It's tough everywhere. Upcoming jobs are Prevailing Wage because the government is the one spending money. Experienced Prevailing Wage Contractors now see twice as many bidders from farther away competing for the same contract, or they see Companies who never before sought Prevailing Wage work. Contractors who have avoided Prevailing Wage up until now often find themselves in a situation where it is the only work available. Costs are rising and margins are going down. No matter the circumstance, everyone has to work harder and smarter to get their share of the pie.
One very simple monetary advantage any contractor may have over a competitor is how they address the Prevailing Wage rate fringe requirement. Ask yourself these questions:
So, what does Advantage Resource do? We make sure your answer to the first and last question is "no", and the answer to all of the others is "yes".
Although the current unemployment rate and news reports would suggest otherwise, it is difficult for an employer to hire and retain good workers. There is an ever decreasing supply of talented and skilled labor available. To retain these persons, an employer must simply be the first and best choice as a place to work. That means providing fringes, real fringes that benefit the employee, as incentive. Companies must be able to include these costs as a part of the "required fringes rate" on their Prevailing Wage projects to remain competitive. Many are not.
The guidelines for receiving credit for employer paid fringe benefits on Prevailing Wage projects are absolute and defined (see "5 Things"). Strict compliance is not at all intuitive, and is often difficult and confusing. Many times the employer pays for an employee benefit and is not able to claim that particular benefit as a fringe only because certain procedures were not followed and guidelines were not adhered to. Advantage Resource provides the ways and means to adhere to those guidelines, allowing the contractor to receive credit for the costs incurred.
Any Company that provides vacation or holiday pay, and does not receive fringe benefit credit for that money paid, must pay that money again in some other form and is paying twice. Any Company not receiving credit for all the insurance premiums paid, but only the auditor's calculated hourly amount, is again paying twice. We show you what is required to receive fringe benefit credit for all the Bona Fide fringes provided and we produce consistent and repetitive documentation to assist you in any Prevailing Wage audit. We do not point to any loophole nor offer any product for sale. We simply offer assistance enabling Contractors to be absolutely compliant and receive credit for what they actually pay. We are pro-active and absolute in our approach to service. Most contractors find that our services significantly reduce their out-of-pocket fringe benefit costs.
Employers who work on both Prevailing Wage and non-Prevailing Wage projects have a balancing act on their hands. Some employees may feel shorted because they are not working on a Prevailing Wage project. We help Companies structure their Benefit Program to minimize this imbalance. This furthers the effort to retain good employees. We constantly communicate with employees to keep them informed of their specific fringe balances and what has been paid on their behalf. This considerably reduces confusion and questions to the Company office staff and to their HR Department.
Advantage Resource is not for everyone, although we are highly beneficial to most. Contact us to see if we may be of some assistance to you and your specific situation.
Just as every Company wants to hire the best employees, workers want a job with fair rules and good benefits. Benefits are exactly that - extra incentives furnished by an employer to help in the effort to hire and retain good employees. New hires most always question benefits offered. The common perception is, "the better the benefits, the better the job", with most jobs now offering at the very least some sort of insurance program, access to a retirement plan and a paid vacation/holiday plan. It is expected.
Advantage Resource provides assistance tracking and documenting provided Company benefits. We furnish a means allowing the company to receive Prevailing Wage credit for those benefits paid. It simply is not fair if an employer pays for Bona Fide worker benefits and is not allowed to receive credit for them. In addition to allowing a Company to be more competitive (and obtain more prevailing wage work), this precise approach allows and encourages the Company to furnish better benefits. Better employees are rewarded.
Advantage Resource produces an Employee Monthly Benefit Statement for each employee. This statement shows all benefits earned, used and available. Employees are better informed and most of their questions are answered. All benefits earned are accounted for, so every employee knows exactly where they stand.
For current news and articles,
subscribe to our email newsletter.