Management Consulting
Aon
Full Credential Description
European construction contractors looking to expand into Asia face significant challenges, particularly in sourcing specialized talent amid workforce shortages and intense competition. To navigate these issues, contractors must adopt tailored human capital strategies that align with regional nuances in safety standards, legal frameworks, and cultural differences. One effective approach is strategic workforce planning, which allows contractors to identify existing employees with the necessary expertise for new projects while determining which roles will require external hiring. This planning is crucial for complex projects, such as tunneling for metro system expansions in Singapore, where specialized skills are essential. By demonstrating to underwriters that they have the right teams in place, contractors can mitigate risks associated with large-scale projects, ultimately enhancing their competitiveness in the region. Additionally, forming partnerships with local firms is vital for understanding regulations and accessing in-region talent. For instance, Hong Kong construction firms are struggling with labor shortages in key roles, making it essential to collaborate with local organizations that have established networks. Such partnerships not only facilitate talent acquisition but also improve bidding competitiveness by leveraging local experience and insights into regulatory requirements. Finally, implementing holistic global mobility strategies is critical for supporting relocated employees. This includes addressing the emotional and mental wellbeing of employees and their families during the relocation process, which can significantly impact project costs and success. By considering all aspects of global mobility, including medical benefits and housing, contractors can ensure that they are not eroding profit margins due to unforeseen costs. In summary, by employing strategic workforce planning, partnering with local firms, and addressing global mobility challenges, construction contractors can position themselves for long-term success in the rapidly growing Asian market, which is projected to see an annual average growth of 6.1% in the construction industry between 2025 and 2028.