Attracting and Retaining Talent – A Top 2015 Risk According to TravelersTomChilders
Everywhere you turn in our industry, attracting and retaining employees is on the list of top concerns. In fact, it is number one in many people’s mind. Makes you wonder if we alone or are other industries in a similar bind?
According to the Travelers 2015 Business Risk Index Summary, we are not alone. “Attracting & Retaining Talent” is number five on Travelers risk index list and “U.S. businesses are increasingly worried about the challenge of finding and retaining skilled labor, with a 3% increase since last year resulting in a jump from last to fifth on the list of top risk concerns. The index is created from a survey of more than 1,200 U.S. business decision makers in an effort to learn what risks they worry about most, and how prepared they feel to handle those risks.”
The survey broke out the construction industry’s top concerns in a stand alone section and the area of attracting and retaining talent was number one on the list. Interestingly, trailing closely at number two were Employee Safety and Increasing Employee Benefit Costs (both at 63%) . The survey stated “the most worrisome risks in the construction industry relate to their employees, including attracting and retaining appropriately skilled labor (67%), and employee safety (63%). When asked what specifically concerns them about their skilled labor worries, many said they find it hard to replace retiring baby boomers (57%). Data also showed that the most frequent risk-prevention measures include employee safety training (71%) and secure premises (58%).” On the worker shortage front, replacing baby boomers probably isn’t our industries biggest issue but somewhere between immigration reform, people leaving the industry, and people withdrawing from the work force is our answer.
Enough bad news you say. How about some good news or ideas! One place to start is by reading A Yard and a Half Landscaping’s story from monster.com. Not that this exact approach is for everyone but a good solid approach to hiring right, employee development, acknowledgment and rewards will certainly help. Don’t forget to actively solicit and involve employees in your challenges. Need more employees like them, ask for their help. Need to know why you are having trouble retaining good employees, ask for input but make sure you can handle the answers and remain composed and genuinely concerned. This one is a must if you really want honest feedback and happy employees.