Recruitment Strategies Help Companies Stay Competitive
When taking on a new job role, many workers don’t even consider negotiating the salary. However, this could soon be something HR and recruitment departments must start to contend with. Recent research from Glassdoor found that the average U.S. employee could be earning 13.3 percent more per year than their current base salary if they had negotiated. Construction managers are likely to be in high demand in coming years; the Bureau of Labor Statistics states that employment of construction managers is expected to grow faster than average for all occupations, meaning more jobs and more potential for negotiation around salary.
The marketplace for business apps, GetApp, recently reviewed data based around the Project Management Institute (PMI) salary survey, providing insight for those looking to hire talent in the construction industry. This insight aims to give businesses working in the construction industry an insight into the future of recruitment, helping businesses find the right recruitment strategy for them. It will play a key role in remaining competitive in an increasingly demanding jobs market.
The Growth of Construction
The construction industry, and the number of people employed in it, is currently expected to grow faster than any other in America. From now until 2026, it’s expected that the employment of construction managers will see an increase of 11 percent. There are set to be 7 million new roles created within the manufacturing and construction industries by 2027, with 2.1 million of these being project management roles.
This all shows a bright future for the construction industry, with plenty of opportunities for talented people to find work and progress within their role. For talented people who wish to make a career in the construction industry, this growth means more job roles and, ultimately, more choice around the type of role and business that they choose to work for.
It also means that most, if not all, businesses are likely to find themselves altering their hiring process in the coming years. There can be little doubt that it will become more important than ever for businesses to equip themselves with the know-how to cut through the noise and find ways to attract the best talent. With so many employment options open to talented people, the challenge will lie with hiring businesses to find a way to get them through the doors.
Paying the Odds
For most people looking for work, salary is high on the priority list when applying for jobs and subsequently accepting job offers from employers. When it comes to salary, it’s important for businesses and recruitment teams to be aware of the industry averages when hiring. With such a high demand for talent, it’s likely that the playing field will become much more competitive and workers will be able to demand more, especially at management level. This means that everything from job adverts to offers needs to be considered. The likelihood is that your business will be facing strong competition and you’ll need to be able to match their offering.
As things stand, the average median salary for project managers in construction is $100,000, a figure that depends on experience and what the role entails. For example, the annual median salary for a project manager on a team of 5 to 9 people is $110,000 and the annual salary for project managers on a project with a budget between $100,000 and $499,000 is $105,000.
Elsewhere, a project manager with 6 or more years’ experience in critical chain project management earns an average annual salary of $122,000. These averages are important for HR and talent acquisition personnel to bear in mind when creating or filling roles within their business.
What Does This Mean for Business?
As previously mentioned, businesses have to work harder than ever to attract the best talent in such a competitive market. With a vastly increased number of roles that need filling, the market for talent will only get more competitive. The roles will become somewhat reversed, with businesses needing to do more to impress potential candidates as opposed to the classic scenario of candidates having to sell themselves to the business.
This doesn’t just mean salary; it can also mean offering a better career path or working environment. For instance, 53 percent of project managers have informal career paths to roles in upper management and 40 percent say their set of performance skills is clearly defined or in writing. In the modern working world, there are also other considerations that become important. For instance, flexible working, holiday allowances and other factors affect the general work-life balance of employees.
Being an attractive employer takes more than just salary. Modern employees demand much more from their employer and you’ll have to meet these needs in order to remain competitive.
All of these factors are important considerations for those recruiting within the construction industry, playing a part in helping your business bring in the best talent possible and ensuring that you can remain competitive in the job seekers market. As things start to get more competitive in the construction industry, this will play a part in ensuring you don’t fall behind when it comes to recruitment. The future is bright for the construction industry, and taking the time to make your recruitment process as effective as possible will help ensure that the future is just as bright for your business.
Mark Wiggins is a writer of business-focused content, with a passion for helping businesses implement new applications. He has many years’ experience writing about technology, particularly application-based tech, and its practical uses within business.