Latest technology trends, prevailing wages, and the labor shortage
Technology is steadily imbibed into all aspects of human culture. In addition to this, the world is noticing an unmistakable increase in growth and development. These successes are opening up an unlimited number of opportunities for people. They also make us hopeful of possibilities in the future.
As a result of the daily landslide achievement made with technology, quite a number of organization managers, stakeholders, investors and other interested persons are keying into this direction hence creating a trend.
There is a need to stay updated with modern knowledge in order to maximise all that is achievable in this trend. This is because the numerous possibilities created by the rapid evolution of technology, created certain requirements for maximum utilization of opportunities.
In addition, others who can’t meet up with the pace of such development are left behind in that area.
But then, what are the latest technological trends, their prevailing wages as well as the challenges faced such as labor shortage?
Latest Technology Trends
Construction requires a lot of administrative processes. If not properly managed, the success of such projects will be sabotaged. In addition, the multiple administrative processes involved makes it extremely difficult to effect changes that would produce the desired efficiency, transparency and accountability. Our labor compliance software is tailor made to solve unique challenges faced by employers, directors and managers of labor.
It is particularly difficult to effect some changes because of bureaucracy, protocol and bottlenecks. However, there certainly must be a change and a way around this. And yes, the answer is technology.
The current trend in construction organization, and companies is the use of mobile technology to infuse efficiency, effectiveness and transparency.
A lot of organizations are embracing the power of digital work to perform their task and this is a lot easier and faster. For some, the reason for engaging in such task is to create a cover or assist their workers since mobile technology is a lot more reliable and can afford them the needed time to do all that they desire to do.
Some of the latest technology trends include the use of drones which are used for multiple tasks such as supervision, delivery of project materials and lots more, exoskeletons which serve as support for workers and provide the needed cover to carry heavy objects.
Others include the use of technology ingrained wearables like hard hats, security vest, and several others.
The reason for this trend is such that all that made it difficult to achieve certain goals with the old fashioned analogous method becomes easily feasible with the use of digital technology.
Also, a technology trend is bound to continue if the outcome of the desire is consistently achieved.
This makes other organizations key into this. The reason for this is not far fetched, the ultimate unifying aim of all organizations, companies, institutions are such that productivity is enhanced, the organization’s goals and visions achieved and the company able to wage out its dreadful competitors in the most healthy way.
All these are achievable with the use of mobile technology. It will continue to fuel its usage.
The Prevailing Wages and its Benefits
Opportunities abound in the construction organization. The use of technology further grounds this fact but then, what about the prevailing wages of workers?
The prevailing wages of workers is a reflection of their learned skill, hardwork and experience gathered over the course of the year. The prevailing wages made it feasible for hardworking workers to be rightfully rewarded. It also made it difficult to employ cheap and unskilled labor.
Since this is the case that is obtainable, labor has been motivated to invest in acquiring knowledge and skills in which there is less competition and the demographic is favourable.
This has given a boost to the economy revenue, all thanks to the additional tax revenue and knowledge which helps the company or organization to complete their project faster.
Although there is a little controversy on the effect of prevailing wages with some arguing that there is a possibility of influencing the construction cost by a significant amount.
This debate has been put to rest with research showing that the prevailing wages do not have an adverse effect on the construction site however, it has been established that cheap labor on the contrary causes increased injury or fatality rate, lower productivity which in turn shoot up the turnover rates and lowers profits.
The Labor Shortage
When opportunities increases, it results in an increase in demand for specific skills that are directly connected to the field. However, there are instances in which the available labor is not enough or sufficient to match up with the labor demands. This is called labor shortage.
Labor shortage is not necessarily bad if the existing labor is ready to explore and take advantage of the opportunities that it presents.
Labor shortage is caused by several factors and a good knowledge of what they are is important in knowing how to combat them.
Labor shortage occurs when higher number of workers retire compared to those coming in. This, in the end, creates a labor deficit.
Labor shortage has created a huge concern as all hands must be on deck to salvage the situation.
There are recommendations that the prevailing wages be maintained. A reduction in prevailing wages further discourages newbies from filling up the labor deficit. In addition, some equally recommended an increase in immigrants to increase human resources.
Alternatively, immigration policies which favour immigrants with the desired knowledge or skill are also plausible.