For many years, the university degree was considered the standard for those looking to obtain a career with substantial opportunity in regards to compensation, growth potential, and quality of life. As of late, this is no longer the case. The value of a university degree is decreasing at a rapid rate. Many individuals have discovered that seeking career opportunities in a trade has proven to be the more accessible (and lucrative) path to success.
The construction industry is a great example of an industry that has a high demand for tradespeople and is willing to pay for top talent, which positions it in stark contrast to the expensive and time-consuming collegiate path that doesn’t promise a career upon matriculation. As a construction professional, you’ve witnessed firsthand just how rich and fulfilling the construction industry can be, but do your children view it the same way?
In this article, we will discuss four reasons why your children should pursue a career in construction. At Cotney Construction Law, the construction industry runs through our veins. Many of our experienced Orlando construction lawyers come from construction industry families or have worked on project sites themselves. This is why we exclusively serve the construction industry. For all of your construction-related legal needs, our Orlando construction lawyers are standing by.
1. The Value of the Degree Is Overrated
Nobody wants to pour their money into something that isn’t going to provide a considerable return on investment. Unfortunately, many people are still under the impression that a degree equals a job, which it doesn’t. There are many reasons why the overall value of university and college degrees are falling, including:
- Degrees don’t guarantee superior pay
- Degrees don’t guarantee superior career satisfaction
- Alternative certifications are becoming more accepted
- Collegiate studies are oftentimes irrelevant to actual career work demands
- Academic programs fail to provide real work experience
- The cost of education is steep and loans can take years to repay
2. The Construction Industry Is Brimming With Opportunity
By 2028, there will be as many as 3 million job openings according to the latest employment forecasts. This practically guarantees a career for all those who are interested in joining the construction industry. Currently, the majority of construction professionals are dealing with delays in one form or another as evidenced by a survey conducted by the National Association of Home Builders. Many individuals who choose to pursue a career in construction right after high school earn as much or more than their contemporaries will earn after spending four years studying in a college or university.
3. Construction Is a Diverse Trade
There isn’t a single, predefined path to success in the construction industry. An individual’s role in the industry will differ greatly based on their skills, knowledge, and experience. Although a hands-on role only requires training, which is often provided by the employer, a management role can be achieved by attending a two-year college or private training facility. On the other hand, an individual can rise through the ranks on experience alone.
4. Safeguard Your Succession Plan
Let’s face it, when you’re ready to hang up your hard hat for good and enjoy retirement, who better to take over your business than your own kin? If your children pursue a career in construction, you can teach them the ropes and guide them along their path. Although they’ll develop their own unique niche and embrace different aspects of the industry, you can impart the importance of solid leadership, ethical employment practices, and project site safety to help turn them into the type of professional you can entrust with the future of your business.
There are many reasons why contractors approaching retirement should consult an Orlando construction attorney to develop a succession plan, including:
- Protect your business and your reputation
- Appoint your successor
- Get assistance with corporate transactional law
- Get assistance with mergers and acquisitions
- Plan your retirement
At Cotney Construction Law, we support the construction industry and its workers, ensuring that jobs get done on time, disputes are avoided or handled quickly, and bottom lines are preserved. We also support the future of the industry and understand the value of a construction industry lineage. Having a trusted partner that can assist you, your children, and your children’s children take on the daily challenges of the industry is important. Rely on the Orlando construction attorneys at Cotney Construction Law to take on this challenge for you and your construction family.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.