RC105 MarApr2023 - Magazine - Page 10
2023 OUTLOOK
Vitality
Although the number of construction job vacancies did decline at the end of last year, the
labour shortage will continue to plague the
industry. And with baby boomers continuing
to retire, the shortage will likely get worse
before it gets better. Construction firms and
contractors that focus on offering the right
employee benefits and prioritize workplace
safety will find it easier to attract and retain
qualified workers.
Those firms that do not offer benefits may
be unable to compete in the war for qualified
skilled labour. Many construction firms are
already offering dental and paramedical
benefits, and some are considering paid
leave—including vacation and sick days.
To stay competitive, companies will need
to consider employer-sponsored retirement plans, including auto-enrolment and
employer matching. The situation is so dire
that government has stepped in, promising
nearly $250 million toward the federal Apprenticeship Service program. This program
allows smaller construction firms to qualify
for support if they hire first-year Red Seal
apprentices as they train to become skilled
journeypersons.
Resiliency
From severe storms to flooding to wildfires,
the last several years have hosted the full
range of catastrophic weather events. Whether it was Hurricane Fiona in the Maritimes
or the record-breaking heatwave in western
Canada, workers have been challenged like
never before.
Regardless of the above catastrophic
events, insurance rates have remained
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RENEW CANADA – MARCH/APRIL 2023
RENEWCANADA.NET
GETTY IMAGES
“Despite a history of slow
adoption, technology is
now transforming the
construction industry.”
construction firms have started to pre-order
materials to combat these issues, but this
creates other challenges, including another
layer of risk exposure and insurance costs.
Finally, the entire industry will be impacted by a looming digital transformation. Data
analytics can and do improve performance
and optimize operations but will also invite
increased cyber attack vulnerability. As a result, cyber first-party and third-party insurance rates are expected to remain elevated at
20 to 40 per cent higher than 2022.
