Employers Say the Skills Shortage is Impacting These 3 Areas
The labor shortage within the construction industry is impacting almost every facet of construction jobs. However, a recent report from Hays’ U.S. 2018 Salary Guide showcases that no matter what industry, there are three general business elements 92% of the survey respondents agreed were being severely impacted.
- Productivity: This is an obvious one when it comes to having less employees to do the same amount of work or more. Businesses can’t be as productive if they have a smaller amount of employees, but a greater amount of work to finish. This is particularly evident in the construction industry due to the volume of new work projected for the years ahead, but less and less people wanting to enter the industry.
- Employee Satisfaction: This element makes a lot of sense with regards to productivity. Employees could be more stressed do to the volume of work they’re required to complete with the limited resources they have as well. It’s easy for these employees to face burnout, which potentially leads to a new job search.
- Turnover: The two elements above are a fast track to affecting this third one. If employees feel overworked, aren’t able to get their work done, and aren’t feeling satisfied in their job, it’s a recipe for a high turnover rate in your dealership.
So what can you do to prevent these results?
- Proactivity Around Hiring & Retention: We recently wrote about the five things to focus on when trying to hire new talent and retain your current talent. But in Hays’ guide, it listed promoting company culture (48%) and offering competitive salaries (43%) as the two most successful methods of appealing to job seekers. On the other side of things, the largest threat to poor retention was competitors who can pay more, with money being the biggest factor in turnover.
- Highlight Company Culture: In Construction Dive’s insight on Hays’ Guide, it was clear that showcasing your unique company culture is a better way of interesting potential hires. If you want to be a step ahead of your competition, offering benefits, flexible schedules, development opportunities and paid leave could be a game changer for both prospective and current employees.
- Evaluate Your Training Approach: Technology is changing the market and with employees taking on more responsibility, it’s important to have training methods in place that are flexible and adaptable to the industry changes. To get employees through the training process more efficiently, you should “embrace real-time, practical learning experiences alongside the traditional classroom model.”
Are there other areas you’ve seen that have impacted your dealership more as a result of the labor shortage? What were the methods you used to remedy them? Share your experiences in the comments below!