In the world of architecture, construction, and civil engineering, the year 2024 presents a unique set of challenges and opportunities in hiring. With the insights from Deloitte’s 2024 Industry Outlook for engineering and construction and data from the Associated Builders and Contractors (ABC), let’s explore what this means for you as a hiring manager.
UNDERSTANDING THE 2024 HIRING LANDSCAPE
The construction industry, as per ABC, added 17,000 jobs in December, marking a year-over-year increase of 197,000 jobs, an increase of 2.5%. This growth, coupled with the 7% increase in nominal value added and a 6% growth in gross output reported by Deloitte, underscores a robust demand for skilled professionals. This isn’t merely about filling vacancies; it’s a quest to find talent that can propel your company forward in a highly competitive market.
LABOR SHORTAGES AND INCREASED DEMAND
The construction workforce is retiring. Over 40% of the current U.S. construction workforce is expected to retire in the next decade. This significant turnover will require industry leaders to adapt and resourcefully manage the changing work environment
The industry traditionally experiences high labor turnover, which is exacerbated by labor shortages. Large construction projects are increasing across the country, demanding a substantial workforce. According to ABC’s December report, the construction industry will need to attract an estimated 546,000 additional workers in 2024, on top of the normal hiring pace, to meet labor demands. There’s a specific need for professionals like field engineers, superintendents, project managers, safety and quality managers, architects, and engineers.
THE INTEGRATION OF SUSTAINABILITY AND TECHNOLOGY
As sustainability and digital transformation become more integral to the industry, the demand for talent well-versed in these areas is soaring. Sustainability in construction refers to the practice of creating structures and using processes that are environmentally responsible and resource-efficient. On the other hand, technology integration in this context involves the adoption of digital tools and innovative techniques, such as Building Information Modeling (BIM), drones for site surveys, AI for project management, and advanced materials. The talent you recruit should not only be skilled in their respective areas but also be adaptable and forward-thinking to thrive in an environment where sustainability and technology are driving change.
ECONOMIC FACTORS AND THEIR IMPACT
The market is not without its trials; economic uncertainties such as fluctuating interest rates and inflation present a complex hiring backdrop. These factors not only influence project budgets and timelines but also affect the overall job market, shaping candidate expectations and availability.
RECRUITING STRATEGIES FOR THE FUTURE
Attracting younger talent is crucial for the long-term viability of the industry. Firms will need to expand their talent pool and attract younger individuals from diverse backgrounds and locations. This involves not only showcasing the potential for career growth but also aligning with their values, such as sustainability, technological integration, and workplace culture.
WHAT ARE THE SOLUTIONS?
While partnering with a third-party agency recruiter is a viable solution(and Nordstrom Williams is certainly qualified in this space), there are additional strategies to consider:
- Developing Internal Talent Pipelines: Investing in training and development programs can help nurture existing employees for future roles.
- Building Strong Employer Branding: A compelling employer brand can attract top talent and set your company apart. In other words, tell your story so people want to work for your company.
- Leveraging Technology in Recruitment: Utilizing AI-driven recruitment tools can streamline the hiring process and identify the best candidates more efficiently.
- Engaging in Community and Educational Partnerships: Collaborating with educational institutions can create a steady pipeline of fresh talent. Are you
IN CONCLUSION
As you navigate the hiring landscape of 2024, remember that strategic hiring goes beyond filling positions. It’s about being proactive and building a team that can drive your company through the challenges and opportunities of a rapidly evolving industry.
Embrace these challenges with a multifaceted approach to hiring and position your company at the forefront of industry innovation.