While the national unemployment rate hovers around 4% – the lowest
since December 20001 – and continues to decline, the number of active
engineering and construction (E&C) projects continues to increase
exponentially. In turn, this has placed added pressure on companies to
optimize current labor pools, develop strong leaders, and attract the
Millennial generation to join their ranks.
Further highlighting the talent crisis as a global issue, Duke University interviewed 850 CFOs in
a recent survey, nearly all of whom pinpointed “attracting and retaining qualified employees” as
their top concern. In addition, 89% of CFOs also said “they don’t expect their companies to be
able to pursue the full panoply of value-creating projects that they’d like” thanks to this dearth
that has ultimately hindered industry performance and productivity. 2 “In especially short supply
are the managerial competencies needed to implement ambitious growth initiatives.”
FMI recently completed its 2017 Talent Development in the Construction
Industry Survey, which reveals the key talent-related issues plaguing
today’s companies, pinpoints what companies can do to overcome
these issues, and demonstrates the value of prioritizing talent development as a strategic, organization-wide initiative. This article will
explore survey findings and provide recommendations to help
contractors address talent development challenges.
Implementing a Systematic & Strategic
Findings from FMI’s 2017 Talent Development in the
Construction Industry Survey paint a mixed picture of
how companies currently address people development.
Leading organizations recognize the need for more
systematic and strategic approaches and are investing in the people and resources required to establish
long-term talent management programs.
However, most companies fail to address talent
development as a strategic priority.