You are not alone if your talent acquisition team is struggling to fill your open positions. The fact of the matter is, the skilled laborers and executives you desire are already gainfully employed. With the sudden upswing in construction spending across every sector, the construction labor shortage may have you scrambling to find innovative new ways to staff your worksites.
Where Did All The Talent Go?
As you recall, the recession forced construction professionals of every level to flee the industry in search of more gainful employment. All in all, an unheard of 40% of the skilled laborers and executives were laid-off—or left the industry to find greener pastures. While the industry has recovered in most markets, only a small fraction of those who left have returned.
Not Only Did Talent Leave, New Talent All But Halted
The recession was tough on many industries, leaving high school and college-age students rethinking their career choice. With a loss of over 2.3 million construction professionals between April of 2006 and January of 2011, construction professions became a risky career choice. In other words, the industry lost much of the young talent every industry needs to ensure a steady flow of innovation. These were also challenging years for the trade schools who train the next generation of skilled laborers.
To Make Matters Worse, It’s Time To Retire
Another contributing factor to the construction labor shortage, is the fact that Baby Boomers are hitting retirement age. As the largest generation to retire yet, the mass exodus across all industries is an impact you simply can’t ignore. Currently, Millennials are the largest working demographic; also, the lost influx which would have offset the construction industry Baby Boomer mass-retirement.
The Ramifications Are Real
As your talent acquisition team attempts to staff your current projects, and create a long-term people pipeline—they quickly come to realize that any way they look at it, they fall short. This leaves many construction firms struggling to remain competitive, and even passing on new projects. In many cases, the projects they do accept often take longer, and cost more to complete.
How To Offset The Construction Labor Shortage
Fortunately, there are a few noteworthy silver linings. For starters, qualified project managers, skilled laborers and executives can be aggressive and selective about who they choose to work with. This means that the more your firm invests in building a cohesive dream team, the more likely you are to retain your talent.
Another advantage to the construction labor shortage, is that it creates a secure field of employment for recent high school and college graduates—or anyone new to the industry. It opens the door for on-the-job training, and swift promotion for those who are eager to excel. This helps to strengthen the middle class, and provide attractive salaries for low-income job seekers.
TBG Is Here To Help
TBG is a tenured construction recruitment firm, who is eager to help you take a strategic approach to the current construction industry labor shortage. We have a database packed full of the top talent you are searching for. Reach out today to discuss a proactive approach to the current talent shortage.
