Are You Concerned About the Costs Associated With Expanding Your Workforce?

In the May 2023 Snapshot Survey, we asked contractors about how they plan to grow and expand their service businesses. Here’s one survey question and its results from the summary report, which is available in it’s entirety by Contractor University members here.

Are You Concerned About the Costs Associated With Expanding Your Workforce?

Concerns about the costs associated with expanding the workforce were expressed by 62% of surveyed home services business owners. The financial considerations of salaries, benefits, and training expenses pose legitimate challenges. However, it is essential for contractors to balance these concerns against the potential benefits of a larger and more capable workforce. Implementing strategic workforce expansion plans, including efficient resource allocation and optimized training programs, can mitigate the perceived risks and deliver long-term returns on investment.

Here’s what an HVAC contractor from California:

“COVID has had major effects on the availability of labor and its cost. Due to our industry’s labor shortage as well as inflation, today’s entry-level technician no longer wants to work for entry-level wages.”

Contractor University members can click here to access all of our resources on company expansion.