People are an increasingly valuable source of sustainable competitive advantage for organizations such as engineering and construction firms operating in a global economy that’s characterized by only one certainty – change. Chronic skill gaps combined with a mismatch between demand and supply of talent mean that getting and keeping the right people in the right places at the right time has never been more challenging.
Against this background, CEOs of engineering and construction companies are once again citing a lack of key skills as one of the hottest issues on their agenda. HR leaders are being challenged to mobilize talent to help businesses grow. This is prompting many companies to ask if it is time to reevaluate talent management strategies?
Measure to Manage Research indicates that only a minority of CEOs are getting comprehensive HR management information for the measures they say are important. Analytics research shows some interesting correlations:
• Organizations with higher revenues relative to their human capital investment (i.e., people productivity) are experiencing higher rates of revenue growth (less than 20 percent per year) compared to their competitors. They invest more in recruiting and display better quartile performance in improved acceptance rates for job offers and more rapid time to hire.
• In terms of people management, organizations with lower rates of employee absenteeism and resignation as well as a greater performance-related component in their reward (compared to competitors), display stronger revenue productivity relative to human capital investment and grow their revenues more quickly over time than competitors.
• On a similar basis, these higher performing organizations typically invest more in training.
Managing Talent to Deliver Value Over many years working with 90 percent of the engineering and construction firms in the Fortune 500, I have found organizations each see ‘talent’ in a unique way, based on business strategy and goals. For instance, there are some businesses that need to rapidly upscale their operations, while others struggle to incentivize and keep their star performers in pivotal roles. But overall, getting talent management right means firms should worry less about their talent problems and more about their business opportunities. This will enable them to identify the specific areas of talent management that could add the most value to their business and the improvements that deliver the best return on investment
John Doherty serves as PwC’s US engineering and construction advisory leader. He has more than 35 years of experience in industry and expertise in the areas of strategic planning, large capital program management, project risk assessment, project bidding, buyout optimization, project execution improvement, supply chain management, strategic planning and IT management and application implementation. John received his Bachelor of Science in Geology from Boston College, a Master of Science in Geology from Dartmouth College, and an MBA from Boston University’s Graduate School of Business.
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