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.
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