The job market is over-heating in the construction sector with skills shortages causing pressure, driving up costs and holding back growth.
One of the most noticeable effects of the skills shortage is that competition for skilled people has resulted in a race to the bottom of who can pay the most to subcontractors and new employees and with deeper pockets, larger construction companies will be at an advantage.
Smaller developers will find that they can’t compete with the larger companies and struggle take on more work as their margins shrink due to labour costs.
On an individual level, companies would do well to remember that salary isn’t everything to attracting talent. In our experience, whether it is a tradesperson or management, people often place work environment and none financial benefits over a large salary.