Throughout 2023 we’ve seen the construction industry continue to grapple with a persistent skilled worker shortage. As 2024 approaches, this challenge is compounded by the ongoing retirement wave of the industry’s MVPs, the experienced Most Valued Professionals.
While the skilled labor shortage affects all tiers of the heavy industry workforce, today we’ll delve into strategic approaches for hiring and retaining the top professional construction talent, to maintain the vitality and growth of the construction sector in 2024.
According to a 2022 report from ABC, the Association of Builders and Contractors
“The construction industry must recruit hundreds of thousands of qualified, skilled construction professionals each year to build the places where we live, work, play, worship, learn, and heal,” said Michael Bellaman, ABC president and CEO. “As the demand for construction services remains high, filling these roles with skilled craft professionals is vital to America’s economy and infrastructure rebuilding initiatives.”- Construction Workforce Shortage Tops Half a Million in 2023, Says ABC
The Aging Construction Workforce: Tackling the Retirement Wave
The construction industry has been dealing with a significant shift as a substantial portion of its senior “baby boomer” generation workforce nears retirement. This demographic change signifies a loss of experienced workers but it also highlights the vital need for knowledge transfer to promising younger professionals on their way up the company ladder.
Addressing the retirement void involves more than just filling positions. Construction companies need to ensure that the incoming workforce is adequately equipped with the skills and wisdom amassed over years of cumulative on-site experience. To maintain this dynamic knowledge pipeline, retaining seasoned talent becomes just as important as recruiting new talent.
The retirement wave was just one element of the perfect storm affecting heavy industry in general, and the construction industry specifically. Senseless, overreaction fueled by the fear-mongers of the MSM and ignorant government officials around the world brought about the Covid shutdowns, the fallout from which we’re still recovering in Q4, 2023. All for a “pandemic” that proved to be 99% survivable. Many agree that the shutdown “cure” was far worse than the disease.
As a result, the rickety, volatile Red China-dominated supply chains wreaked havoc with projects that would otherwise have been accomplished on time and on budget. One MIT press report headlines China’s supply chain duplicity as “Wars without Gun Smoke”’.
“While supply chains have stabilized post-COVID-19, managing them remains a challenge. Companies struggle with fluctuating supplier prices and ensuring parts are available at production plants.”- Navigating HR Challenges in the Construction Industry 2023: Insights and Strategies
We all know by now what the problems are. Now it’s time to tackle the solutions.
Embracing Technology: Digital Tools and Modern Recruitment
In an era where technological proficiency is paramount, the construction industry must leverage digital tools to attract a tech-savvy workforce. This entails harnessing technologies like Building Information Modeling (BIM) and virtual reality for training and development, thus appealing to a generation that values digital innovation.
While social media recruitment might not be effective for higher-level positions, a robust online presence such as our Resource Erectors website can still play a role in brand building and attracting tech-oriented professionals.
Cultivating Talent: The Power of Apprenticeships and Training
Apprenticeships and continuous training programs are crucial in bridging the skills gap in the construction industry. By offering hands-on learning experiences and opportunities for growth, these programs not only build a skilled workforce but also foster loyalty and long-term career development. Collaborations with educational institutions can further augment these efforts by aligning academic learning with specific industry needs.
Green Construction and Eco-conscious Practices are Mandatory
Sustainability is no longer just a hip trend but a necessity in the 21st-century construction arena. Adopting “green” construction practices and publicizing eco-friendly projects and new materials technology such as “green concrete”, carbon capture, and “carbon neutral” aggregate production can attract environmentally conscious talent.
This approach caters to a workforce that values sustainability and positions the company as a forward-thinking and environmentally responsible employer.
Competitive Compensation and Work-Life Balance: 2 Keys to Retention
Competitive compensation remains as a cornerstone of employee retention, and a hefty 6 figure salary is sure to turn the heads of professionals in the top tier. But in the modern workforce, adequate financial remuneration isn’t always enough; especially for the senior players in the professions seeking more control over their work schedules.
Offering a balanced work-life culture, with generous benefits, employee-centric opportunities for personal growth and clear paths for career advancement within the company can make a substantial difference in retaining top talent. Recognizing and addressing the evolving expectations of the workforce is essential in building a loyal and satisfied team that will stick around for the long haul.
As 2024 commences, the construction industry must continue to adapt and innovate in its approach to these ongoing workforce challenges. By addressing these key areas, companies can not only fill the gaps left by retiring professionals but also pave the way for a resilient, skilled, and motivated workforce.
About Resource Erectors
Filling the gaps left in your organization by retiring professionals with specialized recruiting, and retaining your heavy industry company’s Most Valuable Professionals has been the mission of Resource Erectors for decades. Our expertise in matching the right professionals with the industry-leading companies who seek their talents in engineering, civil construction, concrete, aggregates, mining, and more has resulted in 85% of our placed professionals still contributing to the success of our client companies 5 years later and counting.
When you’re ready to make a strategic career move or build your next professional dream team you’re ready for Resource Erectors, so don’t hesitate to contact Resource Erectors today so we can all get to work.
