The construction sector consists of companies and enterprises primarily involved with construction of buildings and other engineering projects, like roads, highways and utility systems.
Although construction industry is experiencing employment growth, it will take quite a bit of time before it steadily recovers from the aftereffects of recession. According to the US Bureau of Labor Statistics, the gross job losses in the construction sector amounted to a whopping 634,000 by the end of 2017’s second quarter.
Construction Industry’s Workforce
The turnover rates in the construction industry are quite high. There has been a great need for employers to retain construction workers.
Unlike other industries where there are technology-driven jobs, construction industry needs a highly skilled and technical workforce – a workforce that is ready to get into the field.
Surely, success will only come to those companies that can keep this workforce happy.
Attractive Compensation and Benefits Package for Construction Employees
As a construction company, you should look to design attractive remuneration and benefits’ packages for the modern millennial workforce.
In fact, lack of monetary rewards and cultural fitness play a major role in construction workers leaving their jobs.
Here are some ways you as a construction business can provide greater employee satisfaction:
Provide Thorough Health and Medical Coverage
Providing health or medical coverage can be quite expensive for you. However, there are plans like High Deductible Health Plans (HDHPs), that can provide you with a more affordable option.
Although you are not required by law to provide medical or health coverage if you have less than 50 employees, you should still get it.
Make Sure you are Bench marking by Industry
As a player in the construction industry, you need to be wary of the best industry practices. This means that you should offer employees market competitive salaries.
You also need to offer other benefits, like insurance and health coverage. You can tailor the benefits package according to the unique needs of your employees.
Some of the non-medical benefits you can offer include;
- Cell phones,
- Paid leaves and vacations,
- Life insurance,
- Sick leaves,
- Company car, etc.
Provide Savings and Retirement Plans
The savings and retirement programs provide a long-term advantage to your employees. This is the reason they might prompt them to stay for longer. These programs also make them more mature financially.
Here are some programs that you might opt for:
- Flexible Spending Accounts (FSAs),
- Health Reimbursement Accounts,
- 401(K) Retirement Plans,
- Health Savings Accounts (HSAs), etc.
We at JS Benefits Group are a team of employee benefits consultants. Over the years, we have helped many companies in the construction sector create amazing employee wellness programs.
