Winning the War for Talent
Bloomfield Hills, MI (February 7th) – The twelfth episode of the Construction Association of Michigan's podcast welcomes Jim Bitterle, author of Unquittable and Managing Partner at EDSI. Hosted by Kevin Koehler, the President of CAM, this episode identifies the challenges facing employers in today's job market and strategies for retaining key employees.
When the pandemic hit, we saw a sharp increase in unemployment but today we are already down to pre-pandemic levels. With 10 million available positions and only 5 million job seekers, what can companies do to win this war for talent? The Bureau of Labor Statistics (BLS) projects that it will continue to get worse. We're losing Baby Boomers at a rate of 4 million every year and, during the pandemic, over 1 million women left the workforce and haven't returned. Jim says, "The last statistic I saw says there are about 400,000 vacancies in the construction industry. But that 400,000 number is way understated, because that's based on construction jobs that are posted. How many companies aren't even posting these positions?"
In his 34 years of corporate leadership and business management, Jim has worked with thousands of employers and has identified the key factors that reduce employee turnover. He has found that young workers, under the age of 24, in the construction industry have an average turnover rate over 60% but there are dozens of examples of firms who have successfully recruited and retained staff.
Jim points to four key strategies for reducing turnover: culture, flexibility, creating a purpose, and opportunities for growth. Jim goes on to say, "We have to be very intentional about showing them how they can grow. In the construction industry, that's an area we really need to do a better job." If the company is smart, they'll say, "If you don't like this job you're in, after 6 months or a year, let's talk, because we will have other opportunities so you can grow and learn within this organization without having to change companies."
Click here to listen to the full podcast.
On Wednesday, February 15th, Jim Bitterle will be the keynote presenter at the 137th CAM Annual Meeting. Click here for more information about attending the event.
Podcast Information
Listen to this hot topic conversation and all of CAM’s “Building Michigan” podcast episodes at buildwithcam.com/podcast or on your favorite podcast platform.
Contact cam@buildwithcam.com for podcast sponsorship opportunities or with suggestions for future podcast topics. Each episode of the “Building Michigan” podcast, produced for Michigan’s construction industry by the Construction Association of Michigan, and sponsored by Priority Health, features current news and information regarding the latest construction techniques, methods and equipment, as well as economic updates and interviews with key people in Michigan's commercial construction industry.
Listen to Building Michigan
The Building Michigan Podcast features current news and information regarding the latest construction techniques, methods and equipment, as well as economic updates and interviews with key people in Michigan’s commercial construction industry.
