“The skilled labor shortage is one of the biggest challenges facing the U.S. economy, with 650,000 open jobs in the construction industry alone,” said Stanley Black & Decker CEO Jim Loree. “This problem existed long before the pandemic but has certainly been exacerbated by it.”

Employers all over the country are saying things like, “I need construction workers ASAP.” There never seems to be enough talent to go around. Why? As younger generations enter the workforce, less and less are becoming skilled workers. To make matters worse, baby boomers are steadily retiring, creating a skilled trades shortage. 

High turnover rates result in huge losses to companies of all sizes. When an employee quits, they take their training and experience with them, leaving other team members to pick up their work. It usually takes at least a month before a new person is hired, which increases employee stress, decreases productivity in the meantime, and may lower future retention rates. 

In a perfect world, your business runs smoothly, you retain the best employees, and you’re always profitable. But in reality, life is unpredictable, and sooner or later, you’ll run into staffing problems.