One of the most pressing challenges facing the construction industry today is the persistent labor shortage. Skilled workers are in high demand, yet the supply simply cannot keep up. This shortage poses a significant threat to project timelines, budgets, and your company’s ability to scale. Amid economic disruptions and industry-wide labor shortage pains, it’s more important than ever for you to evolve your approaches to leadership and overall business strategy.
Construction is shifting every day, in the office and the field, and it’s vital to stay ahead of the game to survive. Amidst this crisis, construction technology is a beacon of hope offering a myriad of solutions to combat the labor shortage. We’ll provide you with three strategies to address labor woes and suggest ways STACK can help.
1. Close the Knowledge Gap
The labor shortage isn’t just isolated to field and skilled labor roles. The 2008 recession led to a sharp decline in construction projects due to a lack of funding, economic uncertainty, and decreased demand. Fewer job opportunities for estimators and project managers were available because construction projects were put on hold or canceled altogether. This created today’s large void of professionals prime in their careers in those positions. The knowledge gap between the aging workforce and Gen-Z entering the industry is large, and the fear of losing information is palpable.
Leveraging digital assets gives your teams extremely robust tools that make their jobs easier so they can focus on business growth, not manual tasks. The right tech will increase collaboration, streamline processes, and integrate with your existing workflows and business systems to ensure data integrity and increase productivity. It’s the gateway to disseminating that rich data, knowledge, and experience from the older workforce to the younger generation.
2. Hire a New AI-ssistant
According to new research by McKinsey & Company, the spread in digital and Artificial Intelligence (AI) maturity between leaders and laggards has increased by 60%. Early adopters of AI in construction will see a profound impact on business with these acceleration tools. Whether it’s AI in your preconstruction software performing automatic counts on plans, using Chat GPT to increase efficiency in marketing and sales communications, or AI using data analysis to reduce risk and improve operations, it’s an essential tool every contractor should be leveraging to allocate (but not replace) resources more efficiently.
Bid Faster. Win More. Build Smarter.
Get your FREE account today to:
- Increase Team Efficiency
- Complete Estimates Faster
- Generate More Revenue
3. Step Up Your Employee Retention Efforts
Employee retention truly starts with a great leader. But it also comes with organizational standards and career advancement opportunities. What do you have in place for ongoing success and growth for employees within your company? The next generation of the workforce is already prepared for the jobsite of tomorrow – aka a tech-stacked company. Be prepared with the right tools for them to maximize efficiency and productivity – from the office to the field.
Make sure your business is ready to anticipate growth needs with programs in place like mentorships and apprenticeships, ongoing tech education resources, and frequent, engaging training opportunities. Help your teams update their skills, bridge the gap between theory and practice, and build a strong workplace camaraderie.
STACK’s Got Your Back
STACK is 100% cloud-based with quick onboarding and a user-friendly interface. From preconstruction to construction, we have the lightning-fast tools you need to maximize productivity and allocate your teams where you need them, and standardizing your data within one system will help eliminate the knowledge gap between generations in the office and field.
- Powerful AI Functionality with STACK Assist: STACK Assist uses machine learning to automatically measure floor plan items such as walls, doors, rooms, and symbols. With lightning-fast, automated takeoffs built into the STACK platform, contractors have a time-saving projection of 50-90%. Less time clicking and measuring means more time to focus on evaluating projects, increasing bid output, and winning more profitable projects by leveraging powerful, native software capabilities.
- Enhanced Collaboration: Effective collaboration is key to overcoming the challenges posed by the labor shortage. STACK facilitates seamless collaboration among project stakeholders, allowing subcontractors, GCs, owners, and suppliers to share real-time updates, documents, and feedback. This level of collaboration fosters transparency, minimizes errors, and accelerates project timelines, ultimately mitigating the impact of labor shortages.
- Precision Estimating: Accurate estimating is critical for project viability, especially in the face of labor shortages and unpredictable material costs. STACK’s advanced takeoff and estimating tools leverage cutting-edge technology, like our STACK Assist AI feature, to generate precise measurements at lightning-speed. By eliminating guesswork and minimizing errors, contractors can optimize resource utilization and ensure profitability.
- Streamlined Project Management: Managing a construction project involves coordinating countless tasks, resources, and personnel. With STACK, contractors gain access to robust project management tools that automate workflows, streamline communication, and ensure efficient resource allocation. By minimizing administrative burdens, contractors can optimize their workforce and maximize productivity.
- Efficient Resource Allocation: The scarcity of skilled labor necessitates a strategic approach to resource allocation. Contractors can optimize their workforce with STACK by identifying bottlenecks, reallocating resources as needed, and proactively addressing potential challenges. By leveraging data-driven insights and predictive analytics, contractors can mitigate the impact of labor shortages on project timelines and budgets.
STACK is here to hold your hand through these turbulent, uncontrollable side effects of contracting. By leveraging the right tools, the labor crisis will become the labor solution in no time!
