of an average employee's overall compensation. Obviously, individuals will value different parts of that package more highly than others, depending upon their stage of life and their financial objectives. However, overall benefits are an important component of an employment decision.

Not surprisingly, the financial services industry ranks first with an employee satisfaction score of 3.72 out of 5. Information technology (IT) and manufacturing follow closely. These jobs include both highly sought-after technology and financial services jobs, with escalating benefits, and traditional manufacturing jobs, with union representation and highly skilled blue-collar positions.

• Financial services:  3.72
• IT:  3.68
• Manufacturing:  3.64
• Education:  3.61
• Healthcare:  3.44
• Business services:  3.77

It also comes as little surprise that retail and food-service jobs are less likely to come with excellent benefits. The study found that even among retail and restaurant jobs that do offer benefits, employees view them as being lower quality than offerings in other industries.

• Retail:  3.11
• Food service:  2.73

From Here to Maternity

Although most U.S. businesses offer maternal and paternal leave, it is mostly unpaid. Eighty-seven percent of private sector employees have access to unpaid family leave, but only 12 percent can opt for paid leave. The quality of the benefit is disproportionately higher among younger employees who are starting families. 

The financial services and IT industries again lead the way with the highest satisfaction with parental benefits. Education, which includes many large universities, also scores high.

• Financial services:  3.77
• IT:  3.71
• Education:  3.6 

Workers in the healthcare industry are dedicated to helping others, but they are not highly satisfied with the benefits they receive for their own families.

• Manufacturing:  3.56
• Food service:  3.56
• Business services:  3.42
• Retail:  3.41
• Healthcare:  3.36 

Ranking Retirement

Retirement remains one of the most prevalent and desirable benefits. Two-thirds of private sector employees have access to retirement benefits at work, according to the U.S. Census Bureau.

Employer-subsidized 401(k) plans are one of the most common retirement benefits. Because these plans tend to be standardized across industries, there is not as much variation in employee satisfaction as there is with other benefits. 

Employee satisfaction is about what might be expected from various industry categories. Highly unionized industries, such as education and manufacturing, are known for high-quality retirement benefits packages. The financial services industry obviously offers a great deal of expertise on 401(k)s and other options.

• Financial services:  3.83
• Education:  3.77
• Manufacturing:  3.76 

All industries studied showed average to above-average employee satisfaction with retirement benefits. Industries that traditionally have high turnover rates place a lower premium on retirement benefits, which is reflected in the rankings.

• Healthcare:  3.47
• IT:  3.36
• Retail:  3.34
• Business services:  3.31
• Foodservice:  3.28 

Free Food!

Providing free food and snacks is almost a given among technology businesses that want to keep employees on site and productive. However, this benefit is also gaining traction among lower-skilled restaurant and food service businesses. Although this benefit is not tracked by the U.S. Census Bureau, indications are that it also is becoming more common in financial services and consulting businesses as well.

The IT industry, which pioneered free food benefits, has by far the greatest satisfaction. The food service industry gets high ratings for the quality of the food it provides. Although restaurant jobs offer relatively low-rated benefits overall, employees rate free food and snacks better than those offered in higher-paying fields such as financial services, healthcare, and education.

• IT:  4.06
• Business services:  3.94
• Manufacturing:  3.9
• Foodservice:  3.8
• Healthcare:  3.76
• Financial services:  3.76 

Employees in other industries may be better off bringing meals from home or going out to lunch.

• Retail:  3.34
• Education:  3.32

Takeaway Message

Savvy employers can put this data to use to design benefits packages that are not generic, but that instead offer the benefits workers in their industry value most. As study authors Gloria Tian and Andrew Chamberlain, Ph.D., conclude:

“Benefits are an important and growing part of total compensation for American workers. Unlike salaries, benefit packages are highly diverse. Access to benefits matters, but so does the quality of those benefits. This study presents the first-ever analysis of unique data from Glassdoor benefits reviews—providing a useful roadmap of which U.S. industries today are leading the pack in terms of best employee benefits.”