Employee retention is one of the biggest challenges facing Ontario’s construction industry. With skilled trades in high demand and competition for talent increasing, contractors need more than just competitive wages to keep their best people. One of the most effective strategies is offering better employee benefits.
According to a 2023 report by the Canadian Apprenticeship Forum, over 60% of tradespeople say that access to health and retirement benefits is a key reason they stay with an employer. For open shop contractors, this presents an opportunity to stand out by offering benefit plans that are tailored to the trades.
The Hour Bank Plan, offered through Merit Ontario and OCIBP.ca, is designed specifically for construction workers. It allows employees to accumulate hours that translate into benefit coverage, even when they move between job sites or employers. This portability is critical in an industry where project-based work is the norm.
Better benefits also improve morale and reduce absenteeism. When workers know their health, dental, and mental health needs are covered, they are more likely to stay engaged and loyal. The Canadian Centre for Occupational Health and Safety notes that comprehensive benefits contribute to a healthier and more productive workforce.
Employers also benefit from reduced turnover costs. Recruiting and training new workers is expensive and time-consuming. By investing in benefits that support long-term retention, contractors can build more stable teams and improve project outcomes.
In summary, better benefits are not just a perk—they are a strategic tool for retaining skilled tradespeople. Contractors who invest in plans like the Hour Bank Plan are better positioned to compete for talent and grow their business.
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