COVID-19 took a massive toll on human life and impacted businesses. There is no business that was unscathed, and that includes the construction industry.
While the construction industry was an indispensable part of recovering from the pandemic, it is sufficient to say that the coming time will be challenging for this industry. Every country was dependent on its construction industry for building immediate hospitals, providing equipment, and more. Thus, recovering this industry is the key to rebuilding GDP and providing work to numerous people who don’t have work now.
It doesn’t mean that the construction company didn’t face any challenges due to COVID-19. It did! Many countries saw shutdowns, and daily wagers working in this sector suffered massive losses. However, it is now time to let bygones be bygones and work on making this industry whole again. If you are looking for ways to emerge stronger after the COVID-19 wave (still ongoing), here are a few ideas to help you.
To emerge stronger after the pandemic, follow these steps:
Screen your job applicants thoroughly
COVID changed the construction industry massively. But now work starts again in many countries on a rapid scale; you may need to hire new employees. Whether for a managerial position or skilled labour, you need to take proper steps to ensure you are not wasting your time and money on the new employees.
A company can spend over 50% of an employee’s salary on hiring and training a new employee. That is a lot of capital, and thus, you need to make sure you are investing in the right person. How? By screening them!
Most small companies overlook this simple step which can save them money, time, and the repeat process of finding a new employee again. However, proper reference check and screening helps you uncover any imperative detail you might have overlooked.
Another thing to note is to be transparent with the recruits. Tell them what you expect from them, about salary, job perks, and more. It will help you have the best employee, and they will feel safe and secure in their job as well.
Enhance supply-chain management
During the pandemic, there was a time when companies found it challenging to source cement, sands, and even bricks, along with labour shortages. This may even happen today, so to emerge stronger after the pandemic, you should:
- Pay some amount to the suppliers beforehand. It reassures small suppliers, and you get your material on time too.
- Think about reverse factoring, which is when big companies partner with third-parties financers to pay off their suppliers’ bills for a fee. That can also help build better relationships, and you get timely supplies.
Hire from other industries
Many industries are seeing massive demands in their work. As a result, the employees there are getting low pay or fired. Construction companies can take advantage of this as some employees from other industries like oil and gas may become great employees.
The oil and gas employees usually have the same training, and if you hire them for your work, the training you provide to them may be lower. Thus, saving you money and time! The construction company is facing challenges when it comes to hiring skilled labourers. Maybe this route will help you out. However, do it fast. Otherwise, you will meet tons of competition and not any skilled labourers.
Invest in your employees for better ROI
Hiring new employees doesn’t overcome the challenges that your business is facing. Instead, upscale your old employees so they can manage the new challenges and scenarios post the pandemic. This means:
- Going through workplace safety measures again. It will keep the employees safe during all challenging work.
- Ask your vendors or suppliers to train your employees regarding their products, guidelines, and safety. It reduces your burden, and they get the best training available to them.
The surety that the pandemic will be over soon is nowhere in sight. However, this shouldn’t stop you from doing your best. If your construction business is flexible and adaptable, you can come out stronger and make your business grow more. And that will help you and the economy both.