A Better Understanding

Let me bring attention to a small portion of the MCAA Constitution & By-Laws Preamble which states, “to promote and encourage greater cooperation between employers and employees,” and “to promote and encourage a better understanding, friendship and closer relationship among ourselves and our employees.” 

Being a business owner, you’ve most likely been dealing with the challenges of retaining and hiring talented employees. Whether your business is expanding, suffering turnover or experiencing employee retirement, you need to attract new quality employees. To overcome these hiring challenges, you’ll need to keep up with the ever-changing benefit trends. Successful leaders are focusing on understanding and adapting to the changing needs of employees. Taking an individualized approach to their benefit offerings can help you structure important solutions. 

Today’s employees represent four major generations with each presenting different wants and needs. They are largely based on the environment they grew up in or the recent Covid lock down effects. Working from home or some type of hybrid is not very practical in construction. Employees want to improve their lives through their benefits and feel appreciated. To overcome hiring challenges and retain top talent, you need to understand these changing demographics and keep up with the ever-changing benefit trends.

Traditional benefits such as medical, dental and paid time off are all highly valued by employees. Adding additional benefits such as life insurance, 401K retirement accounts, matching contributions, profit sharing and incentive bonuses that benefit employees, can have significant results.  When employees understand the relevance of these benefits, they feel appreciated and valued. In return, you will experience more engaged, loyal, and productive employees. 

Individual benefit communication is important throughout the year but is especially important during open enrollment. While group meetings seem like an efficient strategy, they do not always work well. As a result, many employees tend to miss important messages when the content of the meeting doesn’t feel significant to them. When they miss the cutoff period, due to no fault of the employer, they will become stressed and feel unappreciated. Mostly prevalent among the younger generation.

In a competitive job market, employees often have several choices when it comes to where and how they want to work. The one constant is that employees will continue to expect more from their employers going forward. By taking an individualized approach to benefits and the way that they’re communicated, you can demonstrate that you value and appreciate your employees. This will ultimately be a deciding factor in where your employees choose to align their talents moving forward. 

The MCAA Board and staff have been steadfast on promoting this portion and all the MCAA’s Constitution and By-Laws. Some of the best business advice you’ll receive will be from your peers at the MCAA. It’s important to be active and attend our Midyear meetings or annual conventions. 

Employees will make or break your business. Try to promote from within to fill upper management roles. Make sure you hire the best and make them feel appreciated. Do not let price be the only factor, we all know you usually get what you pay for. If they trust you, they will work hard.

Stay Safe, Stay Strong!
Larry Vacala