Construction Industry Losing Workers as Baby Boomers Retire

By on October 12, 2018

From Procore Jobsite:  We are witnessing one of the biggest shifts of human capital in history. This has forced many companies to completely reevaluate their strategy on how they recruit, retain, and, most importantly, captivate the next generation of workers.

Throughout Australia, we are seeing a continuous stream of baby boomers going into retirement. This is certainly something that needs to be talked about, especially since an estimated 54 per cent of construction managers belong to the baby boomer generation. Not only is the construction industry losing manpower, but they are also losing all of the experience and knowledge acquired throughout these lengthy careers.

During a time of labour shortage, it’s essential that construction leaders find a way to recruit and, in turn, familiarise the younger generation with this knowledge. A lot of construction companies are actively looking to improve recruitment into the trades. Some companies, for instance, are working on mentorship programs to help dissolve the gap between the baby boomers and younger workers.

When it comes to recruitment of our younger generation, trade jobs need to be portrayed as a worthy alternative to university education; new potential tradies need to realise that trades lead to a satisfying and lucrative career.

It’s important to expose young people to the benefits and possibilities that a career in construction can bring early on. Introducing work experience and apprenticeships at the high school level would be ideal.

Gallup Poll finds that by age 68, only about a third of boomers in the US are still in the workforce, including just 16 per cent who are working full time. This trend can also be found in Australia. This data shows us that baby boomers are not working past 65 as previously expected.

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About Dede Hance