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Episode 5: The Construction Workforce Crisis

Episode 5: The Construction Workforce Crisis

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 Episode Description The construction industry is facing a major workforce crisis. Since 2011, the workforce has only grown 33%, while spending on construction has skyrocketed by 173%. With record-high job openings, high turnover, and an aging workforce, companies are struggling to keep projects moving. In this episode, we break down:✔ Why we’re struggling to attract younger workers.✔ Why workers are quitting faster than we can replace them.✔ Why we can’t meet growing industry demand. We’ll explore real-world challenges, industry data, and solutions that can help companies retain workers, build a pipeline of new talent, and stabilize the industry. Key Points The Workforce Crisis – Setting the Stage Workforce growth hasn’t kept up with industry demand. Companies struggle to fill open positions, leading to delays. An aging workforce isn’t being replaced fast enough. Why We’re Not Attracting the Next Generation Construction isn’t seen as a desirable career. Most enter through connections—are the connections advocates or deterrents? Gen Z values work-life balance and social responsibility. Early outreach, industry rebranding, and culture shifts are key. Why We’re Losing Workers Faster Than We Can Replace Them High turnover and disengagement hurt retention. Stress, lack of flexibility, and poor work-life balance push workers out. Retention improves with better leadership, mentorship, and flexibility. Why We Can’t Meet the Demand Experienced workers are retiring faster than replacements enter. Productivity suffers when knowledge isn’t passed down. Mentorship, and tech adoption can help. Takeaways Construction’s challenge is retention, not just hiring. Delays, rising costs, and safety risks will worsen without change. Investing in mentorship, valuing workers, and improving culture is critical. One Action You Can Take Have one conversation on your jobsite about what’s keeping workers in construction—or making them leave. Episode Breakdown: The Construction Workforce Crisis Coming Soon… Sources: The Construction Workforce Crisis Construction Labor Statistics: Since 2011, the workforce has grown only 33%, while the amount of money spent on construction has increased by 173%. Additionally since 2011, the number of workers aged 55-65 has increased by 5%, while workers aged 16-24 have only increased by 2%. Source: Bureau of Labor Statistics Construction Job Openings: 94% of construction firms report having openings for craft workers. Over 90% of firms report these positions as hard to fill. And 54% of firms have experienced project delays due to worker shortages. 80% of firms report experiencing at least one project that has been canceled, scaled back, or postponed. Source: AGC 2024 Workforce Survey Gen Z: Workforce Institute, Gen Z workers wouldn’t tolerate these three things: 35% say they wouldn’t tolerate being forced to work when they don’t want to. 34% say they wouldn’t tolerate not being able to use vacation days when they want to. 33% say they wouldn’t tolerate an employer who gave them no flexibility over their work schedule. Source: Bridgit Construction Turnover: 54% turnover rate in construction. Source: Awardco General Cost of Employee Turnover: Employee voluntary turnover alone costs U.S. businesses $1 trillion per year. Attrition and employee disengagement costs a median-sized S&P 500 company $228 million per year. Source: Work Institute 2024 Retention Report Disengagement: In 2023, 50% of employees were not engaged (quiet quitting). Source: Gallup Money as a Motivator: Less than 10% of employees identify pay as the core reason for quitting their job. Source: Work Institute 2024 Retention Report Engagement and Money: Gallup study states that if an employee is engaged, it will take more than a 20% raise to lure them to another company. Source: Awardco

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