Shift from
low paying construction jobs to white collar jobs in banking, telecom & IT
industry..!
The construction
& real estate industry is plagued
with various issues. Execution hurdles and cost inflation are the prominent
ones. While it seems there is no end to these issues, labour shortage is
expected to cause further headache going forward.
As per a survey, the
construction industry is likely to face a labor shortage of 65 per cent over
the next decade. This will be due to a shift in workforce from traditional
brick and mortar industry to services sector.
Over time, more &
more people are likely to shift from low paying construction jobs to white
collar jobs in banking, telecom & IT industry.
This has 2
implications.
One would be from the
construction industry perspective and second from the education standpoint.
Acute shortage of
workforce will drive the labour cost upwards in construction sector. It will
also force the industry towards mechanisation.
Secondly, labour
flight towards services sector suggests that the level of education in our
country is bound to increase in the next decade.
That is because
services industry requires relatively skilled labour as compared to
construction sector.
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