We know the labor shortage is a challenge. In fact, the U.S. BLS (Bureau of Labor Statistics) numbers and the U.S. Chamber of Commerce show there are a defined number of jobs and not enough workers or skilled workers to fill them—to the tune of roughly 2.2 million open jobs. In construction specifically, ABC (Associated Builders and Contractors) estimates the industry needs to attract an estimated 501,000 additional workers on top of the normal hiring pace in 2024 to meet labor requirements.
If you were to ask Chicago’s Richard Group what the solution to this challenge is, it could be summed up in one word: culture.
Established in 2014, Richard Group is a veteran-owned, national general contracting company, building efficient and dynamic spaces that advance community and sustainability. CEO and founder Jed Richard says the company prioritizes people and fosters an environment of grit, gratitude, and greatness. As it has done this, it has seen growth in a number of different areas.
Here is how this approach can help in construction:
- Attracted key hires in operations, finance, and marketing.
- The company has more than doubled in size since 2022.
- The company has seen a staggering 390% revenue growth in the past five years.
The company’s success extends beyond Chicago, with Richard now operating across 16 states and ranking as a large builder of Dept. of Veterans Affairs hospitals in the country. This expansion has brought more than 100 high-quality jobs, with more growth on the horizon.
Looking to the future, we are going to have to be very creative if we want to solve the labor shortage in the construction industry. Workplace culture will be one of the keys to driving success in the construction industry for years to come.