Posted on: June 20, 2017 by Huntersure LLC.
Construction Management Consultant Risks > Workforce
From legal hurdles to government regulations and everything in between, construction managers are taxed with overcoming significant challenges. In this final installment, we’re going to dive deeper into the workforce challenges that affect the industry, and how to overcome them. Share this information with your clients and ensure they are protected with Construction Management Liability insurance.
In such a diverse industry, there are so many different languages that are spoken by construction workers. While this is not a negative thing, it does create some language barriers, especially when it comes to communicating safety and preventative practices. These issues can hamper productivity, coordination, and teamwork.
According to Digitalist Magazine, the workforce has split into four generations: traditionalists, baby boomers, Generation X, and millennials. This present labor diversification is a challenge because of stark differences in work ethic, attitude, outlook, and behavior between the generations, as reported by PwC. Traditionalists have nearly completely left the workforce, and baby boomer retirement is in full swing. Furthermore, the recession drove many skilled craftsmen to leave the industry and never return. By 2020, millennials are expected to represent half of the global workforce– many with little to no experience or interest in the construction industry.
This presents a serious issue for construction management firms. Without skilled laborers, contracts cannot be fulfilled, so there has been a lot of focus on attracting millennials to the industry and getting in touch with them in college to spark the interest.
Aside the from labor issue, there are a lot of challenges to overcome in terms of competition. Because there aren’t many barriers from starting a construction company, the market is saturated with options. Therefore, not only do construction managers struggle with razor thin profit margins, they also must strategize a way to remain competitive, edge out their competition, and attract qualified workers.
At Huntersure LLC, we understand the legal implications of challenges faced by the construction management industry. We strive to provide comprehensive coverage at competitive rates to safeguard each component of your client’s firm. For more information about our offerings, contact us today at (646) 751-3030.