Managing the impact of the mega projects
Working Around the Mega Projects: Are High-Profile Public and Private Schemes Impacting Your Candidate Pool?
Projects like HS2, the Thames Tideway Tunnel, and the Hinkley Point C nuclear power station are transforming the landscape of the country, promising economic growth, improved infrastructure, and job creation. However, for smaller firms or those working on local, less high-profile projects, these mega schemes can present a significant challenge: the impact on the candidate pool.
The Draw of Mega Projects
Mega projects offer a number of incentives that make them attractive to candidates, particularly in the construction and engineering fields. These high-profile schemes tend to offer:
- Job Security: Mega projects often come with long-term timelines, offering employment security for several years.
- Higher Wages and Benefits: Large-scale public and private investments typically come with significant funding, allowing companies to offer higher wages and better benefits packages.
- Career Development Opportunities: Mega projects are often at the forefront of innovation, using the latest technologies and methods.
- Prestige and Experience: Being part of a well-known and ambitious infrastructure scheme is an attractive prospect for many workers offering the chance to work on iconic developments.
The Impact on the Candidate Pool
The attraction of mega projects means that smaller firms and less high-profile projects can struggle to compete for talent. Here are some of the key impacts on the candidate pool:
- A Shrinking Pool of Skilled Workers
With a significant portion of the workforce being drawn to these large-scale projects, other firms can find themselves dealing with a shrinking candidate pool. Skilled workers are in high demand and many choose to pursue mega project opportunities with attractive packages on offer.
- Increased Labour Costs
The competition for skilled workers means that firms may be forced to offer higher wages to secure them, significantly increasing labour costs, putting additional pressure on budgets and making it harder for smaller firms to remain competitive.
- A Struggle for Specialists
Mega projects often require specialist skills, such as tunnelling expertise and smaller projects that require these same skills may find it almost impossible to hire the experts they need. Specialists are often lured by larger, more prestigious projects.
Strategies for Working Around the Mega Projects
The draw of mega projects presents challenges, but there are strategies that can be implemented to attract and retain talent in a competitive market:
- Focus on Company Culture and Employee Experience
Smaller projects can provide a positive work environment that prioritises work-life balance, wellbeing, and offers opportunities for learning and development.
- Highlight Variety and Diverse Experience
Smaller firms can leverage the variety of projects they work on as a selling point for workers that enjoy diverse experiences and develop a broader range of skills.
- Partner with Training Programmes and Apprenticeships
Partner with local training providers, colleges, or industry bodies to help develop the skills they need and provide valuable employment opportunities for new entrants to the industry.
- Leverage Local Knowledge and Community Ties
Smaller firms often have a deep understanding of their local area and strong relationships within the community, which is an advantage when attracting talent, particularly for local candidates.
- Offer Flexibility
Smaller firms can differentiate from mega projects by offering flexibility in working arrangements, remote working opportunities for non-site-based roles, or a better work-life balance.
- Showcase Innovation and Agility
Smaller firms are more agile and innovative, providing employees with opportunities to be involved in decision-making and have a real impact on projects.
Conclusion
The rise of high-profile public and private mega projects is undoubtedly impacting the candidate pool for smaller firms, leading to increased competition for skilled workers, higher labour costs, and potential shortages of specialised talent. However, smaller companies have unique strengths that they can leverage to attract and retain talent, even in a competitive market.