As contractors continue to battle the labor shortage, many are using enhanced benefit offerings to lure new employees and keep existing talent. But when it comes to one of the most popular offerings, many may not realize this benefit can help employers as well.
That benefit is the 401(k) offering, and it’s already the second most-offered perk, after health benefits, according to Remodeling 550 figures. In fact, 66% of contractors now offer employees 401(k) plans compared to 61% in 2017. But that number would likely be even higher if more contractors understood that the tax savings 401(k) plans provide can easily offset and even exceed the cost, experts say.