Remodelers who have built loyal teams have found that one of the best ways to do just that is to offer a comprehensive benefit package. “A lot of companies in our area don’t offer the kind of benefits that we do,” said an Indiana remodeler. “We feel we need to offer them in order to attract the right kind of employee.”
Generous benefit packages (especially those with an emphasis on health insurance and retirement savings) tend to attract employees who are looking for long-term, stable positions. The importance of building a team of quality employees is not lost on successful remodelers — even those currently financially stretched by market conditions.
“We decided not to change our benefits at all,” said a Massachusetts remodeler who not only laid off staff but significantly cut his own pay. “Our health benefits are a big reason we’ve got the people we have.”
Said a Virginia remodeler, “I want to make sure my team can take home a package that takes care of their family. I’ve got guys that have been with me 20 years, and I feel it’s my obligation as owner to take care of them.”
Our survey shows that many remodelers feel the same sense of duty to their employees. Nearly 60% said they would maintain all their current benefits even if none of their competition had benefits. (Conversely, 24% said they too would offer no benefits.)
And many owners want to provide top-notch benefits packages but simply can’t justify the expense.
“We’d love to offer at least twice as much as we do for health insurance,” said a Minnesota remodeler. “Right now though, our overhead is just too high.”
As shown at right, changes in insurance premiums and projected revenues have the biggest impact on many remodelers’ benefits.