Every construction company has those valued employees who know their jobs inside and out, who are the go-to people for advice, and whose productivity and knowledge will be walking out the door when they retire!
Construction, like many other industries, has an aging workforce. According to the U.S. Bureau of Labor Statistics, one in five construction employees in 2013 was over the age of 55. That’s a lot of retirement parties coming down the pike!
How can you prepare for this departure of highly skilled workers? One way is to assure you have the right mix of employees on your team, including enough younger workers who can carry the company forward. It’s what Georgia-based contractor Chris Sheridan calls a “youth movement.”
Here are a few questions to ask yourself:
- What is the age distribution across your organization?
- What skills and expertise could be lost due to retirement in the coming years?
- Do you have a formal process to transfer knowledge to younger workers?
- Do you have career paths and succession plans in place that will help fill upcoming gaps?
- Are you attracting and retaining younger workers?
This last question is especially important. Today’s young “millennials” are self-confident and can bring innovative thinking into a company. But they also have higher expectations and are choosier about whom they work for. Knowing what younger workers are looking for in a job will make it easier for you to bring in and keep your next generation of employees.
Interested in how you can maximize the value of your workforce. Download the “Return on employee investment” white paper.