It should come as no surprise that the contractor industry faces many challenges in terms of competing for qualified talent. While the majority of candidates choose other industries or are out of the workforce, the lack of employee attraction and retention continues to be a concern among the industry. Therefore, as an owner of a contracting business, it’s important to consider the following advice to improve these statistics. In addition, secure your entire operation with a comprehensive Lake Tahoe Contractor Insurance package.
Construction Industry Institute (CII) research found that “contractors with an employee retention rate of 80 percent or higher realize increased job profits, complete more projects on time or ahead of schedule, and have better project safety performance.”
Ramp up the hiring process.
Rather than rely on traditional hiring practices, be proactive in seeking out the right candidates. Enlist the help of recruiters, mailers, and participate in career fairs at local high schools and colleges. Use the “push and pull” method of actively searching for qualified workers and advertising your business on local search engines.
Value your employees.
Being valued in the workplace ranks higher than earning a larger salary for the majority of employees. Therefore, promote from within, offer hardworking employees the chance to move up, and never underestimate training and acknowledgement for a job well done.
Not only will this benefit your entire workforce and their morale, but it will save you money. In fact, according to Construction Executive, a Cornell University study estimates the cost of losing a single employee to turnover is 30 percent of an hourly employee’s yearly salary and 150 percent of a manager’s salary. Use these strategies to benefit your business in the long run!
At Cal-Nevada Insurance Agency, we serve artisan contractors throughout northern California, Arizona, and Nevada areas with the best risk-management solutions and comprehensive products. We offer a variety of coverages to ensure your business thrives. For more information, contact us today at (866) 670-5948.