Author, Shane Medlin, Account Executive, Employee Benefits, Rancho Mesa Insurance Services, Inc.
As demand for all types of construction services continue to expand in California, contractors are struggling to retain and recruit enough skilled workers. About 57 percent of construction companies expect difficulty hiring salaried and craft workers to continue throughout the year. This is why retaining quality skilled talent is imperative for construction firms.
Survey results gathered from the Associated General Contractors of America (AGC) show that 60 percent of the construction firms that were polled increased their base pay in 2017 to help recruit and retain workers, while 21 percent paid more overtime and 25 percent provided incentives or bonuses.
How do I know if the benefits I offer to my employees are competitive?
Benchmarking is a common practice used to establish industry specific baselines and identify improvement opportunities in a competitive environment. Integrating benchmarking into your benefits analysis will provide valuable data that can used to evaluate and prioritize offerings. It will allow you to make informed adjustments to meet or exceed what your competitors are offering their employees. Nearly one-third of organizations increased their overall benefits offerings in the last 12 months.
How do I know what my employees’ benefit needs are?
A survey is an effective way to understand what benefits are important to the company's employees. The collected data can clearly show which benefits are most valued, employee preferences, and other desired benefits not currently offered.
Many voluntary plans that do not require a financial commitment from the employer can enhance the benefits package to the employee by offering them access to products and services they are not able to obtain, otherwise.
Are there any programs that I can add to my benefits package that will help attract and retain employees?
Employers are seeing the value in corporate wellness programs as a way to increase employee engagement and improve company culture in the workplace. Many companies have broadened their wellness programs to include financial, emotional and mental health well-being.
Since numerous insurance carriers now recognize the importance of wellness programs, many offer weight loss and smoking cessation programs at no additional cost to enrollees. In addition, many companies are offering incentives to participants in the wellness programs with a discount on their insurance premium.
As your company decides to re-evaluate your employee benefit offerings, look to Rancho Mesa Insurance for assistance. For more information about making your benefits package competitive in your industry, contact Shane Medlin at Rancho Mesa Insurance Services, Inc. at (619) 438-6902.