ON DEMAND WEBINAR
Duration: 26 minutes​

It’s never been harder to be in the construction business. Inflation, banking crises, and lingering supply chain issues continue to test already tight profit margins. Burnout among construction workers is at an all-time high, due to low wages inconsistent work, long hours and dangerous working conditions. The turnover rate in the construction industry holds steady at a staggering 65%. When replacing employees costs 30% to 150% of an annual salary along with operational challenges, every construction company across the country is facing budget challenges due to seasonality, market changes, and inflation. Don’t get us started on the labor shortage.

Generous employee benefits would remedy many of these issues, but employees in the construction industry are covered by their employer for health insurance at a much lower rate than the national average.

For construction companies that do offer health benefits to boost their recruitment and retention, it’s cost prohibitive, uncontrollable and doesn’t play well with the variety of employee types that comprise a construction workforce. This doesn’t come as a surprise, with 2024 healthcare costs taking their biggest jump in years, according to the Wall Street Journal.

If you’re like many construction business leaders, each year you stand powerless as your group health insurance delivers another high renewal. Double digit increases year over year aren’t sustainable for any company no matter the size, so many construction companies begin to increase employee contributions, switch to less comprehensive options, or raise deductibles—hardly the consumer-friendly solution we would hope for. For years, construction company leadership have asked why they can’t just give a stipend to employees and have them buy their own health insurance. Now they can. In this session, learn about a new benefits trend that’s delivering cost control and flexibility to the construction industry and choice and personalization to its employees.

Key takeaways

• Learn why the construction industry is leading a new benefits trend built on cost control and choice
• Learn how ICHRAs work 
• Hear real life stories from other construction business owners on cost savings switching from group insurance 
• Determine if your construction business is a fit for ICHRA

SPEAKER

Amy Skinner
Director of Content & Brand Marketing
Take Command