GentraResearch – Why we Need Industry Specific Research
Cost to Replace –
- As of January 31, 2019 the preliminary seasonally adjusted number of job openings for construction in the United States was 302,000 with annual levels from 2009 to 2018 steadily increasing from 54,000 to 277,000, an increase of 413%. (Bureau of Labor Statistics, March 29, 2019)
- Meanwhile the seasonally adjusted annual number of quits in construction steadily increased by 125% from 76,000 in 2009 to 171,000 in 2018. (Bureau of Labor Statistics, March 28, 2019)
- The “cost to replace” values for employees making $75,000 or less is estimated to be between 10% and 30% of that employee’s salary. (Center for American Progress, November 2012). If we take the mean salary of $41,000 for a construction laborer (Bureau of Labor Statistics) in 2018 and multiply it by the total number of quits, we can calculate a potential loss to the construction industry of $701,100,00 to 2,103,300,000/ year.
- Data collected by a construction Captive reported that there was a decrease in both the severity of injury and the number of claims due to accidents with increased tenure. And in the age group from 25 – 34 they reported a “loss” decrease of 60% between employees who had been on the job for 0-1 year and 1 – 2 years.
- To date, generational research on the needs of our employees has focused more on the college graduate and not the workers who go into the construction industry as laborers. This means many HR decisions are being made based data that does not represent their employees. Therefore employee retention strategies need to be research based and individualized for each industry and company.
GentraResearch will conduct industry and company specific needs assessments for all of your employees and work with you to retain these workers by first identifying and eliminating the “Needs Gap”.