Labor Shortage Continues Its Widespread Impact on the Construction Industry
Teletrac Navman, a global SaaS provider that leverages location-based technology for GPS tracking solutions, has published its findings from their 2018 Telematics Benchmark Report: Global Construction Edition. The survey found that with 42% of organizations experiencing a talent shortage, more are taking action to address it. This includes increasing pay (50%), offering better benefits (35%) and providing flexible work arrangements (29%).
A key highlight of the study is the jump from 38% to 42% in companies planned investments for finding, retaining and developing talent. This marks a significant move that puts labor at the top of construction executive’s goal paths. So what can you do? Now that #ConstructionWeek18 is wrapped, you can still continue to innovate in the educational sector through community involvement. This includes reaching out to high school and collegiate programs to promote construction as a promising and rewarding industry that people want to be a part of.
Also of the top 3 in planned investments is the need for integrating technologies and systems. While this number is down 1 percent in 2018 from 34% to 33%, it remains a top priority and one that’s critical to address. Just like we mentioned in our Lean Construction post here, integrated technology can have an enormous impact on moving your business forward and gaining efficiencies. Connecting your team to what matters and opening up more direct communication avoids redundancy, miscommunication, and costly mistakes that ultimately drive down profits.
Technology isn’t just a function of practicality and impacting your bottom line. It can also affect the perception that potential talent generates of your company. If your using manual processes where digital and automated processes have become the standard, you’ll might lose that talent to competition. You can also see cross-industry applicants that become uninterested after realizing your workflows are clunky and confusing.
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Here is a link to Teletrac Navman’s full press release: https://prnmedia.prnewswire.com/news-releases/teletrac-navman-survey-reveals-labor-shortages-widespread-impact-on-the-construction-industry-300729482.html
The 2018 Teletrac Navman Benchmark Survey includes responses from more than 2,400 fleet operations and fleet management professionals from around the world. Of the total survey respondents, 646 indicated their primary industry was construction, mining or oil or gas. The results described in the report were compiled from those respondents. This report provides an understanding of best practices and fleet management trends in business, general telematics, emerging technology, transportation, external factors and talent. Results may not amount to 100 percent due to questions with multiple selections. For reporting purposes, all statistical values have been rounded to the nearest whole number.