The skilled workforce shortage is not a new topic to those in the construction industry. By 2031, 41% of the current workforce will retire, and exiting baby boomers will only continue to exasperate the shortage. How many of your employees plan to retire in the next 5 years?
It takes 8 to 12 years for a craft professional to be fully trained and gain competency—have you begun training the next generation yet?Proactive training is something you can’t afford to overlook.
The research compilation “Construction Industry Training in the United States & Canada” found that with a 1% labor-cost investment, expected training benefits include an increase of productivity by 11% and a decrease in turnover by 14%, absenteeism by 15%, injury by 27% and rework by 25%.
These numbers prove the benefits of training far outweigh any cost of time and money.However, before you’re even able to start training, you need to have a pipeline of workers entering the industry. By 2021, according to Forbes, Generation Z (those born between 1995-2012) is expected to make up one-fifth of the workforce.
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