Category Archives: projects

High attrition can have a larger impact on construction projects

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In a construction business, employees from different departments play a crucial role in the overall development of the project. You want the project to end on time; you need to ensure that you have you men/women by your side and if that is there you can end up completing it within the given deadline. However, if your men/women leave the company for any reason the prospect of the project ending on time gets jeopardized. This is why it is so important to ensure that the attrition rate of a construction business is low. You got to take good care of your employees and see that they do not leave the company for any silly reasons. Reasons can be tackled and settled by sitting together and having a discussion. This is precisely the task of the management would be. They need to talk to the lot who are disgruntled from some reason or the other and try to root out the issue from its core.

Skilled men/women get jobs easily:-

People who work as unskilled laborer may have a hard time getting another job if they ever want to leave their existing one but for the ones who are skilled it is never a problem for them. The construction workers who are skilled and experienced are required in good numbers by any construction company or contractors and therefore their exit from your company is in a way can be looked at some kind of loss to the company. It can have a larger impact on the company if you do not manage to get a replacement in time and getting a replacement is one big challenge. The focus should therefore be on retaining your folks. Try and understand the core issue why they want to quit. This will help you know if others also have similar issues and if they have then that can be rooted out right at the beginning.

Projects are delayed due to lack of manpower:-

Crunch in manpower can be a significant problem for any industry and when it is about construction it can have a devastating effect on the project. There are numerous projects that are halted due to lack of workers or just because they have no workers at all. This is certainly not a good picture to portray. It shows how ineffective the management is that they can’t hold back their workers who play such a crucial role in the company. This can also have an impact on getting future projects. This all works in a circle and hence you got to get your things right from the very moment you sense trouble.

Boost the morale of the workers by giving awards:-

Giving awards and rewards should be a regular affair in your company. The management should pick the worthy employees and give them some kind of gift cards or cash prize or incentives every quarter. Please note that you do not pick the same guy/gal every time. Try to pick talents from various departments and give them their prizes. You can even do this with the contract laborers. This will motivate the employees and will bring down the attrition.

Invest your money in construction projects globally

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When we think about investments, we come across all sorts of investment avenues that are liquid as well as non-liquid. However, not many consider investing in construction projects globally as a good investment option. There are strong reasons attached to it which is why people are usually deterred to invest in investment projects in a foreign land. One of the strongest reasons is that you do not have a direct control on the project and it may become difficult to monitor the progress of the work by being away from the jobsite.

Other than having a direct control, other reasons also include political turbulence, company getting dissolved. However, these reasons can’t be considered to be too big for one to deter investing globally and can always be worked out before you end up investing in one such project. There are of course few Do’s and Don’ts that needs to checked first before taking a decision of any major investment in foreign land.

Check the viability of the project:-

You can definitely invest in projects that sound to be viable. Alternatively, if the project has all proper sanctions from the different authorities of that country, there is probably no other reason why it may get blocked. Investing in such projects being in a distant place can still be a good option. However, you also have to check your benefit in it. You need to first measure your risk and the returns that you can expect from the work at its completion. It will be worthy to take such risks where you know that it will fetch good returns. There are many American investors that have invested chunks of money into various foreign projects. In this case they do not have to deploy their men for the work and if there is any hurdle that shows up during the tenure of the project that will be managed by the construction company who has undertaken the work.

Reputation of the builder matters a lot:-

When an investor has to invest his money in construction projects, he definitely checks the credentials of the construction company who has taken up the work. In the same way, while investing in a construction project outside US, you have to check the credentials first. Meet the representatives of their company, do some research on their previous projects. By that you will get to know how big the construction company is and if it is prudent to invest in projects constructed by them. The reputation of the construction company should speak louder than anything else and that should be the signal for you to go ahead with them.

Stay away from countries that are politically unstable:-

You investments in a foreign land will bear fruit only if you put your money in a country that is politically stable and there is no fear of the government getting overthrown by rival political powers or the army of that land. Investment of any kind in a politically unstable country is too risky and not even worthy to take the risk.