Last month in this space, I reviewed a series of market projections for 2014 from Harvard University as well as the industry’s leading associations.
Benefits Attract Labor in a Tight Market
Gehman outlines his benefit budget for 1998.
Gehman Custom Builder competes for employees not only with other remodeler, but also with several pharmaceutical companies and a large meat packing industry.
In a tough labor market, good benefits make all the difference, says Dennis Gehman. "If they’re not going to find them in the construction industry, they can go to a host of other places," he says. By offering benefits, Gehman allows employees to do what they enjoy as craftspeople and provide adequately for their families.
Benefit Budget for 1998
- Health insurance: $31,409
- Supplemental insurance: Employees pay for using pretax dollars through a Section 125 cafeteria plan.
- 401(k)*: $12,000 (estimated) Company matches 25% of employees’ contributions up to 4% of gross wages.
- Company vehicles: $42,692
- Educational courses: $12,895
- Uniforms: $6,199
- Picnics/dinners: $11,123
- Employee gifts: $1,390
*Began in 1999.
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