The construction industry is a vital part of the economy, and it is essential to keep up with the latest trends to stay competitive.
In this article, we will explore the latest salary trends in construction and what they mean for hiring and getting hired.
Construction Salaries Continue to Rise
The construction industry is expected to see an average salary increase of 5% in 2023. This is a positive sign for job seekers, as it indicates that companies are willing to pay more to attract and retain top talent. Want to know the details? Our 2023 Salary Survey also provides data on salary ranges, perks and benefits, and hiring trends, making it a valuable resource for both employers and employees.
Construction Trends to Watch in 2023
There are at least three trends that are impacting hiring in the construction industry for 2023. These trends include:
Increased use of technology: The construction industry is embracing technology to improve efficiency and productivity. This includes the use of drones, 3D printing, and virtual reality.
Focus on sustainability: Construction companies are increasingly focused on sustainability, with a growing emphasis on green building practices and materials.
Shortage of skilled workers: The construction industry is facing a shortage of skilled workers, which is driving up wages and making it more difficult to find qualified candidates.
Key HR Statistics and Trends In 2023
Forbes Advisor reports that 46% of HR leaders consider recruiting as their top priority in 2023. This indicates that companies are focused on finding and hiring the best talent. The report also highlights the importance of employee learning and development, with 33% of companies planning to increase their learning and development budget.
One Trend That Will Shape Work in 2023 and Beyond
Harvard Business Review predicts that employers will “quiet hire” in-demand talent in 2023. This means that companies will focus on retaining their top performers rather than hiring new employees. The report also highlights the importance of creating a positive work environment to attract and retain top talent.
Three Ways to Approach 2023 Salary Increases Amidst Rising Volatility
AON suggests that companies need to take a different approach to salary decision-making in 2023 due to continued uncertainty caused by inflation, an anticipated recession, and still-strong labor markets. The report suggests that companies should focus on creating a flexible compensation strategy that can adapt to changing market conditions.
The construction industry is facing a shortage of skilled workers, which is driving up wages and making it more difficult to find qualified candidates. Companies are willing to pay more to attract and retain top talent, and it is essential to offer competitive salaries and benefits to remain competitive.
Creating a positive work environment and focusing on employee learning and development can also help attract and retain top talent. Finally, companies need to take a flexible approach to compensation strategy to adapt to changing market conditions.
Contact us to learn more about hiring solutions for your construction team.
