It’s no surprise that skilled labor positions have been difficult to fill over the last several years. According to the Associated General Contractors of America (AGC), 81% of construction firms are having a rough time filling hourly and salaried positions. During the 2006-2011 recession, construction companies dropped over 2.2 million jobs, but now that the industry has recovered construction firms are still seeing a vast shortage of labor.
Construction companies have tried multiple approaches to address this shortage. Approaches to attract workers include working with career-building programs, increasing base pay rates, offering overtime, and offering position start bonuses. Some internal or overall changes that the industry has implemented include investing in technology to automate construction processes, offering internal training to attract industry hopefuls, adopting modern technology solutions such as 3D printing, drones, and AI, and leaning in to lean construction techniques.
The results of this labor shortage have been felt by small and large construction companies alike. When surveyed, construction companies that are experiencing labor shortages responded with these results on how it has impacted their projects:
• 23% said they’ve put longer completion times into their bids and contracts
• 40% said projects took longer than they anticipated
• 44% said costs have been higher
This labor shortage and the COVID-19 pandemic have caused construction companies to consider some changes in their spending as well. Whether that was project management software, document management software, fleet tracking, HR software, or Information Technology related costs. Over 98% surveyed stated that costs would stay the same or increase with few respondents saying they would decrease spending in any area. There is a labor shortage causing an increase in wages and the need to invest in technology, so additional expenses compared to previous years are happening at a higher rate than usual. There are essentially three ways to increase revenue – increase production, increase prices, or decrease expenses.
Luckily there’s an easy way to decrease expenses while increasing efficiency. A Verify! analysis of your telecom, internet, and wireless accounts will provide an inventory of services along with cost cutting recommendations and efficiency options. The best part? No savings, no invoice. Guaranteed.
When surveyed on how their company plans to use mobile technology software the top 5 answers were:
1. Daily field reports
2. Employee time tracking and approval
3. Access to customer and job information from the field
4. Sharing of drawings, photos, and documents
5. Access to job cost and project reports from the field
With such important procedures and reporting occurring on the construction industry’s mobile devices, it’s important to ensure you’re paying the right price and your devices are managed well. Verify! wants you to be able to focus on your expertise while we deliver on ours: the complexities of telecom and wireless. Drastically reduce your cellular and telecom bills as soon as the next invoice without a huge time investment. Call us today to get started on your risk-free analysis.