Managing Professional Liability And Construction Risks In The Millennial Age
Architects, engineers, and design professionals face ever-increasing pressure in this instant-gratification Millennial Age to complete construction projects as quickly as possible. As we know, however, fast is rarely best.
Firms that ignore how to effectively manage their workforce in this Millennial Age can expect to experience a significant increase in claims for professional liability and construction defects, according to Ms. Zoe Schneider, an expert on Millennials in the workplace. Ms. Schneider spoke at the Claims Litigation Management Alliance (CLM) Professional Liability Conference in Boston in July.
More than one-in-three American labor force participants (35%) are Millennials, making them the largest generation in the U.S. labor force, according to a Pew Research Center analysis of U.S. Census Bureau data.
As of 2017, the most recent year for which data are available, 56 million Millennials (those ages 21 to 36 in 2017) were working or looking for work.
This represents more than the 53 million Generation Xers, who accounted for a third of the labor force. And it was well ahead of the 41 million Baby Boomers, who represented a quarter of the total Millennials surpassed Gen Xers in 2016. The percentage of Millennials in the workforce will increase to more than 50 percent by 2020, according to the Pew study.
So how can construction industry professionals protect themselves from liability in this Millennial Age of construction when the popular belief remains that Millennials lack the construction industry’s historic commitment to excellence, attention to detail, and job stability that will permit projects to move toward completion at an every-increasing pace?