There is no doubt that the skilled labor shortage has plagued the construction industry. A labor shortage coupled with high turnover rate can be a disaster for any company. It is imperative that construction companies mitigate the risk of employee turnover and work hard to retain their current employees. If your company is experiencing increased turnover, certain technologies may be able to improve your ability to hire and retain talent. Read this section and part one to learn more.
Productivity is an indirect cost of employee turnover because when an employee leaves, increased costs stem from knowledge lost, the time spent finding a replacement, and the time new hires need to become fully functional in their new job. High turnover usually results in decreased efficiency and slowed project delivery. If your projects are being delayed due to worker shortage, you may find yourself needing to consult a Nashville construction dispute lawyer since delays can have a significant impact on all parties.
How Technology Improves Turnover
Some turnover is inevitable, but a high turnover rate is a red flag. When it comes to recruiting millennial workers, the obvious tactics of hiring good people and offering competitive pay is a must. On the other hand, companies should also ensure that they remain innovative during their hiring process as well as in their efforts to retain these employees. Adopting and integrating technology can improve training, aid in recruitment, improve productivity, as well as predict and prevent turnover. Today’s workforce expects to use technology and will opt for companies that are technologically advanced.
Minimizing Turnover with Technology
Mobile technology and digitization have the potential to increase efficiency on construction jobsites. However, the right technological tools and strategies must be utilized. The millennial generation has grown up with technology, and according to a Facility Executive article, outdated technology frustrates workers and they are more likely to quit their jobs as a result. Integrating the technology, such as automation, Artificial Intelligence (AI), and the Internet of Things (IoT), can increase employee satisfaction and streamline productivity.
If you would like to speak with a Nashville construction dispute attorney, please contact us today.
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.