COVID-19 has caused economic pain for businesses throughout the United States. If you own or operate a company, you understand the challenges you’re facing to remain viable. If you’re hoping to find a solid way to survive COVID-19’s impact on the world, it’s time to consider methods for reducing your costs and improving efficiency.
Businesses that bid for government contracts must pay the prevailing wage to employees. This can increase the cost of labor for business owners seeking government work. Fortunately, using a Davis Bacon pension plan can reduce the cost of bidding on government jobs.
Increasing Competitiveness in a COVID-19 Economy
While reducing costs in a pandemic might seem impossible, using a Davis Bacon pension plan can help you access lower upfront wage costs. By using a specially-designed pension plan, you can reduce the initial wage you pay to your staff members by placing it in an arranged pension. In doing so, you can save money on your payroll taxes.
Your staff will still receive the prevailing wage via their pension plans, and you’ll be able to slim down your overall expenses. It’s an excellent way to remain competitive in a COVID-19 world. While you might not be able to reduce other business expenses, don’t leave your costs stagnant by paying the prevailing wage upfront.
Make Your Bid Attractive for Government Contracts
As government contract bids become increasingly competitive, it’s more important than ever to offer the most attractive bid possible to the government. If you want to remain a step ahead of your competitors in COVID-19, a Davis Bacon pension plan is a clear solution.
Contact Us to Discuss Davis Bacon Pensions Plans
Our team at Davis-Bacon Pension Plans, Inc. offers Davis Bacon pension plans to business owners. If you’re searching for new ways to improve your business in a COVID-19 world, it’s time to contact our office at (425) 889-8855.