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News and Events
Construction Risk Advisor – June 2018 - June 2018
ARE SIGNING BONUSES ENOUGH TO KEEP WORKERS?
the shortage of skilled labor in construction continues, it’s becoming more
common for contractors to offer one-time bonuses to attract skilled workers. In
fact, according to the Associated General Contractors of America, close to
one-quarter of contractors reported using bonuses to attract employees, ranging
between a few hundred dollars to over $1,500 per worker.
employers like about bonuses is that they’re one-time payments that don’t
affect employees’ base pay. However, there is a drawback to offering an
incentive for getting skilled workers in the door—there’s no proof that they’ll
stay, especially if they can easily find another job elsewhere. Workers can stay
long enough to collect the bonus but then leave for another opportunity, and
yet another bonus.
to the Bureau of Labor Statistics, construction pay in the U.S. only rose by a
meager 2.4 percent in 2017, even though construction costs are increasing.
Unless employers offer competitive pay, it may be difficult to keep workers.
TIME TO GET ON THE CLOUD
using the cloud, construction companies have been able to completely overhaul
the way they interact with each other and with their workers. In a nutshell,
the cloud consists of multiple networks of servers that allow apps to be
accessed anywhere through the internet instead of confined to a particular
computer or network.
that have projects and crews in multiple locations especially appreciate the
benefits of the cloud, since it is efficient and allows for the seamless
transfer of information.
more, the cloud allows construction companies to utilize software-as-a-service
solutions that are updated automatically as opposed to using traditional
products that need to be manually installed and periodically replaced with
SMALL CONTRACTORS BENEFIT TOO
contractors tend to be under the assumption that using the cloud is either too
complicated, too expensive or intended for large construction firms. However,
smaller firms may actually benefit most from using the cloud. In fact, the
cloud has helped small contractors develop smarter work practices that have
allowed them to become more profitable.
smarter work practices made possible by the cloud can eliminate time- and
money-wasting redundancies traditionally caused by the disorganized flow of
paperwork and emails.
The overall lower cost of using the cloud also puts small contractors in
a better position to compete with their larger competitors for projects.