This year, many developers and builders are facing a stark reality — workforce challenges.
From a shortage of skilled labor to a rapid surge in wage demands, the economic impact on many factories has been less than favorable.
A significant reason behind this is the "big retirement wave," causing a workforce shortage in the industrial sector. Additionally, many young workers are gravitating toward industries like information technology, and pursuing careers as engineers or builders is not as trendy among today's youth.
It's said to be a new phase for all manufacturers, emerging as one of the most significant economic problems of the next decade — a persistent or deeply rooted labor shortage.
We are confronted with a widespread shortage of hands, especially among the youth, caused, in my view, by shortsighted government policies. If the labor shortage isn't addressed, it could lead to even higher inflation, income reduction, increased taxes, economic contraction, and so on.
The construction and manufacturing sectors are already grappling with these situations, along with a housing market recession, now manifesting in dwindling orders for private home construction.
The primary reason manufacturers struggle to fill open positions is that wages are too low for young people. Many say they simply "don't want to work."
The new generation cares deeply about work-life balance — they prefer working for themselves in startups.
Training employees, engineers, builders, attracting new skilled workers, and motivating them to stay with the factory for an extended period will be an ongoing challenge and battle for many years to come. The younger generation is actively asserting their needs, leaving no room for home manufacturers to ignore.
From a shortage of skilled labor to a rapid surge in wage demands, the economic impact on many factories has been less than favorable.
A significant reason behind this is the "big retirement wave," causing a workforce shortage in the industrial sector. Additionally, many young workers are gravitating toward industries like information technology, and pursuing careers as engineers or builders is not as trendy among today's youth.
It's said to be a new phase for all manufacturers, emerging as one of the most significant economic problems of the next decade — a persistent or deeply rooted labor shortage.
We are confronted with a widespread shortage of hands, especially among the youth, caused, in my view, by shortsighted government policies. If the labor shortage isn't addressed, it could lead to even higher inflation, income reduction, increased taxes, economic contraction, and so on.
The construction and manufacturing sectors are already grappling with these situations, along with a housing market recession, now manifesting in dwindling orders for private home construction.
The primary reason manufacturers struggle to fill open positions is that wages are too low for young people. Many say they simply "don't want to work."
The new generation cares deeply about work-life balance — they prefer working for themselves in startups.
Training employees, engineers, builders, attracting new skilled workers, and motivating them to stay with the factory for an extended period will be an ongoing challenge and battle for many years to come. The younger generation is actively asserting their needs, leaving no room for home manufacturers to ignore.