While many employees across the country are still out of work due to government restrictions surrounding the coronavirus, the construction industry is doing quite well. Unfortunately, this means that talent shortage is a continual struggle. In fact, the U.S. Bureau of Labor Statistics estimates that nearly three-quarters of a million more employees will be needed in just five years.
Understanding this environment, you know that competition over top talent will be fierce, and you need to have a hiring strategy that considers all angles. Monetary compensation (e.g., paychecks and bonuses) is just one part of the equation. In this article, we will discuss the benefits that you should be offering if you want to attract and retain the top construction talent.
Think of these as the ante. If you do not throw this on the table, you cannot play the game. In other words, if you do not offer the bare minimum: (i.e., medical plan, dental and vision coverage, retirement plan, etc.), top talent will not even consider a position with your company. These things have to be a given.
Tax Breaks and Advantages
Take a look into tax-advantaged accounts, which can help give your employees certain deferrals or exemptions when they actively contribute to these types of accounts, which could include health savings or college savings plans. Not having to pay this extra money on taxes can help employees really make the most of their income, especially if they know that they may have some large health or education bills coming up soon.
Many employers also offer the benefit of matching employee contributions to their 401(k) up to a certain percentage point. Other employers will match employee donations to charities of their choosing. These are great ways to make your benefits even more attractive to candidates, which will help your retention rate over time.
Of course, everyone is different – the types of benefits that appeal to one candidate will not necessarily mean anything to another. It would be best if you had an open conversation about what matters personally to each new hire. Maybe they are a single parent, so they care most about childcare coverage or having flexible hours. Or maybe they are really focused on advancing their career and would prefer to have the opportunity to take classes or attend seminars.