- As a result of the Great Resignation, many equipment rental and construction companies have been contending with labor shortages for more than a year now
- And while the effects of less head count can’t be eliminated entirely, the right software can provide benefits to organizations that counterbalance having fewer personnel
- Designed for specialty rental and construction companies, the RentalResult ecosystem can reduce costs and improve operational efficiency
The Great Resignation occurred in 2021 and caused approximately 47 million workers to quit their jobs. This event, sparked by the COVID-19 pandemic, has also been called The Great Reshuffle, as employees look to find flexible positions at companies with a strong sense of company culture. See how this major event has affected the rental equipment industry, from raw materials and manufacturing to heavy equipment technicians, and how maintenance software management can help your company achieve results amid labor shortages.
Rental Equipment Industry Labor Shortages
Labor shortages aren’t limited to the equipment rental industry. This nationwide phenomenon requires employers in nearly every industry to rethink their management strategies. In the equipment rental industry, a labor shortage and other factors led to a 9.4% decline in revenue in 2020. Dealer rental fleets are estimated to be down by approximately 15% to 20% due to shortages throughout the supply chain. See how the industry is affected by a lack of workers in three key roles: heavy equipment technicians, operators, and manufacturers.
Heavy Equipment Technicians
Technicians are responsible for maintaining and repairing heavy equipment. Whether you’re operating your own equipment or preparing it for external rental, technicians and a dedicated equipment rental software system are essential for increasing profitability and keeping operations moving smoothly.
The Associated Equipment Dealers organization estimates that 73,500 technicians will need to be trained and hired from 2021 to 2026 to fill demand in this area. Fewer technicians may result in less available wrench time, and longer delays between rental contracts as these professionals service your machines.
You can’t operate a profitable equipment rental or construction company without operators. Companies throughout the industry are having difficulties finding trained operators to utilize the available machinery. These positions require specialized training, which can make it difficult to quickly increase the number of available operators.
Labor shortages are also affecting equipment manufacturers. An estimated 95% of equipment manufacturers are experiencing supply chain issues, according to the Association of Equipment Manufacturers. These issues could result in equipment delays until 2023, reducing the number of new machines available for your rental or construction company.
Companies throughout the industry are having difficulties finding trained operators to utilize the available machinery. These positions require specialized training, which can make it difficult to quickly increase the number of available operators.
It’s time to make the most of your equipment and tools. Use the latest industry technology to track and manage equipment to make the most of the available heavy machinery. From scaffolding and cranes to generators and other power solutions, maximizing large asset efficiency requires state-of-the-art tracking, management, allocation, and reporting software.
RentalResult is a computerized maintenance management system (CMMS) that can power your inventory management, improve cross-department communication, and minimize costs thanks to flexible solutions. Discover how RentalResult can help you overcome labor shortage issues to achieve results.
Receive Real-Time Inventory Tracking
Maximize inventory usage thanks to real-time inventory tracking through this service management software. Identify areas where labor shortages may delay optimal use of your inventory and plan accordingly.
Even with reduced operator numbers, there’s likely to be increased demand in your rental inventory due to manufacturing delays and labor shortages. RentalResult helps you track rental requests, costs, depreciation, maintenance scheduling, and delivery times to ensure your inventory is well maintained and ready to be used.
Improve Cross-Department Communication
Clear communication between departments can help promote safety, efficiency, and professionalism on the job site. As one of the most common issues facing inter-departmental projects, cross-departmental communication should be taken seriously and addressed effectively.
RentalResult integrates with your Enterprise Resource Planning (ERP) software to provide maintenance software management solutions that are easily communicated with relevant parties. The Job Site Portal allows managers and other key team members to communicate with field personnel in real time. This ensures everyone is on the same page, regardless of their area of expertise in the workflow.
Promote Flexible Solutions
The future of labor and equipment shortages remains uncertain. While heavy equipment availability may increase in 2023 to meet the demands of construction and rental companies, delays and inventory issues could continue into 2024 and beyond. With RentalResult, you have a maintenance software management tool and ERP-integrated solution that comes in a convenient app version.
Download the iOS or Android app to connect with field service technicians without delays. This seamless process lightens the training load for new equipment operators, technicians, and other professionals who need to interact with your inventory and assets.
There are other equipment rental software options, so it’s important to carefully calculate the ROI for your software choice. Here are some key features to consider before choosing your maintenance software management and inventory tracking solution:
- Cost: Purchase price, any subscription fees, and maintenance costs
- Cost efficiency: Investment in the software vs. improvements seen as a result of the investment
- Time efficiency: Time saved in communicating maintenance needs, identifying inventory availability, and processing orders
Learn More About Overcoming Labor Challenges With Wynne
See why leading companies, like Doosan Babcock, use RentalResult to track their inventory and manage their assets. As a computerized maintenance management system (CMMS), RentalResult is just one solution in the suite of software offered by Wynne. Schedule a call to learn more about maintenance software management options to overcome labor shortages and other industry challenges.