Hiring is the Next Big Construction Software Trend

Construction Software is Revolutionizing the Construction Industry

The construction industry has a reputation as being slow to digitize—a 2019 Procore study found that 70% of construction companies had not created a technology roadmap—but have made considerable strides in the past few years, which construction software is largely helping happen. 

• The JLL State of Construction Tech Report found that in 2020, the construction industry adopted more technology in one year than what would usually take three. 
• A 2021 report by JBKnowledge found 44% of contractors now have dedicated IT departments, while 70% of construction companies have adopted at least one fully technologically-driven process.

Fintech is Currently the Big Construction SaaS Trend

The most significant trend in SaaS right now is fintech. Financial technology provides payment, lending, and insurance solutions for construction companies. Many construction software companies, like industry leader Procore have steadily been adding embedded financial solutions. Examples include Procore’s 2021 acquisition of Levelset and the new ProCore Risk Advisors, have embedded it into their solutions.

Forward-thinking tech platforms started embedding financial interactions because financial solutions are something every company needs. Embedding them within a platform keeps customers on them more, increasing their stickiness and decreasing. The results speak for themselves—88% percent of companies implementing embedded finance increased customer engagement, and 85% say it helps them acquire new customers. 

Hiring Should Be the Next Big Construction Software Trend 

Just as all companies need financial solutions, hiring is an evergreen need for companies in all industries, but a real necessity for the construction industry. Hiring better quality candidates faster is a huge construction-industry challenge today.

• The Construction Association found that 80% of contractors report difficulty finding qualified workers (The Construction Association).
• Associated Builders and Contractors found that by 2024, it’s estimated that construction employers will need to bring in an additional 324,000 workers to meet demands. 
• Construction is also an aging industry. Between 2003 and 2020, the Bureau of Labor Statistics found the number of workers 55 and older doubled. In 2020, the average age for a construction worker was 42.5. It’s imperative the industry finds and attracts younger workers.

Embedded recruiting software, in the form of an applicant tracking system—hiring software designed to optimize and streamline the entire recruiting process— can help, and just as companies see results from embedded fintech, recruiting solutions historically provide results for their end-users.  

For construction hiring solution benefits include:

• Generating additional revenue streams. 
• Market expansion. 
• Increasing a product’s stickiness.
• Staying competitive.
• Increasing usage. 
• Higher customer satisfaction and retention. 
• Owning a more significant part of the customer experience by helping them own their entire workforce management experience from the recruiting stage.

Watch HiringThing's On-Demand Webinar: Hiring is the Next Big Construction Software Trend

HiringThing’s on-demand webinar, Hiring is the Next Big Construction Trend, is specifically designed for forward-thinking construction software companies looking to stand out from the competition in an increasingly competitive market, find innovative ways to open new revenue streams, and be ahead of industry trends. 

In this on-demand webinar, HiringThing Marketing Director Joanna Campa, whose job it is to determine the market fit for new recruiting-solution partners, will discuss: 

• The state of construction SaaS
• Why fintech works. 
• How embedded hiring is similar to embedded fintech. 
• The construction industry’s hiring challenges. 
• How embedded hiring solutions can help construction software companies remain competitive and grow revenue. 

Download the webinar below to learn how your organization can stay ahead of the pack. 

About HiringThing 

HiringThing is a modern recruiting platform as a service that creates seamless hiring experiences. Our private label applicant tracking system and open API enable technology and service providers to embed hiring capabilities from sourcing to onboarding. Approachable and adaptable, the platform empowers anyone, anywhere, to hire their dream team.