Putting Your Risk Management Strategy in Place

Risk is an ever-present part of doing business in the construction industry. Successfully managing the many moving pieces when a project is in progress, along with the short-and long-term operational aspects of a construction company, is a major challenge.

This article will address the areas in which careful decision-making can help your company manage its risk and prepare it to absorb the occasional bump in the road, ensuring it remains strong and healthy.

Create an Effective Labor Risk

Historically, construction HR practices have been reactive: first, the contractor gets the job; then, it finds potential workers. However, with the ongoing labor shortage and aging of the workforce, staffing now requires more active engagement. To get ahead of staffing issues, consider implementing a staffing strategy.

For example, one rapidly growing company recently hired a full-time recruiter in addition to an HR director. The role of the recruiter is to maintain a pipeline of workers for the company prior to the need to help fill positions with the right people quickly. Recruiters also help reach current leaders in the industry who are not actively looking for a new job, to establish and promote professional connections for future reference.

If you are a CFMA member login to continue reading this article. If you aren't a member yet and would like unlimited access to all of the content on cfma.org, plus a variety of other benefits, join CFMA today!

About the Author

Douglas Rieder

Douglas L. Rieder is Chairman of Sterling Seacrest Partners in Atlanta, GA.

Read full bio