Construction Today - May 2017 - 14
A good 401(k) plan can help narrow the skills gap. BY NATHAN FISHER
construction industry is
lagging behind when it comes
to employee benefit packages.
ompetition for qualified talent
in the construction industry is
heavy, and employers need to
think bigger than salary to stand
out. One of the key benefits that attracts
talent in any industry is a 401(k) plan, but
the construction industry is behind when
it comes to offering retirement benefits,
and data suggests that those construction
professionals who do have a 401(k) plan are
underserved and undereducated.
The opportunity here is clear: if you're in
CONSTRUCTION-TODAY.COM MAY 2017
the construction industry and you offer a good 401(k) plan, you are
going to attract more employees, and keep them around longer.
When it comes to retirement preparedness, the data suggests that
not only is the entire American workforce falling short, but the
construction industry is lagging even farther behind. A Government Accountability Office report on retirement security stated that
between one-third and two-thirds of American workers are likely to
have a lower quality of life in retirement because they haven't saved
enough. This is a significant number of people who either aren't
saving for retirement or aren't saving enough.