After years of sustained growth, the economy is finally starting to slow down. Experts believe a recession is imminent; as a result, employees are buckling down to weather the storm with their current employers. They recognize that now is not the time to gamble with employment — better safe than sorry!
For construction business owners, the state of the economy is troubling because the number of lucrative projects tends to decrease during periods of economic slowdown. On the other hand, the boost in employee loyalty means there will be fewer labor concerns when things eventually turn around — the labor shortage has restricted profitability for years. If contractors can retain workers and manage to secure their piece of the proverbial pie during a slow economy, it could lead to long-term success in the future.
In the meantime, you can protect your firm’s financial interests by ensuring that you aren’t leaving your business susceptible to disputes, citations, and violations. An Orlando construction attorney from Cotney Construction Law can help you control costs by providing a myriad of legal services, such as OSHA defense, lien law, contract review and drafting, employment law, license defense, bid protests, and more. Best of all, you can have access to consistent legal support for a fraction of the price with a subscription plan.
Over Half of Workers Want to Stay Put
According to Gartner’s latest Global Talent Monitor report, the number of employees who intend to remain with their current employer rose 10 percent from the first quarter to the second quarter. 53 percent of workers reported having no intention to seek new employment. Gartner notes that this is the first time they’ve seen a majority of the workforce have the intent to stay with their current employer.
“With this quarter-over-quarter increase in intent to stay, we are now seeing a shift as employees hunker down, indicating concerns around available job opportunities and potential weakness in the labor market,” said Gartner Chief of Research Brian Kropp
Also worth noting is the fact that the number of workers actively seeking new employment opportunities diminished by half. Furthermore, employees are reportedly working harder to protect job security.
“Workers appear to be putting more time and effort into their current positions with the hopes of solidifying their roles in case of a change in the economy,” said Kropp. “This situation creates an opportunity for organizations to invest in internal training programs that capture this employee commitment to build a stronger, more productive workforce.”
As a contractor, you need to embrace these workers and show them that their hard work is appreciated. This doesn’t necessarily mean altering the way you do things, but it does mean you should put in the extra effort to make work safe, enjoyable, and productive. Right now, it’s absolutely critical that you take this opportunity to build relationships with workers and put a renewed emphasis on company culture. Now is the time to assemble your workforce for the future.
Best Practices for Attracting Talent
Although many workers are choosing to stay loyal, this doesn’t necessarily mean filling out your workforce is going to be easy. Talent-acquisition is not the construction industry’s strong suit, and most contractors have a lot of work to do before they can start landing high-quality employees. How can you attract more talent? It all starts with the opportunities you can promise. Workers want a glimpse of their future when they sign on, and you have to be able to show them that your firm has the tools to help them succeed.
For example, if you show potential hires that you are willing to invest in ongoing training, education, and certification opportunities to equip them with the tools they need to secure their future in the industry, they’ll be more likely to come onboard. Once you acquire new talent, they’re more likely to stick around if they have already committed to their future success through training and education. This makes them less likely to leave the industry for other opportunities.
Training and educating your workers will also benefit your project sites. Workers with access to ongoing training and education are more aware of their safety and the safety of those around them. They are less likely to make costly errors and can help teach other workers how to perform their jobs at a higher level. When you invest in your team, it leads to a more cohesive workforce that makes fewer mistakes and keeps your projects on schedule.
Before You Hire, Consult an Orlando Construction Attorney
The economy is slowing down, which means the time has come to fortify your workforce. Your existing workers are planning to stay, but have you deployed a strategy for acquiring any remaining job seekers? Before you begin the hiring process, consult one of our Orlando construction attorneys to update your employee handbook and ensure that you have sound policies in place that protect both you and your workers.
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.