The Happiness of Construction Workers Can Have a Significant Impact on the Bottom Line of a Construction Lender
Employee happiness has a significant influence on a company’s performance. And, in certain situations, there is a case to be made that the pleasure of employees in one field helps sustain firms in another. Could you say the same thing about FHA mortgage lenders and construction workers? Yes, we believe so.
Employees in the construction industry are the happiest
Construction is the top industry for employee happiness, according to TINYpulse’s Best Industry Ranking study. Construction workers regularly expressed high job satisfaction in anonymous responses to TINYpulse’s one-question survey, which was distributed to over 30,000 employees across 12 sectors.
What is it about construction workers that makes them so happy? All of the poll respondents’ responses give some useful information.
To begin with, the poll discovered that having positive relationships with peers and coworkers is critical to overall job happiness. The construction business is recognized for its strong interpersonal bonds, particularly among on-site personnel.
Second, the poll indicated that one of the most significant impediments to happiness in other industries, namely a lack of support for self-improvement and progress, has no effect on construction employees. Construction workers, on the other hand, have access to a variety of organizations that assist with skills training and apprenticeships, allowing them to take on more demanding job as their abilities develop.
The optimistic economic outlook for the building sector as a whole is another element that is undoubtedly boosting construction employees’ spirits. Construction spending has increased from $716.9 billion to $925.4 billion with 48,000 new employment generated in June alone. Construction employees will no doubt benefit from the knowledge that they may quickly find a new employment if they become dissatisfied with their present crew or company as a result of this trend.
How does this affect lenders?
Construction workers that are happy make for happy lenders in many ways. After all, it’s critical that construction work be completed on time and on budget, as work halts and delays can have a negative impact on loan accounts. Workers who are happy are more likely to complete this task, reducing one of the biggest hazards in the construction loan industry.
Happy employees have an impact on more than simply new building projects. They may also have an impact on remodeling and repair projects financed using FHA 203K loans.
If your company wants to dabble in FHA 203K lending, make sure you have the proper 203K fund control software in place to assist you minimize risk and automate loan administration as much as possible.
Please contact or click now for a free online demo of ECL’s 203K fund control software.