---
title: Smarter compensation for the construction industry with Keep Financial
description: There's a smarter way to recruit, retain, and incent your skilled labor. Learn more about strategic, value-driven compensation solutions from Keep.
image: https://keepfinancial.com/hubfs/KeepSolutions_Construction.png
---
NEW!
[**Blog: How Do You Build An Employee Flywheel?**](https://keepfinancial.com/blog/the-employee-flywheel-how-to-build-business-momentum-by-hiring-and-retaining-the-right-talent)
- Why Keep?
Why Keep
- Employers
- [How it Works](https://keepfinancial.com/how-it-works)
- [Keep Benefits](https://keepfinancial.com/benefits)
- [Product Features](https://keepfinancial.com/features)
- Employees
- [Flexible Compensation](https://keepfinancial.com/employee)
- [Using a Keep Bonus](https://keepfinancial.com/blog/top-5-ways-to-leverage-your-keep-bonus)
- Solutions
[Solutions](https://keepfinancial.com/solutions)
- By Use Case
- [Signing Bonus](https://keepfinancial.com/signing-bonuses)
- [Poaching Defense](https://keepfinancial.com/employee-poaching)
- [Annual Bonus](https://keepfinancial.com/annual-bonus)
- [Equity Alternative](https://keepfinancial.com/beyond-equity)
- [Spot Bonus](https://keepfinancial.com/spot-bonuses)
- [M&A](https://keepfinancial.com/ma)
- [Performance Bonus](https://keepfinancial.com/performance-rewards)
- [Tuition Reimbursement](https://keepfinancial.com/tuition-reimbursement)
- [Smarter Severance](https://keepfinancial.com/smarter-severance-that-works)
- By Industry
- [Healthcare](https://keepfinancial.com/healthcare)
- [Construction](https://keepfinancial.com/construction)
- [Logistics + Transportation](https://keepfinancial.com/logistics-transportation)
- [Technology](https://keepfinancial.com/technology)
- [Retail](https://keepfinancial.com/retail)
- [Hospitality](https://keepfinancial.com/hospitality)
- [Manufacturing](https://keepfinancial.com/manufacturing)
- [Automotive](https://keepfinancial.com/auto)
- [Education](https://keepfinancial.com/education)
- [Senior Care](https://keepfinancial.com/senior-care-services)
- By Role
- [Compensation + Total Rewards](https://keepfinancial.com/compensation-total-rewards-solutions)
- [Human Resources](https://keepfinancial.com/human-resources-solutions)
- [Finance Leaders](https://keepfinancial.com/finance-leader-solutions)
- [Executive Leadership](https://keepfinancial.com/executive-leadership-compensation-solutions)
- [Legal Leaders](https://keepfinancial.com/legal-leader-solutions)
- Resources
[Resources](https://keepfinancial.com/resource-library)
- - [Blog](https://keepfinancial.com/blog)
- [Help Center](https://docs.keepfinancial.com/knowledge)
- [Partner Program](https://keepfinancial.com/referral-partner-program)
- [Resource Library](https://keepfinancial.com/resource-library)
- [Integrations](https://keepfinancial.com/integrations)
- Topics
- [Retention](https://keepfinancial.com/employee-retention-and-strategies)
- [Bonuses](https://keepfinancial.com/employee-bonus-structures)
- [Compensation](https://keepfinancial.com/employee-compensation)
- [Engagement](https://keepfinancial.com/employee-engagement)
- [Forgivable Loans](https://keepfinancial.com/smarter-employee-forgivable-loans)
- About Us
[About Us](https://keepfinancial.com/about-us)
- - [About Us](https://keepfinancial.com/about-us)
- [Founding Story](https://keepfinancial.com/our-founding-story)
- [Press Room](https://keepfinancial.com/press-room)
- [Press Kit](https://keepfinancial.com/press-room#press-kit)
[Demo](https://keepfinancial.com/request-a-demo)
[Sign Up / Log In](https://app.keepfinancial.com/sign-in)
- Why Keep?
Why Keep
- Employers
- [How it Works](https://keepfinancial.com/how-it-works)
- [Keep Benefits](https://keepfinancial.com/benefits)
- [Product Features](https://keepfinancial.com/features)
- Employees
- [Flexible Compensation](https://keepfinancial.com/employee)
- [Using a Keep Bonus](https://keepfinancial.com/blog/top-5-ways-to-leverage-your-keep-bonus)
- Solutions
[Solutions](https://keepfinancial.com/solutions)
- By Use Case
- [Signing Bonus](https://keepfinancial.com/signing-bonuses)
- [Poaching Defense](https://keepfinancial.com/employee-poaching)
- [Annual Bonus](https://keepfinancial.com/annual-bonus)
- [Equity Alternative](https://keepfinancial.com/beyond-equity)
- [Spot Bonus](https://keepfinancial.com/spot-bonuses)
- [M&A](https://keepfinancial.com/ma)
- [Performance Bonus](https://keepfinancial.com/performance-rewards)
- [Tuition Reimbursement](https://keepfinancial.com/tuition-reimbursement)
- [Smarter Severance](https://keepfinancial.com/smarter-severance-that-works)
- By Industry
- [Healthcare](https://keepfinancial.com/healthcare)
- [Construction](https://keepfinancial.com/construction)
- [Logistics + Transportation](https://keepfinancial.com/logistics-transportation)
- [Technology](https://keepfinancial.com/technology)
- [Retail](https://keepfinancial.com/retail)
- [Hospitality](https://keepfinancial.com/hospitality)
- [Manufacturing](https://keepfinancial.com/manufacturing)
- [Automotive](https://keepfinancial.com/auto)
- [Education](https://keepfinancial.com/education)
- [Senior Care](https://keepfinancial.com/senior-care-services)
- By Role
- [Compensation + Total Rewards](https://keepfinancial.com/compensation-total-rewards-solutions)
- [Human Resources](https://keepfinancial.com/human-resources-solutions)
- [Finance Leaders](https://keepfinancial.com/finance-leader-solutions)
- [Executive Leadership](https://keepfinancial.com/executive-leadership-compensation-solutions)
- [Legal Leaders](https://keepfinancial.com/legal-leader-solutions)
- Resources
[Resources](https://keepfinancial.com/resource-library)
- - [Blog](https://keepfinancial.com/blog)
- [Help Center](https://docs.keepfinancial.com/knowledge)
- [Partner Program](https://keepfinancial.com/referral-partner-program)
- [Resource Library](https://keepfinancial.com/resource-library)
- [Integrations](https://keepfinancial.com/integrations)
- Topics
- [Retention](https://keepfinancial.com/employee-retention-and-strategies)
- [Bonuses](https://keepfinancial.com/employee-bonus-structures)
- [Compensation](https://keepfinancial.com/employee-compensation)
- [Engagement](https://keepfinancial.com/employee-engagement)
- [Forgivable Loans](https://keepfinancial.com/smarter-employee-forgivable-loans)
- About Us
[About Us](https://keepfinancial.com/about-us)
- - [About Us](https://keepfinancial.com/about-us)
- [Founding Story](https://keepfinancial.com/our-founding-story)
- [Press Room](https://keepfinancial.com/press-room)
- [Press Kit](https://keepfinancial.com/press-room#press-kit)
[Demo](https://keepfinancial.com/request-a-demo)
[Sign Up / Log In](https://app.keepfinancial.com/sign-in)
##### Construction
# Upgrade your recruiting and retention tactics with smarter, proactive compensation.
Your sign-on bonuses aren’t working to attract and retain your skilled labor, but they could. With Keep, expect 4X the results of your current practices.
[Book a Demo](https://keepfinancial.com/construction#ConstructionForm)
##### The challenge
## The shortage of skilled laborers is not slowing
The industry continues to grapple with a shortage of skilled workers. According to a survey conducted by the Associated General Contractors of America (AGC) in 2021, 80% of construction firms reported difficulties in filling both hourly craft and salaried professional positions.
**“The construction industry must recruit hundreds of thousands of qualified, skilled construction professionals each year** to build the places where we live, work, play, worship, learn and heal,” said Michael Bellaman, ABC president and CEO.
In 2024, the industry will need to bring in more than 342,000 new workers on top of normal hiring to meet industry demand, and that’s presuming that construction spending growth slows significantly next year.
#### Worker Shortage
The perception of construction as physically demanding, lacking tech advancements, and offering limited career growth can deter young talent.
82% of construction companies reported a shortage of available workers aged 18-34.
*National Association of Home Builders (NAHB)*
#### High Turnover
The construction sector turnover rates impact project continuity and overall productivity.
The Bureau of Labor Statistics (BLS) reported a 5.6% turnover rate for the construction industry in 2020, which was higher than the national average across all industries.
#### Recruitment
The construction industry will need to attract an estimated 546,000 additional workers on top of the normal pace of hiring in 2023 to meet the demand for labor, according to a proprietary model developed by Associated Builders and Contractors (ABC).
## Traditional retention-based compensation creates administrative headaches and unnecessary expense
#### Collections
Clawbacks are expensive to enforce and many end up unenforceable.
#### Tax Complexities
Paying taxes up front leads to countless hours wasted on preventable W2 corrections.
#### Manual Tracking
Many track sign-on and retention bonuses manually, making automation and scalable edits difficult.
#### 80% of construction firms reported difficulties in filling both hourly craft and salaried professional positions.
Associated General Contractors of America (AGC)
##### The solution
## Custom, scalable sign-on and retention bonuses
**Keep Financial gives you a flexible compensation platform to offer, send, and manage your sign-on, retention, and performance-based bonuses.** With Keep, you can improve your recruiting, retention, and performance through a fully digital, automated platform to deliver upfront compensation earned over time.
#### Automate compensation
A fully automated system to deliver upfront compensation tied to **time-based and performance-based vesting**
#### Track milestones
Enable employees and employers to track & celebrate milestones
#### Improve finances
Improve providers’ credit and help remove their financial roadblocks
#### Flexible and modifiable
Include flexible components like performance challenges, easily modify arrangements
#### Optimize cash flow
Optimize cash flow & AR management, defer taxes & automate collections
#### Reduce manual effort
Save time and money by automating manual tasks like bonus tracking, clawbacks, W2 corrections, and more.
## Keep Financial features
- Turn-key product and no IT support required
- Bonus dashboard with employer and employee views
- Employee self-service portal to view milestones and withdraw bonus
- Governance and compliance built-in
- Finance-friendly, with robust auditing and reconciliation features
### “Keep has been an important tool in our employee retention program at Bestow, and we’re eager to utilize Keep Performing to better align performance objectives with significant compensation events.”
#### Claire Martin | CFO at Bestow Inc.
## See Keep in action.
- [info@keepfinancial.com](mailto:info@keepfinancial.com)
- [Blog](https://keepfinancial.com/blog)
- [Solutions](https://keepfinancial.com/solutions)
- [Help Center](https://docs.keepfinancial.com/knowledge)
- [Contact Us](https://keepfinancial.com/contact-sales)
- [Resource Library](https://keepfinancial.com/resource-library)
- [About Keep Financial](https://keepfinancial.com/about-us)
[Get Started](https://app.keepfinancial.com/sign-in)
[Request a Demo](https://keepfinancial.com/request-a-demo)
Copyright 2024 © Keep Financial Technologies, Inc. All rights reserved
- [Privacy](https://keepfinancial.com/legal-and-compliance)
- [Terms](https://keepfinancial.com/legal-and-compliance)
- [Sitemap](https://keepfinancial.com/sitemap)
- [Security & Compliance](https://keepfinancial.com/security-and-compliance)