Is it beneficial for construction businesses to invest in their workforce?
We answer that question with a resounding yes! We work with excellent construction companies. And they all believe in investing in their skilled trades workforce.
In this post, we’ll discuss three key reasons why (and how) great construction companies invest in their workforce.
But why should you invest in your company’s workforce? The construction training experts at Ving gave a short and sweet answer recently:
Employees are the most crucial aspect of a construction company. Without them, there would be no business. For any business owner, investing in your workers will improve employee loyalty and satisfaction, efficiency and company culture. This kind of investment can even save money in certain areas.
Wages and benefits will lead to better employee retention.
In a previous post, we discussed recession-proofing your construction company in the current hyperinflation environment. Remember that your skilled tradespeople are your most valuable asset, and they’re also feeling the pinch.
There are creative ways to keep abreast of compensation needs in addition to direct compensation increases. These include increasing retirement plan contributions, paying gasoline expenses, offering bonuses for exceptional work, etc.
Check with your accountant to see if you can use these and other creative methods to use pretax dollars to help your company and your workforce weather the inflation storm.
Provide opportunities for advancement.
Notwithstanding the previous suggestion, compensation increases are still the best way to improve skilled trades retention. And the most common way to justify a pay increase is to offer a promotion. Increased responsibility and employee value lead to an increase in pay, and both sides benefit.
It might be a good time to evaluate your workforce for end-of-year promotions.
Offer safety and technology training.
Safety at work matters, and safety and technology training certifications have intrinsic value. Construction company owners should always be open to offering safety training classes for their skilled trades workforce. It’s also beneficial to provide training for new construction technologies, tools, and construction techniques.
Try one of these options. Your workforce will appreciate your investment in them!
Do you need skilled tradespeople to keep your projects moving?
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 qualified, vetted, and ready to work.
Contact us today at one of our four New England office locations.