After years of battling a persistent and costly labor shortage, builders and contractors are focusing on effective employee engagement to promote further growth and to avoid turnover, Building Talent Foundation reports. The 2021 Homebuilding Workforce Engagement Study released this week by the Building Talent Foundation (BTF) and the Oxford Centre for Employee Engagement (OCFEE) found that the cost of losing just one employee can surge up to $15,000 for expenses relating to “separation, replacement, training, and lost productivity.”
Also, as older employees retire, the next generation of workers between the ages of 25 and 44 is being trained to step up and take over, but instead, that same segment is proving to be the hardest to retain. To encourage current workers to stay in their positions, employers are prioritizing engagement and providing training and career coaching resources.
In the immediate term, employers can take steps to improve their employee engagement. These steps include:
- Provide leadership training for supervisors
- Make sure supervisors understand and support employees’ motivations, and communicate effectively
- Allow and encourage employees to take advantage of opportunities for advancement and upskilling
- Foster a positive, team-centric atmosphere and culture in which team members are encouraged to learn from each other
- Provide time and resources for employees to pursue professional and skill development