Are we heading for a construction labor apocalypse?
We wrote an article this week asking this very question. It's hard not to think that the construction labor market is about to tighten up dramatically. We're watching four (4) key pieces of information in evaluating the future labor market.
Honorable mention #5 is today's inflation and the impact that it will have. A situation where labor is not available and rates are rising should be very concerning to everybody.
- Construction unemployment is already at 4% (historically low)
- Infrastructure bill spending will require an additional 110,000 people to do the work each year
- Non-residential spending is improving and gaining jobs
- Vaccine mandate implementation will add disruption to an already tenuous situation
The key here is get ahead of this, because it's coming. We recommend three (3) steps:
- Confirm your pay rates are competitive. Nothing turns off a job seeker like rates that aren't competitive. Review your rates. You don't need to be paying the absolute highest rates, but you do need to be competitive.
- Make your job posts clear. In this market job seekers want to know what the job is paying. Keep this information at the very top of your job post. It'll save you time, it'll save the job seekers time and it'll be a good way to screen the people looking to apply to your jobs.
- Get your jobs in front of the right people. Competitive rates and the right attention will get you results every time. At the same time, great jobs that nobody knows about will sit unfilled forever.