The construction industry is one of the fastest growing industries in real estate, facing both quickly increasing competition and dramatic growth. By 2026, it’s projected that construction managers will see a further 11% growth, which includes 7 million new roles and 2.1 million project management roles, according to a recent article by Construction Business Owner.
Demand for Top Employees
Faced with rapid growth, one of the most significant factors shaping the business goals of construction businesses was the availability of skilled workers. Considering the demand for workers will only increase in the coming years, construction firms will need to compete to beat this increased competition for employees.
According to a recent Deloitte article, the latest construction industry statistics illustrate a booming and sustainable sector. However, rising construction costs and labor challenges, in addition to new regulations are reducing the margin for error and waste. Despite these cost pressures and labor shortages, the construction industry will continue to see market growth into 2020 and beyond. It is crucial for every commercial real estate construction company to build a great pipeline for top-tier construction candidates to always have talent you need to keep your projects moving is crucial.
The bottom line: turnover is costly. When evaluating candidates, look for skills that your company requires in roles for the future, not just for the current open positions. Construction employers need to be offering potential employees a clear route of progression once they are in their role.
Emphasizing your company’s commitment to training and promoting employees can be a huge selling point for your business to attract and retain top construction talent. High turnover rates for a company can cause delays to customer projects, loss of productivity, re-hiring and on-boarding a replacement, stress, and even hurt the team morale. Hiring employees for the long run, instead of just filling empty seats, and the rise of retention-focused hiring will continue to become a priority in this industry.