In today’s competitive labor market, salary compression isn’t just an HR challenge—it’s a financial and cultural risk that can weaken your workforce. You’re not alone if you struggle to keep top talent engaged while offering competitive wages to new hires.
In construction, many leaders start as top-performing employees—highly skilled in their trade, hardworking, and reliable. Over time, their expertise earns them a promotion to a management role. But once they step into leadership, they quickly realize that running a team requires an entirely different skill set.
Every business reaches a crossroads at some point: How do you continue to grow and increase value while reducing dependence on yourself? Whether your goal is to expand, transition leadership, or prepare for a sale, these three strategies can help strengthen your company for the long term.
Seasoned and successful contractors know firsthand the sector’s cyclical nature. Their experience offers valuable insights into how to navigate these fluctuations, from the hustle and bustle of economic booms to the challenges contractors face in lulls of downturns.
Many skilled tradespeople are promoted to foremen without the leadership skills they need. While they excel at the work itself, an entirely different skill set is required to lead a team. The transition from hands-on tasks to the ability to manage people is a change that may feel unnatural.
For construction firms that are required to provide performance bonds, bonding capacity is much more than a financial metric. It’s the key to sustaining long-term growth.