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Construction glossary
Construction Glossary •

Workforce Management

What is Workforce Management?

Workforce Management, in the context of the construction industry, refers to the systematic process of optimizing the efficiency and productivity of a construction firm’s workforce. It entails a wide variety of tasks including scheduling, job assignment, labor demand forecasting, tracking employee attendance, and balancing workloads among employees. Crucially, it also involves ensuring that the right set of skills are properly allocated to the right projects, adhering to project timelines. Workforce Management acts as a vital tool for minimizing unnecessary costs, boosting employee morale and hence, propelling a sustainable business growth. Its effectiveness is often measured through key performance indicators related to cost, time, quality, and safety on a construction site. It is pivotal in coordinating staffing needs, reducing overhead, and driving strategic decision-making in the rapidly evolving and complex construction industry environment.

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Other construction terms

Bond

What is a Bond?

A bond in the construction industry is a type of surety bond, which serves as a financial guarantee for project completion. It safeguards the interests of stakeholders such as project owners, supplier...
Accrual Accounting

What is Accrual Accounting?

Accrual accounting is a method of accounting that records financial events based on occurrences rather than on cash flow. In the context of the construction industry, this could include recognizing re...
Equity

What is Equity?

Equity in the construction industry refers to the financial investment made by the stakeholders in a construction project. It's essentially the difference between the overall project cost and the amou...

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