Competing for construction business is something we know about. Most of us have a plan for winning bids and lowballing our competitors without compromising quality or safety. Did you ever think you’d be competing for workers?
Labor Shortage Crisis for Construction Business Industry
We lost out on Gen X skilled trades
and we’re partly to blame. –David Mineer
The construction business is not the only industry struggling with finding and retaining talent. The current worker shortage has been called a national economic emergency. But the monthly turnover rate in other industries is almost half that of the construction industry.
It’s been a bit of a problem for quite some time: Construction industry worker numbers have been dwindling. Skilled trades have had a bad reputation as a low-income, uneducated career choice. It took us too long to respond to that issue.
It’s Not All About the Money
Paying more is the easiest and the hardest way to entice and retain talent, according to a Los Angeles construction company founder. But you must not appear as desperate as you actually are. And it’s getting even harder to pay those higher salaries.
The reservation wage, the lowest average wage Americans without college degrees will accept for new jobs, has increased by 26%
over the past year, to $29.56…–Construction Dive
One million construction workers lost their jobs to the 2020 pandemic, but only 80% are returning. To keep up with demand, AGC (Associated General Contractors) says we need to hire 430,000 workers in 2021 and a million more over the next two years.
New-age employees are interested less in money and more in companies that offer worker-friendly, human-centric company cultures. They want goal-oriented environments that have:
- Bonuses/reward system
- Career advancement
- Career training
- Collaborative project management approaches
- Company culture of honesty and integrity
- Flexible schedules
- Pride in construction as a career
Construction Monitor’s customized business permit data isn’t all about the money either. (But we believe sharing leads that lead to more money for you is great, too.) We can help you develop marketing promotions and lead generation.
The power of information is yours. Ask our marketing pros how it can work for you by contacting Construction Monitor.