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3 key trends in the Thai construction industry in 2024
Labor shortages, supply chain management, and construction and real estate technology These are 3 important trends that entrepreneurs in the construction industry, Thai businesses and real estate should keep an eye on.
Table of Contents
1. Construction labor shortage
- The construction industry is facing a large number of retirement workers and fewer young workers entering the market.
- Multiple large projects are taking place simultaneously, further drawing labor out of the market.
- It is estimated that in 2024, the Thai construction industry will need an additional 546,000 workers.
How to cope:
Expand personnel database:
- Organize educational guidance events to attract students.
- Collaborate with educational institutions to develop curricula that meet market needs.
- Open for job applications through online channels, reaching the new generation
Improving the image of the industry:
- Promote safety, technology and good welfare in the industry.
- Presenting examples of young employees who have achieved success in their careers
- Organize CSR activities to create a good image for society.
Example:
- Company A collaborates with University X to develop a bachelor's degree program in civil engineering, focusing on learning modern construction technology.
- Company B is recruiting through an application. TikTok Reaching the new generation
- Company C produced a video interview with young employees, presenting advancement opportunities in the construction industry.
2. Supply chain management
- The COVID-19 crisis has impacted supply chains, causing material delays.
- International political tensions affect the price of construction materials
How to cope:
Plan your material procurement carefully in advance:
- Risk analysis, material demand forecasting
- Pre-order materials
- Spread your risk by ordering from multiple distributors.
Build relationships with new distributors, reserve distributors in case of emergency:
- Find distributors from other companies
- Check the history and credibility of the distributor.
- Negotiate price, payment terms and delivery.
Use a purchasing program that helps fix prices:
- Study the advance purchase program
- Risk assessment
- Choose the program that suits your business.
Include a price adjustment clause in the contract to protect against volatility:
- Set the price adjustment formula based on the market price index.
- Specify the terms and conditions for contract cancellation in the event that the price changes beyond what is specified.
- Negotiate fairly with distributors
Example:
- Company D analyzes usage data.Steels Forecast demand 1 year in advance
- Company E diversifies its risk by ordering construction materials from multiple suppliers.
- Company F uses a pre-purchase program forcement Price fixed for 6 months
- Company F inserts a price adjustment clause into the purchase contract.Red brick
For project customers or contractors who wish to order construction materials at special prices for their projects, please contact us through the following channels:
- Phone number: 083-024-3351
- LINE: @aycon
- Website www.aycontento.com
3. Technology in the construction industry and real estate business
Technology is playing a key role in the construction industry, helping to increase safety, reduce costs and increase efficiency.
Leaders should study and experiment with technology wisely:
- Study information and compare technologies.
- Experiment with some of the technologies first.
- Evaluate the results
Emphasis on employee training:
- Provide training in the use of technology
- Train employees to be familiar with
- Create a user manual
Build a strong leadership team:
- Encourage leaders to study technology
- Promote the use of technology
- Create a corporate culture that embraces technology
Example:
- Company H hired experts to teach the use of drones to survey the area.
- Company I builds high-end office buildings or condominiums and uses delivery robots to create a modern image for the project and the company and to attract new buyers and tenants.
Recommendations:
- Leaders should study and experiment with technology wisely.
- Emphasize training employees to have knowledge and skills in using technology.
- Build a strong leadership team, focus on continuous training, and promote safety.
By preparing for these three trends, Thai construction entrepreneurs will be able to manage their businesses efficiently, safely, and sustainably.
There are several main reasons as follows:
- Many construction workers are retiring.
- Fewer new generations of workers are entering the market.
- Large-scale projects are taking place simultaneously, drawing labor out of the market.
There are two main approaches:
- Expand personnel database
- Organize an educational guidance event
- Collaborate with educational institutions
- Open for job applications through online channels
- Improving the image of the industry
- Promote safety, technology and good welfare
- Presenting examples of successful new employees
- Organize CSR activities
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