Compensation strategies: Keep your most talented

With U.S. unemployment rates at generational lows, construction companies face one of the most severe talent shortages ever. Faced with this challenge, companies are becoming inventive with compensation to attract and retain skilled workers, particularly project managers, superintendents, and general superintendents.

With tax cuts and a strong U.S. economy, construction industry executives are optimistic about their business. However, a survey by the Associated General Contractors of America, conducted with Sage Construction and Real Estate, reveals that while 75 percent of firms want to increase headcount in 2018, they may struggle to fill those jobs because of labor shortages. The survey finds 82 percent of firms expect to have difficulties hiring qualified workers. That makes it crucial that firms retain productive manager-level employees in order to complete important projects on schedule.