The pandemic of COVID-19 hasn’t left any field of life and cast a negative impact on every industry, including the construction industry. The already shrinking construction industry since the year 2018 paused during the times of COVID. However, in mid-April, the it resumed in April-2020. Consequently, an expansion of about 3% is expected by 2021. Moreover, the industry growth is expected to grow with an annual growth increment by 4.8%- 5.3% during the years 2022-2025. Despite such hopeful statistics, why would the executives of the best construction company in Pakistan be awake at night? Indeed, just like any other industry, there are several challenges for a construction company as well.
Only a competent construction company like the Syed Brothers can deal with all the challenges to serve you the best. The company deals in various fields such as home designing, gray structuring, room decoration, finishing, and real estate services. Let’s have a look at what challenges it has to overcome to bring you the best services.
1. Risk Management
The construction industry is dangerous by nature. Hence, insurances and compensation costs result in heavy strain on expenditure. Accidents are prevalent, and the consequent issues also put even the best construction company in a difficult situation. In this regard, the main challenges for a construction company include financial penalties, compensations, the conviction of manslaughter, community service, and even service in jail.
However, Syed Brothers being an environmentally and socially responsible construction company, ensure that the safety rules are appropriately conveyed, observed, and followed.
2. Technology differences among the contractors
Today is the time of technology and advancement. There is a wide variety of software options for contractors to coordinate with the subcontractors. The real issue is that a contractor doesn’t have more than one medium. However, the subcontractors have to comply with different software for each contractor at one time. This creates fuss among the subcontractors as well as the contractor. Authority of the documents can be easily used to affect the rights of the other, which is one of the top challenges for a construction company in Pakistan in 2021.
However, recently, Building Information Modelling is known to be a popular trend in the construction industry. It has earned its popularity because it can optimize the building procedure so well.
3. Workforce shift
The skill force in the construction industry is changing at a very high pace and has an overall negative impact. The skilled workforce is retiring, and the naïve workmen are entering the field. It has a direct negative effect because of a higher risk of on-site injuries and accidents.
According to the Bureau of Labor Statistics, the rate of this workforce change is about 10% throughout 2018-2028. Moreover, maximum of the construction company managers have been baby boomers who are retiring at a rate of 54%. With their retirement, valuable knowledge and experience are also leaving the industry.
Furthermore, the challenges for a construction company also increase, such as compensation and conviction, etc., mentioned above. However, Syed Brothers understand the issue very well, manages its workforce balance well, and provide you with the best construction services.
The last most discussed issue of the construction industry is a communication gap. No matter how best coordination systems a company may use, it has to figure out ways to improve its communication with active labor. If you fail to make them understand the project well, you will be most likely to lose on budget and time. For this, one may try the following;