Incentive Compensation for Contractors - Mitigating the Talent Shortage

There’s not much better than a great incentive program to recruit, retain, and develop people.

Courtney Stearns Profile Picture
Contributors Sue Weiler-Doke David Brown

The talent shortage is very real and is hitting the construction industry harder than ever.

The Baby Boomers are retiring from the industry and Millennials are showing little interest in a career in construction. A great incentive program can be the differentiator in recruiting new employees to the industry.

Great incentive programs can include cash-based incentives, such as production-based payouts or bonuses, as well as non-cash-based incentives, including continuing education, personal and professional development, professional certification advancement, and leadership training.

Employees that are developed both personally and professionally are happier in their career choice and are more likely to remain engaged at their current role with their current employer.

The larger intangible that many organizations fail to realize is how a great incentive program helps them become better planners of the people that they want to work there. This helps them plan for the right people in the right place at the right time.

In this video series Courtney Stearns, Sue Weiler-Doke, and David Brown discuss the most common questions we get from contractors about incentive programs, including a bunch of great questions from the audience.

This is Part 7 of a 20-Part Series

Topics Covered in the Series Include:

  • Culture
  • Union vs Open
  • Prerequisites
  • Alignment
  • Types of Programs

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More from Courtney Stearns
Incentive Compensation for Contractors - Introduction
Every successful and profitably growing contractor we work with has a comprehensive and integrated set of incentive programs in place at all levels of the organization. These programs reinforce the daily actions and behaviors that make them successful.
Incentive Compensation for Contractors - Who Benefits?
How would you rank the beneficiaries of a great incentive program, including Field Craft Workers, Service Technicians, the Project Management team, Executives / Owners, your customers, vendors, or others?
Incentive Compensations for Contractors - Calculations
It is counterproductive to have an incentive program that is either too subjective or too objective. In order to achieve a perception of equity across your teams, the right balance needs to be found.