Construction companies are fearful of the effects of hyper-inflation on their workforces and business operations in 2022.
Inflation is a stark reality in the U.S. in 2022. But how is it affecting the construction sector? We consulted the risk management experts at Marsh McLennan for some answers:
Rates of inflation are increasing rapidly in many developed economies. And construction companies are feeling the effects — not only are essential materials and skilled labor significantly more expensive, but supply chain pressures and shortages are making it harder to secure needed construction materials.
That puts it in perspective for sure. But at Skilled Trades Partners, we’re about solutions to problems, especially construction workforce solutions.
In this post, we’ll discuss three simple, effective solutions for construction companies to confront inflation head-on in 2022 and beyond.
Consider Expanding Your Reach Into the Government Sector
There are tons of government contracts being let under the Infrastructure Bill signed into law last year. At Skilled Trades partners, we’re not saying that government contracting is the saving grace for all contractors by any stretch.
What we are saying is that there will be plenty of infrastructure work and projects for general contractors, subcontractors, specialty contractors, and tradesmen of all stripes from the Infrastructure Investment and Jobs Act. This includes $40 billion for bridge construction and repair alone, as reported in a recent article by Small Town American Media.
So be on the lookout for projects you might be able to participate in.
Consider Expanding Your Specialty Trades Capabilities
Specialty skilled trades are on the rise, especially for electricians and carpenters. There are already shortages of skilled tradespeople all over the U.S. This means that wages are generally on the rise in the skilled trades.
Contractors can take advantage of the need for companies and tradesmen that can handle specialized construction projects. Focusing on specialty contracts and requirements can also mean higher margins and less competition.
Train and Maintain Your Top Skilled Tradespeople
Retention is critical for skilled tradespeople in 2022 and beyond. One way to retain great tradesmen is by offering training. OSHA training and certifications can be beneficial for your workforce at large and for the individuals who hold the certification. Safety instruction can be a great way to get a training program started.
And training is an excellent way to improve skilled trades personnel retention.
Ask the STP team about free OSHA training today, and let’s start deflating the inflation bubble one skilled tradesman at a time.
Contact Skilled Trades Partners Today
It’s as easy as 1-2-3. Get in touch using the link below, ask for one of our skilled recruiting and staffing professionals, and start hiring tradespeople for your projects.
Get the skilled construction workers you need for the busy season from the expert recruitment team at Skilled Trades Partners. Whether you need temporary, specialized talent for a project or want to add skilled tradespeople to your permanent workforce, we can provide employees who are skilled, vetted, and ready to work. Contact us today at one of our four New England office locations.