Are Construction Salaries on the Rise?
Do you want to ensure that the pay you offer is still competitive? You’re not the only one. Employee pay is carefully considered by almost all construction companies.
Finding out if you are still competitive while keeping an eye on your budget might be challenging. Take into account a few of the following predictions that were made for construction pay by the end of 2023.
A recent survey shows, more than 70% admitted to going over budget in the previous year. This includes a 4.2% overall rise in salary expenses.
Inflation
Without bringing up the frightening pace of inflation across the entire global economy, it is impossible to address the wage increase. Consequently, we will see businesses utilise a range of strategies to assist their personnel.
While it is true that inflation readings have decreased over the past year, employers still have ground to make up in terms of employee pay.
It's interesting to note that more than two-thirds of construction companies justified salary increases by pointing to the market's competitiveness. This is especially true given the 3.7% unemployment rate.
It's also crucial to keep in mind that more than 75% of businesses still struggle to recruit and retain staff.
All of this suggests that you should keep your wages competitive.
How do you retain staff without paying higher salaries?
Many businesses strive for innovative strategies to retain their staff, such as;
- Two-thirds permit more flexible working practices
- The majority of the businesses said they are searching for additional strategies to enhance the employee experience
This may come in the form of more paid time off and sick days, greater health insurance, more business events, and other advantages. Room for professional training and progress as well as team-building getaways are additional factors to take into account for staff retention.
Key Factors
- According to certain analyses, incomes will rise by 4.6% by the end of 2023
- A skilled labour market and rising inflation are two of the main causes
- In the past year, 70% of businesses overspent their budgets
- Recruiting new employees is a challenge for three-quarters of businesses
Conclusion
Construction-related salaries are due to continue increasing. The labour scarcity and inflation are two major catalysts. This implies that in order to recruit and keep talent, construction companies must provide competitive salaries and benefits.
A lot of businesses are also looking for non-pay raise alternatives, such workplace flexibility or health benefits. The bottom line is that you must make sure that both potential employees and current ones find your construction company appealing.
How Can We Help?
It’s a good idea to lean on a recruiter to support you with staff retention in the construction industry. They’ll take the struggle of finding the right candidates off your plate. Here at James Gray Recruitment, we have specific solutions to reduce the risk, time, and effort of hiring.
You can put your trust in us. We’ve been working in this industry for a long time, and so have years of experience and expertise to draw on. Not to mention, an incredibly expansive network of high-calibre candidates. Plus, we’re even connected to passive candidates who’d move for the right role.
Get in touch today: getus@jamesgrayrecruitment.com