In This Podcast:
Andy Patron, partner with FMI Corp., discusses the impact a national labor shortage may have on the mechanical contracting industry.
Q: FMI recently wrapped up a craft labor recruiting and retention survey, can you tell us a bit more about who the survey targeted and the questions that were asked?
A: We were invited to participate with a group — the $1 billion revenue and higher club — to help them solve the craft labor shortage we are all experiencing. This group is unique in that it’s very large and has the financial capability to do some things on its own. The survey was interesting as we gathered some information on the challenges and considered how we were going to take a new look at this labor shortage. These large companies are experiencing the same problems smaller companies are experiencing. Some of the solutions may be a bit tougher for the smaller companies to finance, but they’re worth consideration. The results were very interesting.
Q: What are some of the largest contributors to this sweeping labor shortage?
A: Obviously, there are a number of things going on economically and socially that are driving folks from the industry. The exit of the baby boomers is a primary reason. We really have a lot of old people who’ve spent a lot of time in this industry. And, they’ve been around a long time; it’s time for them to retire. These retirements are going to have a grand impact on all of the mechanical industry, which is going to lose a lot of experience. And, on the other end of that, Generation Y is not choosing the construction industry. There is a lot of opportunity in construction, but people have a stereotypical view of what construction is, and that view is often wrong.
Partner, FMI Corp.
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Publication date: 4/6/2015