In this three-part article, we are focusing on the best practices contractors and construction companies can take to retain their most talented workers. As we have discussed, the recession that resulted in an economic downturn from the late 2000’s to the early 2010’s greatly impacted the construction industry. The good news is that most companies are producing profit margins again, generating some cash flow, and creating a backlog of projects to work on over the next few months.
Despite the good news, it’s always important to consider what would happen if we were blindsided by another recession. As Memphis construction attorneys, it’s a troubling thought to consider another significant recession; however, there needs to be a contingency plan in place in case this happens. In section one and two, we discussed ways to motivate employees to stay at your company. In this section, we will focus on tangible ways to ensure that your business is “recession-proof.”
Compensation is Key
In a fierce job market, you must offer your best employees what they are worth. With the number of qualified workers available on projects lessening every year, the demand for these skilled workers is only going up as should their compensation. On any survey, compensation is always listed as the number one driving force for accepting or declining a job. Employers need to remember this. For managerial positions, offering a small percentage of the company’s equity may be more valuable to the employee than a significant raise as this shows an interest in their long-term value at your place of business.
Benefits That They Will Love
Certain benefits can sway your employee into staying or leaving. Obviously, healthcare benefits are always a good starting point. Paid time off, flexible hours, and other employee benefits are always important too. For younger skilled workers, one of the main priorities to a favorable job is their work-life balance. In the past, construction jobs haven’t offered much in this area. Finding a way to implement this balance into your company may attract the right young workers and also motivate them to stay with your company.
Creating the Right Work Culture
Productivity stems from highly motivated workers that work together as a team. Construction company owners can foster the right work environment by utilizing their workers in positions in which they can excel, providing them with the mentorship they need to see a long-term successful career at the company, and continuing to allow them to contribute to more and more important company goals and leadership initiatives over time.
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.