It’s not a secret that construction is physically taxing work. It’s also not a secret that there’s a labor shortage, or that the building industry has been notoriously slow to adapt new technologies. Now, however, signs of change are all around—and data points to how technology can help everyone work smarter, not harder.
Longer Career Paths
There are increasingly compelling arguments for how wise investment in technology will reduce labor shortages by enabling longer, healthier careers in construction. The need to innovate how work gets done in the construction industry is of course glaring, as statistics illustrate: “A recent report from the U.S. Chamber of Commerce Commercial Construction Index indicated that 92 percent of contractors reported difficulty finding construction workers. Of those, 42 percent said that this has caused them to turn down work.” Doron Klein at For Construction Pros frames the link between better utilization of technology and a stronger work force this way:
According to the Bureau of Labor Statistics, the average age of a construction worker is about 42 years old, and 36 percent are between the ages of 45 and 64. Advanced technology solutions help to elongate the careers of construction workers and retain this crucial segment of aging talent.The stress of making decisions on the fly that impact quality, schedule, and cost is alleviated when technology provides certainty via real-time data. For example, before pouring the concrete, digitally verifying installation progress, quality, and dimensional layouts would enable the identification of errors and omissions in the slab relative to the plans and shop drawings. Subcontractors can then use that data to make relevant corrections before concrete is poured….This precision eliminates decisions based on second-guessing inherent in today’s manual quality control processes, leading to increased productivity and schedule acceleration.
Given the painful labor shortages throughout construction, lots of builders are indeed
trying new approaches amidst predictions that demand will remain strong. The good news for contractors of all sizes is that innovation does not require complexity to be successful. Game change for your business might even be just a few clicks away. Qualify for The Partnership Account® and you’ll have a surety line of credit—in writing—and a private digital dashboard. Use it to better leverage your financial data and take action accordingly. You’ll always have a snapshot of your single and aggregate limits and current and available bond capacity. Go ahead: update work on hand, increase your aggregate and move that next project forward. Make more possible:
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Better decisions, based on better data, improve every business, project by project. As Pros point out:
Technology that increases construction accuracy and reduces mistakes will unlock the potential for a higher degree of communication, certainty, schedule, and cost. Accurate, real-time data equips teams to identify errors, gain heightened accountability, and collaborate better because the insights show where attention is needed now, rather than having to tell a team member that mistakes were made after the fact. This eliminates finger-pointing when an error is identified and creates a more positive environment that boosts morale and employee retention.
Being on a winning team boosts morale too—and winning more bids is a great way to retain top talent. The Partnership Account® helps contractors take strategic risks, as they stack up wins, one in front of the next. In addition to a surety line of credit—in writing, The Partnership Account® gives qualified construction companies:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work and analyze bids.
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Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.