The construction industry is gradually progressing away from the stereotype that good employees will never leave. A good salary isn’t the only thing that matters anymore as a majority of modern day construction professionals are focusing on joining organizations that offer them opportunities for upward mobility. An effective retention strategy is one that enables employees to move up the ranks. It’s also essential for leaders to promote job security by recognizing which of their core employees are contributing to the company’s success.
A Shifting Environment
A growing number of construction companies across the nation are finding it hard to expand due to the skilled labor shortage. A significant issue that many of these companies continue to encounter is the negative stigma associated with many trade jobs. Hiring managers and recruiters are attempting to shift the public’s perception by re-casting trade jobs, like construction careers, by promoting them as lucrative, respected, and challenging opportunities. To further boost recruitment efforts, national campaigns have been designed that offer new workers everything from free coaching to additional on-the-job training options.
But, recruiting fresh talent is only the first step. Construction firms also need to dedicate more of their efforts on retaining their most talented candidates. Communication and transparency are just two of the key elements when it comes to reducing employee turnover. Here are some other suggestions that can help to improve recruitment and retention.
- Provide employees with the company’s financial status and future plans. Transparency is important, as it increases employee loyalty and shows that you have nothing to hide.
- Give employees a voice to develop their career. Workers should be allowed to play a proactive role concerning their career plans. If possible, find look for areas within your organization where you can provide the type of growth for a good employee that will keep them energized and at the same time add value to the company.
- Offer unique benefits. Some examples include: 30-day sabbaticals every 5 years and tuition reimbursement for immediate family members. It’s often the unusual benefits that give companies a wow factor that attracts candidates.
- Overpay your key people. Rather than spending time and money training new recruits, company leaders should consider overpaying their top performers by up to 20%.
- Maintain clear and consistent communication. It’s essential to keep employees in-formed about their job status and potential advancement opportunities.
- Focus on career progress. Since a majority of construction professionals rank upward mobility ahead of salary, it’s important to stress career process to improve retention.
Talent Management Agility
It’s more important now for hiring managers to adopt a more agile approach to hiring candidates due to the labor shortage and rapid innovations taking place in the industry. There’s also more emphasis placed upon building diverse and inclusive workforces. Some other ways that talent management continues to evolve include:
- Performance Appraisals – A growing number of companies are moving away from annual performance reviews, along with employee goals and are switching to providing their workers with frequent performance assessments after each project concludes.
- Compensation – Pay is a major motivator when it comes as soon as possible after the desired behavior. Try offering spot bonuses after events where an employee was able to make or save the company a significant amount of profit.
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