Running a successful business means constantly walking the line between generating enough work to keep your people busy and finding enough qualified people to do the work.

Although some still feel that the construction industry is and will continue to be flat for the short term, construction is expected to be one of the growth industries for the next decade. The number of wage and salary jobs in the U.S. construction industry is anticipated to grow 19 percent through 2018.

So the opportunities for new business are starting to come back, but what about the supply of talent?

As the economy begins to rebound, and with the coming flood of baby boomer retirements set to drain the industry of experienced workers, a war for qualified talent will make a return. A focus on training and building the workforce of tomorrow will be critical to attracting and retaining a competitive workforce.

Training is often the first area of cost cutting when work slows down, yet history has shown that investing in employee development during a downturn pays off when the industry rebounds. A well-educated, knowledgeable talent base is the only way to ensure a competitive advantage, today and in the future. Now is the time to create an employee development plan to retain the loyal craft workers and management team still on your payroll, as well as to attract the best employees when the work starts to come back.

Among the most important types of training that construction companies should be investing in today are safety training, multi-skill training, supervisory training and technology training.

Safety training

Because they recognize hazards more easily, employees who’ve received adequate safety training can focus fully on the job at hand, increasing efficiency and productivity, as well as safety. A decrease in accidents also means legal and insurance fees drop. Safety training should begin before the worker ever sets foot on the project, and it should continue throughout employment.

Multi-skill training

Enhancing employees’ skills leads to increases in productivity and quality, as well as morale and employee retention. Investing in skills training also indicates to the employee that he or she has opportunities for advancement and long-term employment. Since job insecurity is one of the primary reasons why the construction industry struggles to attract and retain top talent, investing in training can generate significant returns by improving recruitment and lowering turnover.

Supervisory training

Having worked in this industry myself, I know that poor treatment is one of the top reasons construction workers leave the industry, which is why supervisory human relations training is one of the key activities recommended by CII to retain craft workers.

Complicating this issue is the incredible diversity of today’s workforce. An increasing number of women, immigrants and minorities are entering the workforce today, and there are also four generations currently in the workforce. Each of these demographic groups brings its own values, perceptions and needs to the job. Supervisors might need to learn a second language or participate in diversity training to improve communication and better understand the needs of certain segments of the workforce.

Technology training

This isn’t your father’s construction industry. Technology is changing the way contractors of every type run their businesses and their projects—from estimating to design to project management. Embracing and implementing the best new technologies can help companies compete more effectively—both in terms of winning new jobs, and in terms of recruiting the best and brightest.

Young people expect companies to embrace and use these technologies, which actually can create opportunities to provide them with the leadership and development opportunities they crave. By getting them involved in researching and implementing emerging building technologies, you’ll be enhancing your company’s competitive advantage through the use of cutting-edge technology and by solidifying your relationship with a valuable employee.

It is important for construction company owners to do a thorough needs analysis before investing in technology training. Rather than being dazzled by the latest and greatest technology, leaders should understand what improvements they need to make in their business management or project delivery. Then they should research existing programs, including what is being taught in technological schools and other training programs, before finally investing in software and    training.

Don’t wait until your competitors are calling on your top talent to start showing them that you care. Invest now in the loyal employees who have stood by your side throughout this recession, and reap the benefits by attracting and retaining the talent that will propel your company’s growth through the recovery and beyond.

		Mark R. Freed, CPA, CSEP is a partner with Andrews Hooper Pavlik PLC. He oversees audit engagements for not-for-profit organizations, construction companies and governmental entities. He is also a member of the Construction Financial Management Association.