Sign of the Times: Workforce Shortages and Growth Eats Cash

摘要

There are two signs of the current times that were not present just a few years ago. The first is the fact that limited labor resources force management to be selective in projects pursued. The common theme among all contractors is the lack of skilled and unskilled labor. Construction associations are anxiously engaged in educating students in high schools and trade schools regarding the employment opportunities in skilled trades and construction careers.Despite these noble efforts, the shortage of workers is gaining steam, with more baby boomers retiring during a construction growth economy. Construction companies are beingcreative in retaining their people and attracting talent, including increasing compensation to include benefits and looking toward a new area of potential labor: refugees and immigrants. The construction companies that are successful in managing labor needs by retention of existing employees and developing new talent will have a competitive advantage.