Happy Construction Workers a Boon to Lenders
According to a recent survey, the construction industry has the happiest employees.
Employee satisfaction has a big impact on the success of any business. And in some cases, there is an argument to be made the happiness of employees in one sector actually helps support businesses in an entirely different industry. Could you say this about construction workers and FHA mortgage lenders? We think so.
Construction Industry Has Happiest Employees
According to the 2015 Best Industry Ranking report from TINYpulse, construction is the top industry for employee satisfaction. Construction workers consistently reported strong job satisfaction in their anonymous comments on the one-question survey that TINYpulse gave to over 30,000 employees across 12 distinct industries.
Why are construction workers so happy? The comments from all survey respondents provide some helpful clues.
First of all, the survey found that a good relationship with peers and colleagues is very important to overall workplace satisfaction. The construction industry is known for its good relationships, especially between on-site workers.
Secondly, the survey revealed that construction workers are not affected by one of the biggest barriers to satisfaction found in other industries, namely lack of support for self-improvement and advancement. On the contrary, construction workers have access to support from any different organizations that help with skills training and apprenticeships, which enables them to tackle more challenging work as their skills continue to improve.
One final factor that is no doubt buoying up the mood of construction workers is the positive economic outlook for the construction industry as a whole. Construction has bounced back from a low of $716.9 billion in 2010 to $925.4 billion in 2014, and 48,000 jobs were added in December of 2014 alone. This trend provides very valuable job security for construction workers, who no doubt gain much job satisfaction from the knowledge that they can easily find a new position if they tire of their current crew or employer.
What Does This Mean For Lenders?
In many ways, happy construction workers make for happy lenders. After all, it is extremely important that construction work gets done on time and on budget, as work stoppages and delays can adversely affect loan accounts. Happy workers are more likely to get this done, thereby helping to mitigate one of the big risks in the construction lending business.
Happy workers don’t just affect new construction projects. They can also affect renovation and repair projects that may be being financed with FHA 203K loans.
If your organization is interested in dipping a toe into FHA 203K lending, be sure you have the right 203K fund control software that will help you mitigate risk and streamline your loan administration as much as possible.
For a free online demo of ECL’s 203K fund control software, please call or click now.