Overcoming Commercial Construction Challenges

Adapting to changing technological requirements will challenge construction companies.

FREMONT, CA: Businesses, including the construction industry, face tremendous yearly problems. Inflation, supply chain delays, and the pandemic have heavily impacted the construction business in the last two years. Nevertheless, some of these issues may be alleviated by 2023. The most significant obstacles for the building sector in 2023 are all labor-related. Labor problems for 2023, according to research, include a limited skill pool, an aging population, and fierce rivalry for workers. Even before the epidemic, the building sector suffered major labor difficulties. Presently, 92 percent of contractors report needing help locating competent personnel. According to the US Chamber of Commerce Commercial Construction Index, more than a third of those 92 percent admit turning down contracts owing to skilled labor shortages.

These are some of the biggest construction workforce problems for 2023.

Wage gap: Employees desire to make more money. Construction businesses will face greater compensation expectations from their employees in 2023. When inflation rises, and the cost of living rises, your employees will want a salary raise. The consumer price index increased 8.2 percent in the last year, according to the Bureau of Labor Statistics (BLS). The most significant increases were in shelter, food, and medical care. When these costs grow, your employees will seek a higher wage to cover them or look for jobs with competitors who will pay them more. To meet the problem of rising pay expectations, construction firms will need to adapt their budgets to accept greater compensation. Companies may also need to rethink their benefits packages to include goods that employees want, which sets them apart from the competition. Providing flexibility such as tech breaks, allowing employees to self-schedule or alter shifts, and incentivizing PTO. Gym memberships, activity trackers, health tests, smoking cessation programs, and stress management instruction are just a few of your employees' health and wellness perks. Utilizing benefits software can assist and empower employees to make benefits decisions that are right for them.