Digital transformation in engineering and construction is creating a mismatch between the number of available employees and the skills necessary to do the job. Employers are embracing new technologies and ways of conducting business, but Millennials and Generation Z are not as attracted to construction as previous generations. One way to address this problem and recruit more skilled talent is to offer better retirement benefits. Here’s how:
- Implement automatic enrollment
Automatically enrolling employees into your plan as soon as they become eligible, increases participation rates. It also makes the process easier for them, which can help improve employer loyalty.
- Improve retirement readiness
Most construction business don’t think their employees will achieve their retirement goals by age 65. You have a fiduciary responsibility to try to help them become retirement ready.
- Use mobile applications
It can be challenging to engage with employees who are working on remote job sites. Mobile applications can help you communicate information about your retirement plan to your workforce anywhere, at any time.
For a construction retirement plan report card and information on how ADP can become your retirement ally, download our insight.