In a time of labor shortages, you can’t afford to lose your most valuable and experienced help. Especially now with new construction projects on the rise, you need to stay competitive and keep your team happy. Are your current construction salaries meeting the mark?
According to Salary.com, today’s Construction Project engineer salaries range from $65k to $108k depending on level; Project managers start at almost $100k and go up to $140k; and a Construction representative’s base salary is about $54k. Check out their website for a full list and see where you stack up.
Of course, you can only pay what you think employees are worth and what you can afford from a budgeting standpoint. While we can’t do anything about your revenue and budgets, we can tell you that now may be a really great time to reevaluate how you view your employees.
The labor shortage likely stems from the large number of construction professionals that left the industry between 2008 and 2011; it just hasn’t caught up yet. The Birmingham Group writes that those who stayed in the industry took pay cuts and had to work side jobs to make ends meet. The website also says, “Not all construction salaries have caught up with the increasing costs of living.”
Most working professionals don’t want to work two jobs so that they can live comfortably. That’s why it should come as no surprise that salary becomes a driving factor on whether to work at a specific company or look elsewhere. Don’t give your people a reason to look for new job. Here are some ways you can evaluate your construction salaries to stay competitive.
- How big and long are the projects they will be typically working on?
- Where are you located and what are the going rates for that area?
- How is the local economy and current employment rates?
- What are their job responsibilities? And do they often go above and beyond the call of duty?
- How many years of experience do they have? What is their success rate?
- What is their title? Project manager? Construction worker? Office assistant?
- What are competitor salaries?
Answer these questions, have conversations with your team, and consider a salary increase across the board to keep your full staff happy, excited, and ready to work.