Six Ways to Beat the Competition and Hire Top Talent

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After several years of increasing demand, construction firms are expanding their payrolls in almost every market segment. They are optimistic about growth in the retail, warehouse and lodging segments, as well as demand for manufacturing, energy and hospital construction. They also are ready to purchase and lease new equipment. Although the outlook is optimistic, construction firms face a number of significant challenges. Foremost among those challenges is the growing shortage of qualified workers to fill available positions.

Construction firms that are willing to address today’s tight candidate market and take measures to ensure they are ahead of the competition will be the winners in the struggle to hire the best workers. Consider the following tips for addressing the challenges associated with hiring in the construction space.

1. Streamline the hiring process 

The increasing competition for top talent in the industry demands a streamlined, effective hiring process. A candidate-driven market means candidates who fall into your top 10 percent have multiple opportunities presented to them at any given time. A long, drawn-out interview process with too many meetings and a lag in response time will lead to missed opportunities.

2. Be competitive with compensation

During the last fiscal year, top candidates received an average increase of 10 percent to 15 percent in their base salary. The days of making low offers hoping to snag someone for cheap are over. Ask the following questions:

  • Is a difference of $5,000 to $10,000 in base salary more important than the cost of a poor hire?
  • Do you have the time or funds to reassess the candidate pipeline and go through another three to six months of hiring?
  • Is the offer presented one that would truly attract the top 10 percent in your field, or are you just hoping the candidate will accept?

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