Labor Shortage Affects Large and Small Companies

Spray Foam Magazine – Fall 2022 – According to the U.S. Chamber of Commerce, the COVID-19 pandemic caused a major disruption in America’s workforce —something that many experts have referred to as “The Great Resignation.” In 2021, more than 47 million American workers quit their jobs, many of whom were in search of an improved work-life balance, workplace flexibility, increased compensation, and a strong company culture.  

Upon closer examination, what has happened to the labor force can better be described as “The Great Employment Reshuffle” since hiring rates have outpaced quit rates since November 2020.

Unemployment, overall, is down to 3.9%, which is normally considered full employment, with an average of 5.3% last year (2021, BLS.gov).

That said, the National Association of Business Economics (NABE) discovered that over half (57%) of their Business Conditions Survey respondents indicated that there was a shortage of skilled workers in their fourth quarter report.

The skilled trades division of PeopleReady (PeopleReady Skilled Trades) found that the amount of skilled trade jobs is far outpacing the supply of qualified workers to fill them.

Something to keep in mind is that, overall, despite the Great Resignation, trades workers are overall fairly happy. Eighty three percent said they were somewhat or extremely satisfied with their choice of work.

According to employment consultants, the best way to both retain current employees as well as attract new employees is to develop and showcase a robust benefits plan. It is important to keep a pulse on what your competitors offer in the way of health coverage benefits, retirement plans, wellness programs, and other benefits so that you can ensure your offerings are in line.

a Solution: The SPFA Health Plan

Working with World Insurance and Health Cooperative Strategies, the Spray Polyurethane Foam Alliance (SPFA) recently launched a health plan specifically designed to help SPFA Contractor, Supplier and Consultant members keep their healthcare coverage costs down while retaining their current workforce and attracting new employees. Small and mid-size companies can save 10-30% on health insurance costs with this new program. With that in mind, SPF contractors would be well served to look at this plan, which has been designed specifically to meet the needs of the SPF industry. You do not need to be an SPFA member to obtain a quote.