Construction companies who value employees as their most important asset are set to be successful during good and bad economic times. It is no secret that there is a significant labor shortage problem in the construction industry that is influencing project performance and profits. While construction workers seem to be the main beneficiaries of being in short supply, this is also a great opportunity for construction companies to attract talent.
Some construction companies may see the current job market as a challenge that they just have to live with. However, other companies are taking advantage of the opportunity to land top notch talent that was otherwise unavailable during scarce times.
Construction companies who recognize their employees are their most valuable asset and build a culture around that idea will not only reap the benefits during these good economic times, but it will set them up to remain profitable when the construction work begins to dry out. This is rooted in the idea that good construction workers equal good construction work.
There are many strategies to retain employees that go beyond an increase in salary. You can find countless blogs that provide details about the many strategies a company can implement, but most strategies center around the same basic values. Good construction workers not only value competitive salaries and benefits packages; they also value safety, training, advancement opportunities, autonomy, the company’s reputation and a sense of purpose.
As a construction company, you should build a culture that places front and center all the things your employees’ value in the workplace. In return, you will attract and retain the best talent, increase profitability, attract the best construction projects and build a reputation for excellence. Now, why wouldn’t you want that?
Our professionals have many years of experience working with the construction industry. If you have concerns about fraud at your business, don’t hesitate to contact a Henry+Horne professional adviser.
Abel Coronel, CPA