Construction companies continue to face ongoing recruitment and retention challenges, with the industry posting a 54% turnover rate. As a business owner in the construction industry, you have your hands full with completing client projects, overseeing supply inventory, and ensuring a safe worksite, making it difficult to develop and create retention policies. Although streamlining your internal operations can improve efficiency and help you manage your business, a strong and successful company starts with a healthy and happy workforce.
Many business owners believe that the only way to retain employees is by offering them raises. However, this isn't always possible for smaller or newer companies. Fortunately, there are other strategies to show appreciation for your workforce, which can enhance morale and productivity. Continue reading to discover four perks you can implement to attract new talent and retain your current employees.
Provide a Benefits Package
An expensive but necessary perk that business owners should consider offering is a health or benefits plan. While prices swing depending on the number of people on a plan, the amount of coverage needed, and the type of plan, the benefits far outweigh the costs. In fact, 78% of employees reported they’re more likely to stay with an employer because of their benefits program.
Offering group health coverage can help cut down on overall costs and assist your employees with copays and other out-of-pocket charges. While a group health care plan might not make sense for your company’s needs, consider providing access to supplemental insurance plans. Offering access to vision, dental, home, and pet insurance can provide employees with tailored care specific to their needs, helping them save on health expenses with more coverage.
Offer Professional Development Opportunities
Another way to invest in your employees is to provide opportunities for professional growth. Whether through a mentorship program, online training, or attending industry-specific workshops, there are a variety of ways to help your employees grow their skillset. Investing in your employees’ individual growth not only expands the abilities of your workforce but also builds a relationship of trust and loyalty between employee and employer. A good rule of thumb is to continuously communicate with your workforce to gain a deeper understanding of the types of skills they want to learn or the type of programs they want to participate in.
Invest in Workplace Culture
Employees are more likely to stay at a company that makes them feel safe, heard, and valued. To cultivate a positive work environment, it’s important to prioritize employee well-being, encourage collaboration, and share team wins and successes. Employers can prioritize employee well-being by promoting flexible work schedules, offering paid time off (PTO), practicing open communication, and having weekly one-on-one meetings to tackle any issues or concerns. Hosting team-bonding events and encouraging interdepartmental interactions and projects are great ways to facilitate greater rapport among employees, which can lead to greater morale and retention. Employers should also consider actively recognizing achievements and group successes to showcase their trust in the team and their work.
Implement Flexible Scheduling
In today’s work landscape, schedule flexibility is increasingly important. Everyone’s schedule is different, and employees have different prime working hours and personal responsibilities. A tightly packed personal and professional calendar can take a toll on employees, so it’s important to implement strategies and perks to help them manage their time better. One way to do this is by offering telehealth options, so that your employees can spend less time at the doctor’s office or in the waiting room. This approach not only enables them to receive the personal care they need but also gives them extra time to handle their daily tasks, ultimately allowing them to invest more energy into their responsibilities at work.
Business Retention and Group Management Services
Construction companies face unique challenges in recruitment and employee retention, but implementing effective strategies can make a significant difference. By offering comprehensive benefits packages, providing professional development opportunities, investing in workplace culture, and implementing flexible scheduling, business owners can create a supportive and engaging environment for their employees.
Group Management Services (GMS) can assist in developing and executing these retention strategies. With our expertise in HR solutions, we can help tailor programs to meet the specific needs of your workforce, ensuring that your employees feel valued and motivated to stay with your company for the long term. Our team can also provide personalized assistance and training to help your company attract and retain talent to help bring your business to the next level. Contact us to learn more!