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NAVIGATING
LABOR SHORTAGES
Industry Leader of Construction and Real Estate , Nancy Cox , shares strategies to mitigate the risk of business disruption caused by skilled labor shortage and retention
The construction and real estate industries rely heavily on skilled laborers to complete projects in an efficient and effective manner . However , like many sectors that require skilled workers , a lack of qualified talent has led to significant disruptions and project delays . For home builders , this could mean anything from missed completion deadlines to unhappy customers , to loss of overall revenue .
According to the Fall 2023 Home Builders Institute ( HBI ) Construction Labor Market Report , there will be a need for an additional 2.17 million new skilled workers in the construction industry between 2024 and 2026 to keep up with demand across the industry . This equates to a need to hire at least 60,000 skilled laborers per month .
The issue is not new and is likely not going away any time soon . According to The Bonadio Group ’ s Biennial State of the Industry Survey , attracting and retaining qualified personnel has maintained the top spot as the most critical issue within the industry since 2014 . Due to the magnitude of this issue , construction businesses are prioritizing culture to attract new talent as well as retain their existing workforce . From creating new training opportunities to finding ways to reduce overall workload for their staff , construction business leaders must get creative to remain competitive in a very difficult marketplace .
Below are four key considerations construction leaders should keep in mind as they plan to help offset the impacts of the labor shortage .
Invest in internal training programs
With new , qualified talent proving difficult to find , internal training is a great way to combat the skilled laborer shortage while promoting professional development among your existing workforce . Better yet , company sponsored internal training programs can
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