After battling a recession that significantly impacted the construction sector for around a decade, companies are beginning to show sustainability and are netting successful profit margins and establishing a backlog of projects once again. In fact, every aspect of the industry is getting stronger except for one: the lack of skilled workers.
Retaining the Best Workers
As Knoxville contractor lawyers, we know that the labor shortage problem is an ongoing issue that needs improvement in recruitment efforts. Although the main focus is on bringing in the next generation of skilled employees, we should never overlook the importance of preserving the workforce already in place. In a highly competitive field, retaining workers has become even more challenging for contractors. Construction companies nationwide are attempting to adapt their business model to create a culture that attracts more prospective workers and while retaining the talented workers already on their payroll. In this three-part article, we will focus on the best ways to keep your most talented workers.
The Impact of the Recession
When the last recession impacted the construction industry, the area hit the hardest was the loss of thousands of skilled laborers and management-level employees. Thousands of the industry’s best workers moved on to “greener pastures” because they could not be compensated during this economic downturn. Although money is always a primary factor in career decisions, many studies have shown that the best way to retain talent isn’t just by providing them with a competitive salary.
What is Wealth?
Greek philosopher Epictetus once said, “Wealth consists not in having great possessions, but having few wants.” It may surprise construction companies to discover that many of their most talented workers want more than a competitive salary. Employees that are entrusted with more and more responsibilities and are given the opportunity to lead at the helm will appreciate this opportunity for personal development. When a talented worker is given more authority and an opportunity to be involved in the company’s important decisions moving forward, they will value these responsibilities as much as their paycheck.
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.