Rochester, N.Y., August 20, 2019 – The Bonadio Group’s 2019 survey of upstate New York construction companies and contractors shows the majority of firms expect to maintain employment levels, with slightly under 50 percent expecting to increase employment in the coming year. Compared to results from The Bonadio Group’s 2017 report, bonuses increased for all employees, averaging $8,601.00, up from $7,519.00, or from 9.9 to 11.3 percent of pay.
While bonuses grew, salaries were generally consistent with 83 percent of firms surveyed stating that 2019 raises will be between 1 and 3 percent among non-executive positions relative to 2017 data. At the same time, bonuses increased from 48.5 to 60.5 percent of pay as base salary levels dropped among members of the c-suite.
“Both strategically and tactically, firms are trying to stretch their dollars to survive while satisfying their employees’ needs,” said Michael Smith, CPA, CFE, Partner and Construction Division Leader, The Bonadio Group. “Hiring and retaining qualified people, while simultaneously keeping pace with increasing healthcare and other costs, continues to challenge companies in an increasingly competitive environment.”
Providing benefits and perks is an important way that companies strive to attract and keep employees. According to the survey, 95 percent of firms offer health insurance benefits of some kind. However, only 57 percent provide traditional healthcare models, while 38 percent of all respondents offer high deductible plans with a health savings account. While healthcare premiums continue to rise, the increases have been split amongst employees and employers.
Other perks construction companies and contractors make available include a 401(k) or similar retirement plan at 80 percent of respondents, with 78% of those making a matching or profit-sharing contribution; reimbursement for mileage to employees traveling to job sites (more than 75 percent of respondents); and paid time off, with responding firms offering seven paid holidays during the year, an increase of one paid holiday from the 2017 survey.
The Bonadio Group’s biennial survey includes results from 50 respondents at construction companies and contractors representing three size categories: small, under $10 million in revenue (36 percent of respondents), medium, $10 to $50 million in revenue (51 percent of respondents), and large, more than $50 million in revenue (13 percent of respondents).
The Bonadio Group’s construction division team includes more than 40 accounting professionals who serve more than 350 construction/contractor clients throughout New York State and beyond. The team includes CPAs, tax specialists, Certified Fraud Examiners, CCIFPs and valuation experts. For more information, go to www.bonadio.com/construction.
About The Bonadio Group:
Founded in 1978, The Bonadio Group is a nationally ranked Top 50 CPA firm offering accounting, tax, and consulting services to clients of all sizes. The Firm’s professionals deliver practical, proactive, and innovative solutions to help clients reach their financial, compliance, management, and personal goals. The Bonadio Group is the largest independent provider of accounting, tax, and consulting services in upstate New York—with offices in Albany, Batavia, Buffalo, East Aurora, Rochester, Syracuse, and Utica. The Bonadio Group also has offices in New York City, Rutland, Vt., and Dallas. For more information, visit www.bonadio.com.