Story by Gemma Beasley / November 6, 2023
When clouds roll in, it’s tempting to hunker down and pray for sun. But storms can also offer firms a chance to fortify foundations and erect even stronger structures.
Because while economic downturns invariably signal distress, proactive leaders can utilize these periods to upgrade their talent, hone efficiencies, and boost their competitive positioning. With the right strategy, you can not only weather the storm but emerge primed for blue skies ahead.
Rather than battening down the hatches, forward-thinkers view tempestuous times as an opportunity to chart a course toward future success.
Layoffs Shake Up the Construction Talent Pool
In a downturn, many firms unfortunately need to make cuts to stay financially afloat. This suddenly shakes loose a lot of top-notch talent into the open job market – project managers, estimators, superintendents, and more. Workers who expected to climb the ladder at their current company are left looking for a new home.
So the best time to pick up all-star team members is when the competition has let them go. It’s like having first dibs at the trade deadline in fantasy football, when you can scoop up free agents to fill gaps in your roster.
When this unique hiring opportunity emerges, you need to be ready to act quickly and decisively. Make sure you’ve evaluated your needs and identified target players whose skills and experience fit.
Get Your Hiring Wishlist Ready
Create a wishlist of dream hires – the standout project manager who could lead complex builds, the superintendent known for on-time and under-budget projects, the senior estimator with a proven bid winning track record.
Having this wishlist is crucial so when all-star candidates become available, you can make an appealing offer before competitors snap them up. Be ready to show top talent why your firm is the ideal home for them to thrive.
Expand Your Talent Search
Don’t just wait and hope the right candidates fall in your lap. You need to cast a wide net and proactively seek them out. Tap into your professional network, attend industry conferences and mixers, and get the word out that you’re looking to bring great people on board.
Many talented workers who get laid off feel adrift, but you can show up as their port in the storm. Let people know about job openings and entice qualified prospects by promoting your company’s strengths. And even if you struggled to compete for talent in the past, simply seeking new staff at a time where others have freezed hiring is enough to make you stand out in the crowd.
This downturn may have leading talent questioning their future. Could you be the firm to provide stability and bridge the next exciting phase in their career?
Invest in Retaining Your Talent
While apprehending new talent, don’t forget to take care of your existing crew. A downturn creates uncertainty and anxiety across the industry. You can keep morale up through clear communication, empathy, and displaying commitment to your staff. Make sure they know their jobs are secure and their contributions are valued.
Providing reassurance and inspiration helps ensure your A-players don’t start glancing at the lifeboats. You can also solicit their input on important decisions as they have invaluable insights and institutional knowledge.
By caring for your current crew and making them part of the solution, you ensure a steady hand at the helm to guide your firm through stormy seas. Your workers are your most valuable asset – you support them, and they’ll support you.
Use Slowdowns Strategically
When business hits a slow patch during a downturn, it’s tempting to just keep everyone busy with low-value make-work. But similar to a project delay, it’s wise to use the slow time productively.
So why not have teams refine plans to prepare for the next upswing? Whether streamlining systems, cross-training to build bench strength, or investing in professional development. You can also bring in experts to update skills in new technologies, and deep dive into data analytics to identify efficiency opportunities.
The key is having a plan ready for how to utilize the slowdown, rather than waiting for things to pick back up. That way when the market rebounds, you’ll be a lean, agile operation firing on all cylinders. Your company will emerge smarter, versatile, and better positioned to capitalize on new opportunities.
Recessions Provide Construction Growth Opportunities
Downturns force hard but often beneficial changes. Weak competitors go under, opening up market share. Banks and investors get selective, funding only the soundest projects. Companies are compelled to reduce bloat, operate more efficiently, and focus on higher ROI work.
It’s said necessity is the mother of invention. Similarly, challenging times inspire construction innovation and sharpening of competitive advantages. With strategic moves during the slowdown, your crew can emerge stronger and leaner.
Take Advantage of the Winds of Change
Shifting economic winds signal opportunities for those construction firms who are prepared to strategically adjust. Survival mode won’t always survive long periods of uncertainty.
To thrive in the storm, you need a proactive plan to actively strengthen your talent bench, refine processes, and boost your market position. Bring on board the standout performers that short-sighted competitors let go. Invest in upskilling and development to upgrade your crew’s capabilities. Tighten up processes to improve quality and efficiency.
With the discipline to implement these moves during the downturn, you’ll ride out the storm in a position of strength. While others scramble to stay afloat, your firm will be plain sailing. Why scramble to survive when you can leverage these unique conditions to excel?
Navigate the Talent Landscape with an Expert Guide
As we’ve explored, a downturn opens up chances to upgrade your crew’s skills and strengthen the core of your construction team. But recruiting is its own skillset – one that demands keen market insights and networking savvy to surface the best candidates.
That’s where a trusted talent advisor can help. At Hudson Cooper Search, we’ve guided many firms through shifts in the hiring climate, just like the one we’re going through right now. Our insight and connections will assist you at every step, positioning your brand to attract today’s displaced talent. We’re here to provide an extra set of experienced hands on deck during this crucial moment to shape your crew for the road ahead.
Let’s connect to explore how a partnership could look.
Construction recruitment agencies are common. Strong partnerships rooted in trust and good communication are rare. Learn why we’re the latter.
Learn MorePut your career in the hands of recruiters who know your worth. We focus on your long term success and strive to make your job search process feel effortless.
Learn MoreLanding a second interview is huge, but don't think you're home free. The industry is ultra-competitive, especially when hiring at senior level. Don’t rely on...
A client recently shared a story that made me rethink some long-held beliefs around employee turnover. They told me about a superintendent named Mike, who...
PWC is a national nonprofit organization that seeks to support, advance, and connect women and promote diversity within the architecture, engineering, construction, (AEC) and related...
When Mike's daughter was born, he was anxious about balancing his construction foreman job with fatherhood. His company offered only 1 week of paid leave,...
As contractors sound alarms over skilled labor shortages, they repeatedly overlook a hidden asset – working moms. While women make up only 10% of the...
Fatigue from years of physical labor sets in. Noisy chaos frays your nerves. You’ve maxed out your pay scale. You’re struggling to see opportunities for...
Buildings account for nearly 40% of global emissions, putting immense pressure on construction firms to prioritize sustainable and net-zero practices. Cities like New York and...
Bonuses work. When done right. While variable pay plans have tremendous potential to accelerate results and incentivize top talent, without proper structuring and communication, they...
As a recruiter in the trenches, I’ve seen the construction industry’s hiring crisis up close. Project managers are slammed, desperately piecing together teams at the...
You've made it to the final round of interviews with your chosen construction firms. After months of rigorous screening, you've proven yourself again and again....
The COVID-19 pandemic brought construction sites grinding to a halt. Teams accustomed to hands-on collaboration were forced into remote work overnight. Many adapted well during...
When clouds roll in, it’s tempting to hunker down and pray for sun. But storms can also offer firms a chance to fortify foundations and...
Any construction company's reputation hinges on the caliber of its craftsmanship. This applies not only to client projects, but also to the employer brand you...
The threat of being replaced can fill even the most seasoned leaders with dread and self-doubt. As new talent arrives, it's only natural to feel...
Every time we talk to a candidate about your company, and the position you need to fill, we have to be able to articulate why...
Recruiting is a transitory process that can feel uncertain – even when the conditions that surround it are perfect. But as staffing specialists within the...
Project lists are an essential part of applying for new jobs in construction. They can make the difference between securing an interview or not and...
Robotics in construction are on the rise, and new market research shows that the sector is expected to swell in value as contractors look to...
© 2024 Hudson Cooper Search, LLC. All rights reserved.
