How to Combat the Construction Industry’s Labor Shortage Problem
The construction industry is in the middle of a substantial labor shortage. It’s estimated that about 50 percent more workers will be needed in the U.S. in order to fulfill the needs of the industry.
Companies are scrambling to attract the younger generation to a career in the trades due to the aging workforce being close to retirement. However, millennials tend to seek careers in the attractive technology sector, even though they could earn a higher salary in construction. So how do you attract millennials to your workplace?
Here are some tips on attracting and retaining the best candidates:
Start with schools.
People choose career paths at a very young age and don’t necessarily explore options that might be better suited for them. Proactive high school and college academic advisors are often instrumental in directing students toward careers in high-demand construction sectors and recommending apprentice or internship programs.
Attract the best and the brightest.
Adopt a multi-pronged strategy with perks both within and outside of the workplace. Millennials value having an even work/life balance, so offering flexible schedules and a desirable benefits plan will make you stand out. Make sure you also provide opportunities for personal learning and development, and emphasize the opportunity for rapid career progression.
Invest in career development.
While allowing ample vacation time certainly makes your company appealing, it only goes so far. Show candidates you are invested in their career growth with your company by placing an emphasis on quality mentorship and encouraging an entrepreneurial spirit.
Perform a compensation assessment.
Although millennials claim that financial compensation is not their primary motivation, studies show that earnings potential does figure strongly on their list of what they’re looking for in a company. Surveying the competitive landscape and seeing how employee skills are defined by salaries, benefits and incentive plans will give you a benchmark on how you rank among industry competitors in the race to attract new talent.
Make them want to stay.
Millennials are a highly values-driven generation, both personally and professionally. They want to know the work they do matters and that they made a difference. Plan for regular, detailed check-ins to let them know they’re doing a good job and discuss areas on which they can focus.
Explore alternative benefits, like tuition reimbursement.
Studies have shown millennials may be on track to emerge as the most college educated generation ever. Tuition reimbursement for local colleges and management training and certificate programs offered through area trade associations are great retention tools.
Working with your professional advisors in the fields of career development, business planning and compensation assessment will enable you to make the best decisions in hiring and retaining talent.
