Only 34% of construction workers are participating in an employer-sponsored 401k plan. Yet, according to a Payscale study, the most desired benefits among construction workers are retirement benefits.

We also know that today’s employees are also stressed out about their ability to save money for future needs, which can cause problems with their productivity—only 1 in 10 have money saved for retirement.

So why should you consider creating a 401k plan for your employees? Here are just a few reasons:

• It’s a way to trim your company’s tax bill
• Provide your employees with a way to help them attain a more financially sound future
• Studies have shown that retirement benefits may provide an employee recruiting advantage
• Invest in your own retirement—you can usually invest more through a business retirement plan than through an IRA

Read more about these benefits here.

When it comes to what to do with your prevailing wage dollars, it’s not always easy to explain to your employees that taking away cash at hand is the most cost-efficient option. So it’s important for them to know that their money is still…their money. If you would like to talk to your team about creating a 401k plan, download and share our one-page document that explains some of the best reasons to invest in their future!