It's tough everywhere. Upcoming jobs are Prevailing Wage because the government is the only one spending money. If you are a contractor who has performed Prevailing Wage work before, you now see bidders from farther away competing for the contract, or you see companies who never before sought Prevailing Wage work now attempting to win the bid. If you have avoided Prevailing Wage projects in the past, you may find that it's now the only work available. No matter the circumstance, contractors have to work harder and smarter to get their share of the pie.
One very simple monetary advantage you may have over your competitors is how you address the Prevailing Wage rate fringe requirement. Do you really understand Prevailing Wage fringes? Ask yourself these questions:
We cover a lot of ground and we provide quite a bit of educational and reference material for you to keep. These sessions normally last a couple of hours. In order to address everyone's concerns, attendance is limited to a relatively small number. Of course, there is no cost or obligation on your part, just let us know if you want to attend.
In addition to covering the Prevailing Wage Workshop items listed above, we specifically address and demonstrate customized reports we have created for ComputerEase users, enabling them to accomplish the items discussed while significantly reducing their administrative workload. These sessions normally last a couple of hours. In order to address everyone's concerns, attendance is limited to a relatively small number. Of course, there is no cost or obligation on your part, just let us know if you want to attend.
In January 2017, the state of Kentucky voted to repeal its state prevailing wage law, catching many business owners by surprise. In its wake, companies throughout the state and region that have historically had a high percentage of prevailing wage work are trying to determine how this change affects their business.
Some companies see the change as a threat. Companies used the required fringe component of the prevailing wage to help pay for employee benefits, to include health insurance, holiday and vacation pay, and retirement plan contributions. Without the prevailing wage fringe requirement, companies are looking to cut overhead costs, and are concerned about their ability to keep their current workforce.
While business owners are indeed concerned, their employees are more so. For most hourly employees, a decrease in prevailing wage opportunities will mean a reduction in their gross wage and a general fear that the benefits package offered by their employer (health insurance, retirement plan, paid time off, etc.) will be cut. For employees with health insurance on themselves or their families, this is of particular concern. These concerns will give rise to union discussion, and longtime employees looking for more stable options.
Other companies see the change as an opportunity. They see the repeal as an "open market" of sorts to attract and retain the best and brightest employees. They know workers are looking for stability, that the "prevailing wage job hopping" once common in certain trades will decrease, and that workers will be looking, more than ever, for the best place to work. These companies are using their Company Fringe Program as a means to help them attract these top foremen, superintendents, operators, and craftsmen.
This workshop covers how to use an hourly fringe benefits program as a recruiting and retention tool to attract and retain the best employees.
To register for one of our workshops, contact Philip Ely via email at email@example.com or via the AdvantageResource office at 859-313-5472.