Construction industry employers are competing against each other to hire the most qualified people. Very few top-tier candidates are actively searching for new positions on the market. A majority of the most valuable candidates are passive. Passive candidates only become open to the idea of changing jobs when an extraordinary career opportunity comes to them.
The construction industry is facing a serious challenge. Its workforce is aging faster than any other industry in the country, according to the U.S. Bureau of Labor Statistics (BLS), and construction companies nationwide are looking to fill multiple positions. Companies are desperate for new talent because employees who have been with them the longest are transitioning out, and there is not an adequate pipeline of new candidates to take their place.
Typically, disruption in the workplace is counterintuitive to productivity. But in terms of creating innovative ways to manage people, processes and technology, the concept of “disruption” isn’t such a bad thing for the construction industry. Change is stirring whether contractors are ready for it or not, and firms that have adopted new ways of managing scheduling and workflows are seeing stellar results—earning the accolades of repeat projects for key clients, as well as happy project partners.
On Nov. 22, 2016, the Eastern District Court of Texas issued an injunction blocking the implementation of the Department of Labor’s (DOL) Overtime Rules, which were set to go into effect Dec. 1, 2016.
“If we build it, they will come” doesn’t just apply to fictional baseball fields. It also applies to building better benefits plans in an effort to keep and retain better construction workers. Looking back on 2016, it’s no question that the construction industry is making big changes to employee benefits. Like most industries, construction is facing rising health care costs—all while balancing the demands of attracting and retaining skilled workers.
Construction Unemployment Rates Improve in 33 States Year Over Year ABC Analysis Finds Lowest Unemployment Rate in October Since 2006
October not seasonally adjusted (NSA) construction unemployment rates were down in 33 states and the nation on a year-over-year basis, according to analysis released today by Associated Builders and Contractors (ABC). The national NSA construction unemployment rate of 5.7 percent was down 0.5 percent from a year ago, according to data from the Bureau of Labor Statistics (BLS).
September not seasonally adjusted (NSA) construction unemployment rates improved in 32 states and the nation on a year-over-year basis, according to analysis released by Associated Builders and Contractors (ABC). The national NSA construction unemployment rate of 5.2 percent was 0.3 percent lower than a year ago, according to data from the Bureau of Labor Statistics (BLS).
Filling the Construction Skilled Trades Gap Educating High School Students and Parents Is Key to Attracting New Talent
In today’s world, technology is everywhere. Children are mastering digital devices at ever-earlier ages. While technology is critical to many jobs, certain robust industries also require a skilled trade. Unfortunately, these industries are struggling to find the skilled workforce to fill these well-paying positions. The construction industry faces a projected job shortage of more than 90 percent, according to a recent report published by the Conference Board, a 501 non-profit research organization.
All too often, construction companies lose out on good candidates for preventable reasons. For example, one company lost three consecutive candidates after going through the entire interviewing and vetting process. The company made offers in each case, but discovered the candidates had already accepted other jobs.
Recruiting and Retaining Top Construction Industry Talent Leverage a Strong Portfolio, Company Culture and Advancement Opportunities to Build Your Best Team
There is no question that it is more difficult for construction and related industry firms to attract the number of candidates needed to fill today’s positions and to build managers for the future. For companies in remote or less developed regions, such as much of Northern New England, this challenge can be compounded by the lure of higher earning potential in bigger cities.
Later this year, business owners will need to work through the twists and turns accompanying the Department of Labor’s (DOL) changes to the federal overtime regulations. The new rule will take effect Dec. 1 and applies to exempt employees. It also more than doubles the salary basis required to classify an employee as exempt.