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Construction is booming, so more workers are needed to help meet the industry’s high labor demands. Yet many construction companies struggle to find and retain a top-notch labor force.
The construction labor shortage and escalating inflation are causing stress and working capital difficulties for specialty contractors. Many factors contribute to this labor deficit, including a lack of training programs for specialized trades and an aging workforce.
While labor shortages may seem like a people problem, they’re a cash flow issue too. For companies to offer competitive salaries and maintain payroll, they must have enough cash flow to pay overhead costs and employees.
Hiring the right people is critical to running a business successfully. So how are construction companies overcoming these labor shortage challenges?
Polanco Business Solutions CEO Alberto Polanco financed materials through Levelset, which freed up cash for other expenses — like payroll. He shared that during the pandemic, he hired more staff and offered some of the most competitive salaries in the area.
With Materials Financing, Alberto hired additional employees since he had more cash and financial flexibility to focus on other business areas, like payroll and new equipment.
“I have 20 employees who are very happy with this company because they see that I put every penny I gained back into the company,” Alberto said. “I’ve improved everyone’s salary. My people are in the top tier of construction salaries here in South Florida.”
Alberto’s strong team is directly responsible for the business’ success, and he plans to continue investing in his employees as the company grows. “Everybody that works with us is like family,” he said.
Despite labor shortages, Material Financing helps contractors take control of their businesses and finances, allowing them to put money in the areas that need it most. Without the upfront costs of materials eating into cash flow, contractors can hire the right people and offer competitive salaries.
Contractors can overcome the current labor shortage with the proper tools and support. Partnered with Materials Financing, specialty contractors can implement a powerful growth lever that increases cash flow security.
Learn more about Materials Financing here.
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