Contractors will face a 25% gap in the critical talent layer that keeps their companies growing profitably and sustainably with a strong scoreboard.
- From 2015 to 2030 the overall population will increase about 12.5% while the population of 45-65 year olds will decline by about that same amount from peak 2015 levels.
- Construction demand will grow roughly with the population; likely faster due to deferred infrastructure maintenance.
- Automation technologies will help significantly with the front-line workforce including drivers, operators, many craft, basic engineering functions, etc.
- The demand for critical expertise and management capabilities will increase do to the increasing complexity of projects, changing project delivery methods and tighter supply chain integration.
- 90% of this talent is 45-65 years old because it typically takes 20+ years to build the deep experience and relationships required.
- Compensation alone WILL NOT solve the problem of a massive shortage in supply just like you can’t offset a 25% decline in oil supply through higher gas prices.
- Mastering the 9 Critical Talent Processes is the only sustainable growth strategy around talent for contractors.