5 Ways To Recruit The Next Generation of Luxury Contractors
By 2031, the construction industry will lose around 40% of current workers. This makes more sense when you realize that the average age of construction workers is 42 according to the US Bureau of Labor Statistics.
Over the next handful of years, the last of the baby boomers and the first of Generation X will retire. The rest of Generation X will soon follow since they are one of the smallest generations. There is only one way to make sure your company stands strong through this great exodus of workers. Changing your recruiting strategies now, so you start recruiting qualified Millennial and Generation Z workers.
Companies like yours will stand the test of time by attracting the best of the next generation now. CLT Recruiters understands exactly who you’re looking for in qualified candidates. We also understand what candidates themselves are looking for. Here, we’ll bridge the gap between the two and help you understand what the next generation is looking for.
Be Upfront About Salaries
Pay transparency promotes fairness and equity in the workplace. Growing up in a violently shifting economy has made compensation a huge factor in the current job market. The next generation of workers isn't satisfied with the old "competitive wages", or "wage depending on experience" narrative. Instead, they want to know if they'll be able to make rent.
This has big benefits for companies as well. Pay transparency saves a lot of time when it comes to the interviewing process and sets the bar for salary negotiation. Additionally, it helps companies stay more accountable when it comes to gender and racial pay gaps. Leaving less room for unconscious bias, and opening the doors for more talented workers to get hired.
For those who value transparency and open communication in the workplace (i.e. Millennials), pay transparency is a huge factor in overall job satisfaction and their willingness to stay with a single company for years. Ultimately, both employees and employers benefit from pay transparency because companies recruit skilled workers faster and retain them for longer.
Give Them A Chance to Grow
With rising costs of tuition and costs of living, fewer people are seeking higher education than ever before. Skilled trade opportunities are now leading the way as the most sought-after career path. Because of this, companies that offer on-the-job training, entry-level positions, and advancement opportunities are thriving.
This is especially true for companies in the specialty and luxury industries—where the need for very highly-skilled workers is at its highest demand ever.
Construction companies that detail their training programs, educational opportunities, and advancement tracks are the first to fulfill their hiring needs. This is directly associated with Millennials and Gen Z staying focused on the long-term future when it comes to employment. When the average Gen Z starts job hunting, they don't look for work—they look for a career. A job that allows them to develop skills and advance into higher positions.
The future of luxury construction is a bright one. Even with a continued labor shortage on the horizon as Generation X inches closer to retirement. Because with the right strategies in place, companies like yours will have next-gen workers step seamlessly into the shoes of retirees.
Keep Up With Digital Communication
If there is one way to describe newer generations, it is tech-savvy.
Millennials and Generation Z use the internet and social media for almost everything—from keeping up with friends to shopping, to job hunting. So whether you like it or hate it, digital communication is necessary for keeping your company relevant.
Going online is the first step people make when they’re ready to find their ideal job or springboard their career to the next level. That turns your online presence into the first touchpoint a future employee has with you. For this reason, it is important to build an attractive online brand identity. Not only does this help with your own marketing, but it also gives you an opportunity to connect with the next generation of workers in the communication style that they value.
Construction companies that embrace digital communication have a competitive advantage in attracting and retaining the most qualified candidates.
Offer More Benefits
Benefits, including healthcare insurance, are a high priority for most people. But for younger generations, they are an absolute must. In fact, almost half of Millennials and Gen Z state that they would take a job with lower pay if it offered better benefits—and this is where most construction companies fall short.
Construction workers may earn higher wages than many other industries but they are also among those who receive the least benefit opportunities. To put it in perspective: less than 70% of construction employees have access to employer-funded health insurance, while 78% of private sector workers do.
With the construction industry having a workplace accident rate higher than most, coupled with a steady rise in healthcare costs, insurance is more important now than ever.
Companies that offer other benefits such as 401(k)s, dental and vision coverage, flexible spending accounts, and paid time off are even more likely to attract and retain workers for the long haul.
Since the future of the construction industry is dependent on bringing in new talent, providing employee benefits is something both the company and the employees will benefit from. Here are the top benefits that Millennial and Gen Z workers look for when job hunting:
Healthcare
Dental & vision coverage
Paid time off (including vacation and sick time days)
Childcare reimbursement options
Tuition reimbursement options
Retirement plans (including 401k)Company stock options
Get Greener
When appealing to the most environmentally conscious generations to date, you have to consider how you're impacting the environment. The next generation understands the importance of taking care of our planet, and this is reflected in their actions (including their employment choices).
Millennials and Gen Zers have a greater awareness than ever before about how every decision can positively or negatively impact our planet's health. This understanding is leading them to be more mindful of their consumption habits and favor companies with eco-friendly practices.
This means construction companies that invest in green solutions, and prioritize ways to reduce their carbon footprint are more likely to see an influx of eager workers.
Consider how you could include the following in your business operations:
Renewable energy sources
Eco-friendly building materials and construction methods
Electric or hybrid company vehicles
Recycling building waste
Contracting with suppliers who use sustainable sourcing methods
Energy-efficiency tools
Water conservation
Recruiting The Future
There is a common misconception that Millennial and Gen Z employees are entitled or lazy, but this couldn't be farther from the truth. These generations are full of hardworking people, who have values similar to those before them—a healthy work-life balance, career growth opportunities, using the benefits of technology, and making the world a better place. Companies that align themselves with these ideals show that they have their act together and are willing to go the extra mile for their employees. The adjustments made in this article create a halo effect that gives potential employees reassurance that they can trust their career with you.
CLT Recruiters understands what the future generations are looking for and what luxury contractors need. That's the backbone of how we help companies become industry leaders. If you're in New York City or the surrounding areas and ready to revitalize your recruiting strategy for the next generation, we're ready to help! Reach us through our online contact form or by calling (212) 634-9353.