Is it Time to Re-Evaluate Your Talent Management Strategies?

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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Construction Job Outlook through 2022

The US Bureau of Labor Statistics has good news for construction workers looking for jobs, the construction industry is projected to add over half a million jobs over the next eight years Growing Faster than other industries For all occupations in the US, the projected job growth rate through 2022 is 11%. For construction laborers and helpers, the number of jobs is predicted to grow over twice as quickly at a rate of 25%.That would mean 325,200 new construction jobs in this area of practice alone. This increase in available jobs will be caused by the increase in construction projects across the US, in order to meet the rising demand construction companies will have to expand operations and hire more employees Management Expansion In addition to hiring more laborers, construction companies will have to start growing their management teams as well. Construction managers are also likely to see high job growth at a rate of 16%. This is especially significant because management jobs outside the construction industry are only predicted to grow by 7% through 2022. Why are construction managers seeing such higher job growth? A growing population and business sector means more residential development , more office buildings, schools, hospitals, retail spaces and other buildings. The need for improvement to the nation’s infrastructure will also lead to more jobs building roads, bridges and sewer systems Another area of growth comes from the recent surge in retrofitting existing buildings to make them more energy efficient. Contractors and project managers must oversee these updates, as they must adhere to specific regulations set forth by organizations like the US Green Building Council and LEED. The push for environmentally responsible construction more generally also requires more construction managers with specific skillsets and expertise Newcomers to the construction industry looking to advance to management positions may soon have more opportunities. More and more contractors and business owners are nearing retirement age which will lead to many more job openings in construction management Other occupations are growing too Other highly skilled occupations in the construction and building industry are projected to see job growth through 2022. Civil engineers, HVAC installers, plumbers, pipefitters and electricians should see jobs grow by 20-21%. Architects can expect jobs to grow by 17% , still 6% higher than average for all other occupations. Individuals in the green building sectors, such as wind turbine technicians and solar photovoltaic installers, are expected to see the number of jobs grow by over 24% Regardless of the specific occupation, the US should see significant growth in the number of available construction jobs in the coming years. To find out more about the types of jobs that are available and to apply to construction jobs now, visit construction connection .com today

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