Sadly it is an undisputed fact that the construction and property industry has been one of the biggest casualties of the UK’s slowdown. The lack of first-time buyers in the property market has had a profound knock-on effect on every aspect of the trade. Every sector from builders to architects has felt the full force of the economic crisis.
In a bid to stay afloat, many companies have been forced to cut costs, whether this is through internal restructuring or making redundancies.
Charlotte Gallagher, managing director of P3 People Management, Manchester’s leading HR consultancy, has noticed an increase in businesses within the property sector looking to reduce their overheads. She says: “The building sector has felt the full force of the financial pressure, with a lot of building projects being left unfinished or forced to scale down. A lot of businesses have had to look at potential restructuring. This might entail diversifying or looking at staffing restructure, with the possibility of redundancy.
Do you need two employees when one could do the job just as effectively?
Can they multi-task?
Are you missing an opportunity to cut costs?
These are all questions which businesses need to ask if they are to compete on every level in this challenging market.”
Consultants at P3 People Management have also seen an increase in the number of building and property firms going ‘back to basics’. Charlotte adds: “Businesses are having to compete in a very competitive market, forcing many of them to go back to basics and focus their business strategy. This will undoubtedly save them money in the short and long term helping them weather the financial storm that we are all facing.”
For help with HR issues, contact P3 People Management on 0161 941 2426 or visit www.p3pm.co.uk