Employee MotivationMore Like This

The construction industry is facing a serious challenge. Its workforce is aging faster than any other industry in the country, according to the U.S. Bureau of Labor Statistics (BLS), and construction companies nationwide are looking to fill multiple positions. Companies are desperate for new talent because employees who have been with them the longest are transitioning out, and there is not an adequate pipeline of new candidates to take their place.

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Managing Your BusinessMore Like This

One of retirement plan sponsor’s most important duties is to ensure the plan is in compliance with legal requirements. This is no easy task, especially for construction firms with high employee turnover. The Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC) have specific requirements that plan sponsors must follow, and the current regulatory environment has led to increased scrutiny of plan practices.

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HiringMore Like This

“If we build it, they will come” doesn’t just apply to fictional baseball fields. It also applies to building better benefits plans in an effort to keep and retain better construction workers. Looking back on 2016, it’s no question that the construction industry is making big changes to employee benefits. Like most industries, construction is facing rising health care costs—all while balancing the demands of attracting and retaining skilled workers.

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Best PracticesMore Like This

While construction owners and suppliers face many strategic decisions to lead a growing business, one to keep top of mind is the health and wellness of their people. The construction industry demands a skilled workforce with high mental and physical engagement. Making an investment in a wellness plan for employees can contribute to good health on and off the job, increase productivity and reduce common jobsite errors that may lead to injury.

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SafetyMore Like This

In recent years, construction workers have incurred the most injuries of any industry in the private sector, according to the Centers for Disease Control and Prevention. Yet, these workers count on being healthy to work and support themselves and their families. In the event that a worker experiences an accident on the job, he or she may not be able to afford the financial setbacks associated with medical bills.

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Strategic PlanningMore Like This

Many closely held construction companies do not have succession plans for continuing the business when the major (or sole) shareholder wants to retire.  If family members are unable or unwilling to take over—or if the existing management does not have the financial means to buy the business—an employee stock ownership plan (ESOP) can provide an internal market to buy the closely held stock.

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Best PracticesMore Like This

After several years of increasing demand, construction firms are expanding their payrolls in almost every market segment. They are optimistic about growth in the retail, warehouse and lodging segments, as well as demand for manufacturing, energy and hospital construction. They also are ready to purchase and lease new equipment. Although the outlook is optimistic, construction firms face a number of significant challenges. Foremost among those challenges is the growing shortage of qualified workers to fill available positions.

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