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November 2024 #16304 Page #26
A Case Study for Transforming Profits Through Employment Practices Todd Drummond
T
he following is a summary of the seminar I gave at this year’s BCMC show on October 8th, 2024. If your mind is open, I am handing you pure gold to help your company meet the challenges negatively affecting everyone now and in the coming years.
Case Study —Building Material Supply & Truss Manufacturing Employee staffing and cost issues will impact net profits. Changes in employment demographics over the years necessitates companies adapting to meet these challenges. This case study at Building Material Supply & Truss Manufacturing explores how they have transformed from negative to positive net profits in three years by altering their employment practices. Their story will provide you with insights into effective strategies for improving your business’s profitability too. Four main reasons for employee application declines are: 1. Demographics – Not enough births 2. Labor Participation Rate – Record lows 3. Obesity Rates – Negatively affect trade labor 4. Education Level – Too many college-educated workers Demographics—When more people are leaving the workforce than are entering it, you will have to fight harder to choose from the ones willing to work for you. By 2030, the US will have more than one million people leaving the workforce each year for retirement than are coming into the workforce. It is that simple. Labor Participation Rate—Regardless of why able-bodied people are not working, the US Bureau of Statistics numbers show that participation has steadily dropped and is currently at 62.7%. It is at an all-time low level and does not appear to be improving. Continued next page
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