Strong communications with employees, whether they are working from home or at a job site, is always important, but even more so during the pandemic. (iStock/nensuria)
In the fall of 2020, there is still uncertainty in the construction industry as construction employment remains lower in most parts of the country compared to just before the COVID-19 pandemic started. As firms work their way through their backlog of projects, they have taken time to assess how the pandemic affected their business. Recognizing that innovation often blooms out of disruption, many firms are using these assessments to guide medium- and long-term planning to re-envision and revamp their businesses.
The focus is on validating what they have done right, taking advantage of new market conditions and improving processes as needed, all aimed at enhancing the bottom line. Centering on six specific areas will guide contractors toward best practices for future success.
Operations, Profitability and Revenue
Contractors concerned their backlog of projects may be shrinking need to pay attention to new opportunities created by the pandemic. As employees move back to the office, new interior work is necessary to make those offices compliant to local health and safety guidelines. There is a hub-and-spoke trend starting to emerge in which central metropolitan offices are being supplemented with smaller regional offices, providing safer working conditions by locating offices closer to employees’ homes — thereby minimizing mass transit exposure and reducing the number of employees working in a location.
“Helping employees stay connected and productive is a challenge leaders need to master to protect one of their most important assets.”
