Nearly half of U.S. contractors believe training the next generation of workers is the industry’s most critical need, according to the recent DEWALT® Powering the Future Survey
- More than half of U.S. entrepreneurs (55%) say finding enough skilled workers is one of the biggest barriers to growing their business
- Inflation (57%), lack of labor (51%) and long working hours (37%) are the three biggest challenges currently facing American entrepreneurs.
- After training the next generation of workers (48%), more than a third believe that contingency planning/risk management (37%) and resilient supply chain solutions (37%) are essential for the growth of the construction industry in 2023
- 67% of U.S. entrepreneurs say mentorship and trades training opportunities are extremely important
TOWSON, MD., October 24, 2022 /PRNewswire/ — A new survey released today by DEWALT, a Stanley Black & Decker (NYSE: SWK), a leader in total jobsite solutions, found that more than half of U.S. contractors (55%) believe a lack of skilled workers is a barrier to growing their current business. That number jumps to 69% among companies with annual revenue of $10 million and 64% among those with 20 or more years of experience. Looking to the future, 48% believe training the next generation of trades professionals is one of the most critical needs for the success of the construction industry in 2023.
Check out the full interactive multi-channel press release here: https://www.multivu.com/players/English/9100752-dewalt-us-contractors-powering-the-future-survey-results/
“The DEWALT Powering the Future survey highlights the huge skills gap and its continued impact on the residential and commercial construction industries. Add to that the overwhelming demand for trades expertise during the COVID-19 pandemic and the [skilled-labor] the gap is quickly becoming the most critical need that will dictate the future success of the field,” said Allison NicolaidisPresident, Power Tools Group, Stanley Black & Decker. “That’s why DEWALT is committed to increasing our focus on these challenges and playing a leadership role in helping our industrial and construction partners overcome them. DEWALT will continue its commitment to closing the skills gap with the launched the DEWALT Trade Scholarship to support trade education programs for students across the country.
Inflation, insufficient skilled labor and long working hours are the main challenges
Keeping up with inflation (57%), finding skilled workers/being understaffed (51%) and working long hours (37%) are the top three challenges American entrepreneurs surveyed are currently facing. When it comes to the effects of these challenges on the industry, an overwhelming majority of entrepreneurs – 93% – believe the lack of skilled workers has had at least a minor impact on their existing work.
Half of contractors whose work has been impacted by the labor shortage (50%) cite lack of awareness of career paths in construction as the main causes of the gap, followed by outside influences (parents, media, etc.) guiding young people away from pursuing a career in the industry (47%), as well as underestimating the amount of money that can be made in the industry (41%).
High importance is placed on mentoring programs, regardless of level, duration or type of entrepreneur, with 67% of all entrepreneurs rating these programs as extremely important and a further 24% identifying them as moderately important. A large majority of entrepreneurs with extensive experience (over 20 years) or high business income ($10 million or more) find these programs extremely important (71% and 78% respectively) for providing the latest training to to help young professionals prepare for on-site work. work. Additionally, more than half (53%) of entrepreneurs surveyed say mentorship increases enthusiasm for construction as a career path.
Health and well-being are essential
Since the start of the COVID-19 pandemic, entrepreneurs have experienced many changes in the industry. According to the survey, the top takeaway (39%) from the pandemic among entrepreneurs is the importance of employee mental health and wellbeing.
Most contractors (56%) have worked more hours since 2019, with mechanical (68%), plumbing (66%) and electrical (60%) contractors more likely to have seen an increase in hours work since the start of the pandemic. Nearly 40% of all entrepreneurs surveyed say longer hours have made their job more difficult.
Half of entrepreneurs (48%) identify training the next generation of workers as one of the industry’s most critical areas of focus in 2023 and beyond. Seasoned entrepreneurs are particularly committed to training the next generation of workers, with 63% of those who have been in the industry for 20 years or more indicating this is a primary goal for the future. The second and third most critical elements for growth are contingency planning/risk management and resilient supply chain solutions (37% each).
Innovation in tools and equipment (33%) is also listed as an important element of future success. Thanks to advances in tools, 55% of entrepreneurs believe they have increased their efficiency, half (51%) say they have increased user control and more than a third (36%) believe it has improved the quality of work .
Boost careers in construction and trades
As part of its commitment to empowering the next generation of workers, DEWALT has opened the DEWALT Trades Scholarship, which will reward students with a $5,000 scholarship under a skilled trades training program for the 2023-2024 academic year. Eligible applicants include high school, graduate, or current undergraduate students majoring in a degree/certificate program such as commercial construction, motor/power majors, mechanics, or technology. To learn more about this opportunity and apply in February 8visit https://scholarsapply.org.
The company continues its multi-year commitment to training tradespeople through the Global Impact Challenge which awards grants to non-profit organizations supporting training programs for tradespeople, including skills training and retraining . Learn more here.
DEWALT also offers several promotions on tools and equipment to energize the projects and jobsites of current and future professionals. Learn more at https://www.dewalt.com/promotions.
DEWALT has partnered with strategic news agency Opinium to conduct a survey of 1,001 full-time building and construction contractors. “Full-time building and construction contractors” are defined as those who work in building/construction for 40 hours or more per week. The study was conducted between September 21 – September 30, 2022.
DEWALT, a Stanley Black & Decker, is obsessed with the way users work in the real world and relentlessly pursues complete jobsite and landscaping solutions. By incorporating its latest technology and industry innovations, DEWALT is leading the charge for the jobsite of the future and pioneering the next generation of outdoor equipment. DEWALT products. TOUGH® GUARANTEED. For more information, visit www.dewalt.com or follow DEWALT on Facebook, Twitter, instagramand LinkedIn.
About Stanley Black & Decker
Based in the UNITED STATES, Stanley Black & Decker (NYSE: SWK) is the world’s largest tooling company with manufacturing facilities around the world. Guided by its purpose – for those who make the world – the company’s more than 60,000 diverse and high-performing employees produce power tools, hand tools, storage solutions, digital tool solutions, lifestyle, outdoor products, technical bindings and more. industrial equipment to support manufacturers, designers, traders and builders around the world. The company’s iconic brands include DEWALT®, BLACK+DECKER®, CRAFTSMAN®, STANLEY®, CUB CADET®, HUSTLER® and TROY-BILT®. Recognized for its leadership in environmental, social and governance (ESG), Stanley Black & Decker strives to be a force for good in service to its communities, employees, customers and other stakeholders. For more information visit: www.stanleyblackanddecker.com.