Construction companies are seeing the benefits of a thriving economy. The U.S. has experienced ten years of growth in construction. Yet, major construction firms are going to see their growth start to slow if they can’t adjust to the current labor shortage. If your company doesn’t have a strong strategy to retain construction talent, you need to start thinking about a new retention plan.
Hone in on Your Message
Most companies have a message that resonates with people, but not every company succeeds in communicating this message to employees. It starts during the hiring process. During the interview phase, take some time to discuss the firm’s values and plans for the future. You want to evaluate whether the candidate’s values and goals align with your organization. When the firm and the employee share the same objectives, you can expect improved loyalty. At the same time, you have to make sure your words match your actions. If you tell candidates you are working on improving the environmental impact of your operations but aren’t actually doing anything to lower your carbon footprint, employees will feel the lack of authenticity. Trust is essential to any strong retention plan.
Help Employees Grow and Succeed
Some construction companies have implemented profit-sharing plans. If employees share in the profits, they are far more likely to stay with the company. Employees enjoy seeing a company grow and succeed. This joy is enhanced when they know they’re benefiting from the success of the company, also. Some firms give out shares of the company when employees reach important milestones or achieve a major accomplishment. Another option is to provide career development opportunities, whether that means continuing education opportunities or training programs. You want employees to feel like they’re progressing in their construction careers.
Focus on Diversity
If you create company culture that embraces diversity, you’ll not only attract more talent, you’ll have an easier time retaining talent. While diversity in ethnicity and gender are important, you also want to think about diversity in age, disability, and experience. Young professionals want to work in an environment that is diverse. They want to be around people who come from different backgrounds. If you strengthen the diversity of your team, you’ll find that employees will feel more connected to the firm. This will also help you stand out against your competitors.
The labor shortage in construction is only going to get worse in the coming years as more baby boomers retire. The firms that will have the most success are the ones with the best retention strategies. Your goal should be to create a company culture that embraces diversity, has a strong message, and considers the career development of employees.
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