According to labor statistics from the end of October, hiring remains challenging in construction–and is expected to stay that way:
About 5% of construction jobs went unfilled on the last day of October….Despite the slight decrease from the previous month, construction job openings grew over 6% when compared to October 2022. “While labor market tightness is easing across all economic segments, worker scarcity remains a pressing issue for the construction industry,” said Anirban Basu, chief economist for Associated Builders and Contractors….About half of contractors still plan to up their staffing levels in the next half year, according to ABC data — a trend that has persisted. “The lack of available workers will remain a headwind for the construction industry over the next several quarters,” Basu said.
Jumping in and out of jobs also continues. In October alone, about 173,000 construction workers quit, representing a 25% increase from September. Toward creating and maintaining a robust team of workers for the go forward, contractors will likely find these statistics from a Monster survey interesting: leaders half of workers gave notice because they felt underappreciated. Given the complex layers of challenges involved in building the workforce of the future, industry experts agree that along with increased benefits and pay, more training opportunities and investing in both technology and opportunities for workers to learn to use it are all high priorities. Of course a culture of workplace safety is also key.
Time for Innovative Solutions?
When hiring “the same old way,” becomes a challenge, it’s likely time to try some of the newer and less known online hiring services. Additionally, take the time to really think through job descriptions and the hiring process, as well as to consider what you can offer to get an edge on the competition for workers in your area. For example, solid health insurance, including coverage for families, flexible scheduling and opportunities for professional development are all high on the list of benefits workers are seeking.
Hiring and retaining staff requires time and attention in the contractor business. Wise owners gain time, efficiency, and a head start on winning more work with a surety line of credit in writing and easy, speedy surety bonds from Colonial Surety. Once qualified for The Partnership Account®, you’ll use our power of attorney to issue your own bid bonds, in minutes. Order performance and payment bonds with speed and ease too. Run your business more efficiently and competitively than ever as you leverage your:
- surety line of credit—in writing;
- private digital dashboard;
- daily snapshot of single and aggregate limits
- ability to update work on hand—and increase your aggregate.
Get started right now—and get your free financial scores too:
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. Let’s connect today: Colonial Surety.