Construction Industry Grows More Lucrative for Skilled Talent

The construction industry is becoming more lucrative this year, growing at a CAGR of 4.2% until 2023 to overcome the economic slump of 2020 finally.

But this requires an injection of skilled workers to maintain the growth trajectory for the foreseeable future. Contractors are worried that they won’t be able to fulfill the needs of the projects that come their way because they simply won’t have the manpower.

The good news is that construction recruiters are already on the lookout for top workers. Check out the latest construction hiring trends to help you plan for a successful year.

Construction Industry Grows Lucrative: Top 5 2022 Hiring Trends

The construction industry had a labor shortage long before the epidemic. In April 2019, the US had over 400,000 construction job openings while the UK had 27,000. With construction industry development expected to continue, HR directors must plan for growing demand.

Prioritize Employee Education and Development

According to Associated General Contractors of America research, 90% of construction businesses faced difficulty filling unfilled positions in 2019.

Several things contribute to the skills shortage, such as:

  • an aging workforce
  • technology advancements
  • demand for changes in the industry

The good news is that an employee training program can assist construction companies in closing this skills gap. About 58% of employees worldwide think practical training is vital while seeking new jobs, according to the 2021 Employer Brand Research survey.

It’s an excellent means to help a business stay competitive as long as they are willing to train employees for work optimization. These training sessions could be aimed at:

  • Upskilling
  • Cross-training
  • Reskilling

Strategic Hiring Practices

The increasing labor shortage has resulted in a highly competitive industry for jobs. Businesses in the construction industry can no longer rely on old-school methods of posting job openings online and hoping that the applications start rolling in. To attract and acquire the best employees, organizations need to use strategic hiring methods tailored to their needs. That is why it is vital to invest in:

  • workforce management partner
  • competitive compensation package
  • stronger employer brand

Advancement Of HR Technology

Employers throughout the world are adopting more efficient recruitment methods to cover the expanding skills gap, projected labor shortage, and competitive market. Cutting-edge HR technology can assist firms in improving their hiring outcomes, enabling them to save time and money.

Some of the ways HR technology aids firms in streamlining operations include:

  • workforce analytics
  • recruitment technology
  • workforce planning

Wrapping Up

Before building a long-term recruitment plan to direct skilled talent, keeping up with current HR trends is essential. It is the responsibility of all industry leaders to spread the word that a career in professional construction can be fulfilling, engaging, and financially rewarding.

Advertising this information through their marketing strategies or education and mentorship opportunities is the need of the hour.