Happy New Year from all of us at First Volunteer Insurance of Eastern Tennessee. And not to be a complete Debbie Downer, or rain on the bright outlook for 2022, but we always believe in keeping it real here at First Volunteer, so we need to share an item of some concern with our readers.
A new report released by the Home Builders Institute (HBI) predicts that the construction industry may be on the cusp of an employee shortage crisis. The HBI’s Fall 2021 Construction Labor Market Report—based on data analysis from the Bureau of Labor Statistics—estimated that an additional 2.2 million new hires will be necessary over the next three years. Taking into account employees who are expected to retire or move to a different sector, this means that approximately 61,000 workers will need to be hired each month.
It’s necessary for companies to be aware of this market trend in order to make preparations and avoid potential issues, such as:
● Not being able to keep up with projects’ expected timelines
● Lacking the resources to accept or bid on new projects
● Hiring workers who may not have optimal qualifications
● Experiencing worksite safety issues
Firms may be able to get out ahead of the competition and secure necessary labor by considering the following steps:
● Reach out to students at secondary schools and women—who represent only 10.9% of industry employees—and attempt to convince more people to pursue construction careers.
● Increase pay while taking care to avoid making projects less affordable for clients.
● Make trade skills education and training more readily available for potential veteran, minority and lower-income employees.
For more business guidance or help making sure your business is protected, contact First Volunteer Insurance at 423-668-4888