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Axis Capital Group Singapore
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| High Percentage of Skill Shortages Troubles Construction Industry |
| Skill shortages in the field of construction seem to have no plans of stopping. Despite the best efforts, there is still a big shortage and lack of skilled workers willing to work in this arduous kind of job.
Let’s do the math and take Axis Capital Group’s statistics as an example. Since operating from 1999, Axis has grown to employ an estimated 150 machine operators, mechanical engineers and shipment crews and admin staffs. Among these employees in the main office in Singapore and office branch in Jakarta, Indonesia, more than 75% are now in their middle aged years. While the business is improving and growing, in 10 years, these middle-aged employees will be retiring. When that happens, those remaining 25%, assuming zero attrition rate, would already be middle aged and promoted. If there is still a shortage of skilled workers, there is a bigger risk of deterioration in the construction industry despite machines doing most of the labor works.
Manual labor is already being reviewed as one of the reasons which can greatly affect the already developing industry. In more studies, 47% of UK’s construction industry and related businesses were unable to fill the vacancies in the previous two years. While many leaders in this sector plea for help and complaints are already filing up for not properly marketing the benefits of the industry, experts say that the solution would be vocational training.
Companies should allot time, effort and budget for trainings and educational seminars for aspirants to be able to regain the number of workers. Companies should take advantage of the high rate of unemployment among young adults and offer benefits befitting for a regular employee and for the risk that they are to undergo when working as a construction worker.
Since, as analysts mention, that the need for manpower, the benefits they will be getting and the demand for workers are not highlighted in schools and universities and instead being belittled, construction companies should do their part to presenting a better image and marketing their names through these interactive seminars and trainings.
Since businesses are struggling to contain the shortage which seems to have no plans of abating, there is already a surge of significant pay growth in this sector of almost 5%.
While the business is continually growing, many companies are already imploring assistance to other sectors and even from the government to find other solutions for the increasing manual labor. If the shortage continues, global economy may also be affected overtime. |
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| 3,142 Days Ago |
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