Something that successful construction firms tend to focus on is keeping their best performers on their rosters instead of using a next man up strategy. If you want to experience sustainable growth in this industry, then you have to put a stop to the revolving door that allows all of the top talent to come and go as they please. Here are some tips to focus on retention to keep your top talent on the team.
Reducing Turnover
Reducing turnover is an important first step for construction firms. Here are some interesting statistics for construction leaders to consider:
- The industry-wide employee turnover rate is over 21%. In spite of finding well qualified applicants to fill open positions, in many cases they aren’t always the best fit for your company’s culture and end up leaving after a few months on the job.
- The cost of each employee that leaves is anywhere from 20% to over double their base salary. Losing a single worker costs around $15,000 to over $200,000, not to mention the toll that it takes on productivity, on hiring managers, and on overall morale.
Since construction managers can find competitive salaries elsewhere, in addition to offering great salaries and benefits, you have to focus more on employer branding that promotes retention. You want to focus on hiring and keeping the top talent that construction recruiters like the Birmingham Group can help you find.
Recognizing Why New Employees Leave
A majority of employees know within the first 90 days of accepting a new job whether or not they will be staying for the long term. It’s important to make them feel included during this time and ensure that their job responsibilities match what they were hired to do. Although new duties can be built into construction careers, they have to be effectively communicated and accepted by the employees, and additional training, wage increases, etc. are often appropriate. Trust and communication are both essential to improving any employee retention strategy. Company culture is another one of the main reasons why new hires leave, so be sure it’s communicated accurately during the hiring process.
What New Employees Really Want
Since starting a new construction job can be overwhelming to some employees, it’s important to make them feel comfortable during their first week. A recent survey indicated that new hires usually requested the following things during the onboarding process:
- On-the-job training that is thorough and extends beyond their first week.
- Review of company policies. Provide employee handbooks that are clear and organized.
- Mentorship program that promotes more socialization and recognition of new employees.
Be sure to highlight what makes your company distinct early in the hiring process. Then, work on building positive employee experiences through advocating your values and principles.
How can we help you?
Searching for an opportunity in the construction industry? Contact The Birmingham Group’s team of seasoned commercial construction recruiters today to discuss your career path or browse our open positions.
Are you a hiring authority in need of construction talent? Submit a search request today.
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