For many construction companies, employee benefits are well-established and a major component of employee satisfaction. This is especially true for medium and large companies. Let’s look at some basic definitions of big box construction company workers first for those just getting started. The situation is less common with smaller firms and younger contractors just getting started, where benefits for construction workers are often overlooked.
There’s more to it than employee benefits being the same as health insurance, even though the Affordable Care Act and Repeal and Replace have received much attention. According to a Gallup report, State of the American Workplace, employees only demand a short list of benefits and perks from big box construction company their employers. Insurance, retirement plans, and flexibility are understandable things that employees want.
The benefits picture includes health insurance, training and education, flexibility in work arrangements, and financial incentives and reward programs, among others. They also want to be able to take care of their families and themselves. You can offer perks such as health club memberships, free lunch, game rooms, tuition reimbursement, onsite daycare, etc.
As a starting point, you need to have this level playing field to retain and attract qualified workers in the industry. In addition, you can view the other things you do to differentiate yourself from your competitors as adding value to your employment relationship. To retain employees, there are other answers than a benefits package.
It would help if you had an equal footing as a starting point to retain and attract qualified employees in the industry. In this way, you’ll be on a level playing field. Your company’s other efforts to stand out from the competition can add value to the employment relationship. There is no one right answer to employee retention than a benefits package.
There are also many other factors, such as business and corporate culture, project management, job site procedures, safety standards, and advancement opportunities. A solid benefits package in a competitive labor market can help your firm stand out. Whether you’re just starting out or trying to establish yourself, you should still take a hard look at the ROI of creating a benefits plan.
It would help if you started by benchmarking your company. It would help if you found out what similar-sized companies are doing in your area. You can find this out by snooping around and asking your local contacts. However, it can quickly become extremely complex, so you might need to hire a company specializing in group benefits. It’s only the beginning of putting together a package of benefits that compare well with local company offerings.